Personal Loans » Personal Loan Lender Reviews » Peerform Personal Loan: 2022 Review
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Peerform Personal Loan: 2023 Review

Peerform is great for borrowers who may not be able to qualify for personal loans through traditional methods. Peerform looks beyond just the credit score, so those with lower scores might be able to qualify.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Peerform is great for borrowers who may not be able to qualify for personal loans through traditional methods. Peerform looks beyond just the credit score, so those with lower scores might be able to qualify. 

APR

5.99%- 29.99%

Loan Amount

$4,000 -$25,000

Term

36 - 60 months

Min score

600

Peerform is great for borrowers who may not be able to qualify for personal loans through traditional methods. Peerform looks beyond just the credit score, so those with lower scores might be able to qualify. 

Peerform logo

APR

5.99%- 29.99%

Loan Amount

$4,000 -$25,000

Term

36 - 60 months

Min score

600

Peerform was created by a few Wall Street executives in 2010 to try to meet an underserved market: near Prime Borrowers. They are based out of New York, New York.

Peerform is a peer-to-peer lending marketplace.  Peer-to-peer lending is a platform that matches borrowers with lenders. The term peer-to-peer usually means average Joes borrowing from and lending to other average Joes. In the case of Peerform, those who invest in the loans are accredited investors or large financial institutions. Peerform states they look beyond just the FICO score and have special algorithms to determine a borrower’s creditworthiness.

The company sets you up with investors to fund your personal loan. You can use these funds for debt consolidation, home improvements, relocation costs or medical expenses. Peerform can be a good option if you only have poor or fair credit.  

  • Competitive Interest Rates
  • Service a Wide Range of Borrowers
  • No Prepayment Penalty
  • Soft Pull Inquiry
  • Simple Application Process
  • No Joint Borrowers
  • Potential to Go Unfunded
  • Not Available in All States
  • Potential to Go Unfunded
  • Origination Fee
  • Low Max Amount

Peerform Personal Loan

Customer Experience

The Peerform customer support team is only available during regular business hours during the week. It does not have a help center in place to answer potential personal loan applicants' questions. It does not, however, have a mobile app. Finally, Peerform has an A+ rating with the Better Business Bureau.

Peerform
BBB Rating
A+
WalletHub Rating
3.6
Contact Options
phone/mail
Availability
9 am – 6 pm (EST)

Peerform Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Peerform’s interest rates are competitive for borrowers with good credit histories.

Peerform works with all types of borrowers from prime to those with poor credit. They also have a wide range of rates. They have one of the lowest minimum credit score requirements.

The borrower can pay off the loan early without any fees.

Peerform allows for an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.

The Peerform application process is quick and easy.

Peerform does not allow for joint borrowers.

There is a possibility that your approved loan might end up not being funded. If investors do not want to invest in your loan, you will not be able to move forward.

Peerform does not operate in Connecticut, North Dakota, Vermont, West Virginia, Wyoming, or Washington D.C.

There is a possibility that your approved loan might end up not being funded. If investors do not want to invest in your loan, you will not be able to move forward.

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Peerform deducts a one-time origination fee of 1 to 5.00% of your loan amount directly from your loan funds. These fees should be considered in the pricing of your loan when you apply.

Peerform borrowers can only borrow up to $25,000. There are many other providers that go higher.

What Can a Peerform Personal Loan Be Used For?

Peerform loans can be used for debt consolidation, home improvement, car purchases, special purchases, moving costs, medical, wedding expense, or similar uses. Peerform loans cannot be used for post secondary education, including refinancing student loans.

A Peerform personal loan for debt consolidation is used for paying off one or more prior unsecured loans with a new Peerform loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan is that the payment and term are fixed so you know exactly when you’ll be out of debt.

Peerform also has an invitation-only debt consolidation program in which invited borrowers can borrow up to $35,000 to consolidate their debts. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.

Peerform loans can help with your moving costs. For example, a loan could help with moving expenses if you went over budget or had some unexpected events happen during the move.

Peerform loans for medical expenses help borrowers manage large, expected or unexpected medical costs. This can include costs for drugs, selective surgery, and adoption. 

Medical collections are the most common delinquency on borrowers’ credit. A Peerform loan can help you pay for those bills before they become delinquent.

A Peerform personal loan for debt consolidation is used for paying off one or more prior unsecured loans with a new Peerform loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan is that the payment and term are fixed so you know exactly when you’ll be out of debt.

Peerform also has an invitation-only debt consolidation program in which invited borrowers can borrow up to $35,000 to consolidate their debts. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.

Peerform allows their personal loans to be used for car purchases without using the car as collateral. Many times car loans are cheaper but if you are unable to get credit that way, this is good option. Also many lenders require that the car be used as collateral, which will limit the type of car you can get. 

For example, with a personal loan you could use the funds to pay for a salvaged title or a classic car when with other lenders you wouldn’t be able to do that. You may be able to save on your auto insurance due to the fact that the car is not used as collateral, and you will not need to pay for gap insurance.

How to Apply For Peerform Personal Loan?

The application process is a little longer than with other lenders because Peerform is a peer-to-peer company. You not only apply but also create a profile for potential investors to evaluate you as a risk and accordingly lend you money.

Peerform Personal Loan

You first click “apply now” in which you register with Peerform. You enter an amount and explain for what you would like to have the funds. You will then fill out a one-page form with some basic information such as name, address, social security number, date of birth, and income information.

Peerform Personal Loan

You will also set up an account, requiring a username and password. You will agree to some disclosures and then click “get your rate.” Peerform then performs a soft credit pull to see if you are qualified to be listed on their platform.

Peerform Personal Loan

A soft credit pull will not affect your credit. Peerform will then give you a list of options for which you are pre-approved. Pick the loan you would like to apply for and Peerform will place it on its platform to be funded. Peerform will do a hard credit pull at this point.

Peerform Personal Loan

If your loan is funded by investors, Peerform may require documentation to verify information that was submitted on your application. This may include paystubs, checking statements, proof of residence, proof of identification, and even tax returns if you are self-employed. This whole process may take up to two weeks. Once everything is in place, Peerform will send the funds directly to your bank account.  

Peerform Personal Loan

When Peerform Shines?

Peerform is a decent peer-to-peer lender that caters to a wide range of needs, including personal loans and debt consolidation.

Peerform personal loan can be a good fit if you:

 

Peerform logo
Peerform logo

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APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
5.40% – 35.99%
4.99% – %35.99
5.99% – 35.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
12-84 months
6-84 months
3-72 months
Loan Amount
$1,000 – $100,000
$1,000 – $100,000
$1,000 – $35,000

Review Personal Loan Top Lenders

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Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.