Peerform Personal Loan Review

Peerform personal loan rates may be right for fair-credit borrowers

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Peerform Personal Loan

Peerform’s peer-to-peer loan marketplace pairs borrowers with willing investors to get the funding they need, without having to fill out a lot of separate applications. Fair-credit borrowers may find it easier to qualify for a Peerform personal loan than with other lenders, even if the platform isn't as popular, or even as robust, as some of the other larger peer-to-peer personal loan lenders on the market. However, with higher interest rates, limited loan amounts, and lending that only extends to 45 states in the U.S., it may be smart to consider all personal loan options before applying with Peerform.

  • Product Specifications
  • Pros and Cons
  • Fees
Product Specifications
  • APR Range 5.99% to 29.99%
  • Recommended Minimum Credit Score 600
  • Loan Amounts $4,000 to $25,000
  • Loan Terms Three or five years
Pros and Cons
  • Fair credit borrowers may qualify

  • Fees

  • Not available in all states

  • Interest rates may be high

  • Funding isn’t immediate

  • Origination fee: 1% to 5% of the total amount borrowed
  • Late fee: $15 or 5% of the payment due
  • Check processing fee: $15 per payment
  • Unsuccessful payment fee: $15 per attempt unless your state requires it to be less

Pros of Peerform Loans

  • Fair credit borrowers may qualify: The recommended minimum credit score for a Peerform personal loan is 600, which is in the fair credit territory of FICO credit scores.

Cons of Peerform Loans

  • Fees: While there is no fee to submit an application, and there’s no prepayment penalty, you could still incur four other fees: an origination fee, late payment fee, unsuccessful payment fee, and a check processing fee. While this is fairly standard, there are still other lenders who may charge no fees at all.
  • Not available in all states: If you live in Connecticut, North Dakota, Vermont, West Virginia, or Wyoming, you will not be able to get a personal loan through Peerform.
  • Interest rates may be high: While Peerform personal loan interest rates start as low as 5.99% APR, rates could also reach as high as 29.99%. While there are some lenders who also charge rates this high (and sometimes higher), there are many whose top rates are lower than Peerform’s top rates. 
  • Funding isn’t immediate: Because Peerform is a peer-to-peer lending platform, your loan request will first be posted to the marketplace for funding and could be listed there for up to 14 days. This process for approval and funds disbursement could take longer than it would with other lenders who offer same- or next-day funding. So if you need the money quickly for an emergency expense, it’s smart to look elsewhere.

Peerform Personal Loan Rates & Terms

Rates range from 5.99% to 29.99% APR, with the rate you get dependant on the loan grade assigned (AAA to DDD).

Peerform personal loan rates will vary based on the type of loan taken out as well as your creditworthiness.

Peerform offers different repayment terms depending on the type of loan you borrow. It offers a three-year personal loan, as well as three- or five-year debt consolidation loans.

How Much Can You Borrow With Peerform?

Peerform personal loans are available in amounts ranging from $4,000 to $25,000. If you need smaller or larger amounts, you’ll need to find a different lender.

Peerform Personal Loan Fees

There are no application fees or prepayment penalties on Peerform personal loans, and you won’t pay anything to submit a loan request on the platform. However, there are a few fees of which you should be aware, though they will only apply once the funds are paid out.

  • Origination fee: This is intended to cover any costs involved with processing and disbursing the loan. Peerform charges 1% to 5% of the total amount borrowed, depending on the grade of the loan. The origination fee is deducted from the loan before the funds are disbursed.
  • Late fee: Peerform may also charge a late fee if a payment is 15 or more days past its due date. This fee is equal to $15 or 5% of the payment due, whichever is greater.
  • Check processing fee: There is no charge if you want to make your monthly loan payments by ACH transfer. However, if you want to pay by check, you’ll incur a processing fee of $15 per payment.
  • Unsuccessful payment fee: Lastly, you can expect this fee to be added if a monthly payment does not go through successfully. This could happen if your bank account does not have sufficient funds or if the account is closed or frozen before the payment is withdrawn. The unsuccessful payment fee is $15 per attempt unless your state requires it to be less.

How to Get a Personal Loan From Peerform

If you meet all of Peerform's personal loan requirements, as well as have a debt-to-income ratio below 40%, at least one open bank account and one revolving line of credit ever opened, and live in one of the 45 states to which it lends, then applying is a straightforward and relatively quick process.

Getting an initial loan quote from Peerform involves a soft credit check, which won’t affect your credit score. Once your eligibility is verified and your funding needs are determined, the loan request will be listed on Peerform’s lender marketplace for potential investors to find.

Peerform will conduct a hard credit check when finalizing the loan before funds are disbursed.

Final Verdict

Peerform personal loans are touted as being hassle-free funding options for a variety of loan needs. The online application process connects borrowers in 45 states with funding from investors on its peer-to-peer platform. And because it recommends a credit score of only 600, fair credit borrowers may find success when applying. Simple repayment terms may also appeal to some borrowers.

With that said, Peerform may not be for everyone. Funding is not as immediate as with some other lenders, and interest rates can be high for those with certain loan grades. Peerform also charges a number of fees, whereas some other lenders charge none. Peerform only offers loan amounts of $4,000 to $25,000, too, so if you need a small personal loan or more cash to pay for a large expense such as a wedding or home improvement, you may want to consider other options.

Article Sources

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  4. Peerform. "Online Installment Loans." Accessed July 1, 2020.

  5. Peerform. "Rates & Fees for Your Personal Loan." Accessed July 1, 2020.