A “Together Loans” line on your bank statement is almost always the $5 monthly fee charged by Together Loans, a US credit-builder service that reports your payments to the credit bureaus to help build or repair your credit score.1Together Loans. Contact Us at (470) 435-6300 If you opened a credit-builder account online and later forgot about it, this small recurring charge is what you’re seeing.
What Together Loans Is
Together Loans is a US company that runs a credit-builder program. The premise is straightforward: you enroll, pay $5 a month, and Together Loans reports those payments to the credit bureaus. Over time, that reported payment history contributes to your credit file.1Together Loans. Contact Us at (470) 435-6300
The charge is flat and recurring, so it should land on your statement in the same amount every month. The descriptor typically reads “Together Loans” or a close variation of it. If the amount you see is $5 and the timing lines up with when you signed up, that’s your explanation.
Not to Be Confused With Together Money (UK)
A separate business called Together Money operates in the United Kingdom and offers mortgages, bridging finance, and secured personal loans.2Together Money. Together – Mortgages, Bridging Loans and Auction Finance Its charges appear in British pounds and are usually far larger than $5, with descriptors like “Together Financial Services Ltd” or “Together Personal Finance.” If your statement shows a pound-denominated payment or a much bigger dollar amount alongside a foreign transaction fee, you may be looking at that lender instead. For a $5 charge on a US account, though, Together Money is not the source.
How to Verify the Charge Is Yours
Check the date the charge first appeared and compare it to any emails, sign-up confirmations, or app notifications from around that time. Credit-builder services are often signed up for during a moment of researching credit repair options and then forgotten once the small monthly amount starts hitting.
If the charge amount and cadence match what Together Loans describes, and you can find any record of enrollment, the transaction is legitimate. If you want to confirm directly or cancel, contact Together Loans at (470) 435-6300 during business hours (8 a.m. to 8 p.m. CT, Monday through Friday) or email hello@togetherloans.com.1Together Loans. Contact Us at (470) 435-6300
Keep a note of the dates and amounts of every charge you see. If anything later needs to be disputed, a clean timeline makes the process far simpler.
What to Do If You Don’t Recognize the Charge
If you have no memory of signing up for a credit-builder account and can’t find any record of one, treat the charge as potentially unauthorized. Contact your bank’s fraud department right away. Speed matters, because federal law ties your maximum liability to how quickly you report.
Under 15 U.S.C. ยง 1693g, your liability for an unauthorized electronic fund transfer depends on when you notify your bank. Report it within two business days of learning about the unauthorized charge and your maximum liability is $50. Wait longer than two business days and your exposure rises to as much as $500. Once your bank sends a statement showing the unauthorized transfer, you have 60 days from that mailing date to report it. Miss the 60-day window and you can be liable for the full amount of any transfers that occur after the deadline, provided the bank can show that timely reporting would have prevented them.3Office of the Law Revision Counsel. 15 USC 1693g – Consumer Liability
Those deadlines are unforgiving, and this is where most people lose money they could otherwise recover. Don’t wait to piece together where the charge came from before calling. File the dispute first and investigate second. Your bank will typically issue a provisional credit while it reviews the claim, and you can withdraw the dispute later if the charge turns out to be one you authorized.
If the charge is a small recurring amount and you simply no longer want it, cancellation through Together Loans directly is faster than a dispute. A dispute is the right tool when you genuinely did not authorize the account in the first place.