Pigeon is free to use for any loans that don't use a Premium Feature & are less than USD $5,000 in principal with a term length of 12 or fewer months.
This includes access to all of our most widely used features like automated reminders, live customer support, and our full suite of in-app payment solutions including AutoPay and free bank transfers via ACH.
Loans made on Pigeon that exceed $5,000 in principal are considered Premium Loans. To activate a Premium Loan, Pigeon will give you or the other person you’re creating a loan with the option to select either a $4.99/month plan (billed once, at loan start) or a $7.99/month plan (billed monthly).
Premium Loans can be up to an unlimited amount in principal and up to 360 months in duration, and benefit from unlimited access to all of Pigeon’s more advanced tools and features such as Custom Repayment Schedules and Contract Protection.
Note: Only one of the two parties will need to cover the cost of a Premium Loan plan – not both. This can be either the Borrower or Lender, and you can select which individual that will be during your loan setup.
Quirks to Note:
- You can make payments directly with your bank account via ACH free of charge.
- We will charge a 2.5% fee on any payments made across international borders via our payment options.
For the fastest processing, we recommend making payments via our One-Time payment option. However, like most payment processing platforms, we will add a small 3.5% fee to any debit or credit card transaction made on our website that goes directly to paying our payment processor, Stripe.