What is Peerform?
Peerform is a peer-to-peer lending platform that was founded by former Wall Street executives in 2010 with two goals: to provide clear, fast and fair lending to a wider range of borrowers, and to open up new investment opportunities with steady returns to investors. As a peer-to-peer platform, Peerform works with Cross River Bank (the lender) to connect individual borrowers with accredited investors who are interested in lending to them.
Headquartered in New York, it offers unsecured, fixed-rate loans geared toward both personal expenses and paying off existing debt. By operating fully online and thus minimizing overhead costs, Peerform aims to help borrowers save money on their loans with lower fees and interest rates.
In this Peerform review, we’ll cover its loan products, rates and terms, as well as who might be a good fit for Peerform loans. After that, we’ll show you a few other personal loan options from some of our favorite lenders.
Peerform personal loan highlights
- Low, fixed interest rates: This lender offers fixed interest rates that compare with many personal loans on the market, helping you save money on interest payments. Peerform loan APRs range from 5.99% to 29.99%.
- Customized loans: Peerform is a marketplace lending platform, which means you can review a variety of different loan terms and match up with a lender who best meets your needs.
- Fair and good credit loans: Loans from this lender are open to a wider range of borrowers. Its Peerform Loan Analyzer uses more than just your credit score to determine creditworthiness, so you can qualify for a Peerform loan with a credit score as low as 600.
- No prepayment fees: When you can, it’s always wise to increase your monthly payments and pay off your loan early to save money on interest. Luckily, with Peerform, you can do so without incurring any penalties.
- Terms: 36 or 60 months
- Fees: 1.00% - 5.00% origination fee
Peerform Personal Loan Details
Peerform product details
Peerform offers both personal loans, which can be used for expenses like car repairs, medical bills, weddings and home improvement costs, as well as consolidation loans, which can be used to pay off existing high interest credit card debt.
Personal loans range from $4,000 to $25,000 and are offered in three-year terms. The APR on personal loans ranges from 5.99% to 29.99%.
Peerform’s consolidation loans range from $10,000 to $35,000 and come in either 36 to 60 month terms. The APR on three-year consolidation loans ranges from 5.99% to 25.05%, while the APR on five-year consolidation loans ranges from 12.57% to 21.95%.
As a peer-to-peer lender, Peerform is able to match you with a lender who can offer a loan that’s customized to your particular needs. Its online marketplace lending platform makes it easy to apply for and receive your loan from the comfort of your own home, and automatic payments and fixed interest rates make the loan easy to pay off. If you find yourself able to increase your monthly payments or pay off your loan early, you can do so without worrying about prepayment fees.
- Minimum credit score: 600
- Minimum credit history: You’ll need a minimum of one revolving account ever opened and no current delinquencies or recent bankruptcy, tax liens, judgments or non-medical related collections.
- Maximum debt-to-income ratio: 40%
Borrowers must have a FICO score of at least 600 in order to qualify for a Peerform loan. However, Peerform does consider a wide variety of factors when assessing risk and creditworthiness.
Your income will need to be verified using your two most recent pay stubs, as well as tax documentation. Peerform will then consider your debt-to-income ratio when assessing your application, and this number must be below 40% in order to qualify.
You can’t have any current delinquencies on your credit profile, and if you’ve had any bankruptcies, tax liens, judgments, or non-medical related collections opened on your credit history in the past 12 months, you won’t qualify for Peerform loans. Finally, you must have an open bank account and have opened at least one revolving account ever.
Eligibility also varies by state. Residents of certain states may not be eligible for all Peerform loan products. You can learn more here.
Applying for a personal loan from Peerform
Check your rates and eligibility. Peerform offers the ability to fill out an initial application to check your rates and eligibility without a hard credit check being performed. Instead, it will conduct a Soft Pull inquiry on your credit and then provide you with a list of potential lenders and rates.
Complete your application. In order to be matched with a lender, you’ll need to provide income, employment and banking information. Peerform will also ask you to verify your income and employment using your two most recent pay stubs, and it may ask for tax forms as well. Additionally, you’ll need to submit one form of ID and go through a simple bank account verification process.
Receive a decision. Once your loan inquiry is listed on the Peerform online marketplace lending platform, it has to attract sufficient investors. This can take anywhere from one day to two weeks.
Get your funds. If you’re approved, you’ll receive your funds via direct deposit into your verified bank account.
Pros and Cons of a Peerform Personal Loan
Who’s the best fit for a Peerform personal loan?
Compared to other personal loans, Peerform offers competitive options. Its interest rates are fairly low, and its lending platform can connect you with different peer lenders, making Peerform a good option for many borrowers. Whether you’re looking to borrow a few thousand dollars or a more substantial amount, Peerform offers a wide range of loan amounts.
Because of its lower credit score requirement and higher debt-to-income ratio maximum of 40%, Peerform might be a good fit for people who have been declined by traditional lenders. If your credit score is less-than-perfect, or if you have too much debt to be considered by other lenders, it’s worth looking into your options at Peerform. Its initial screening process only results in a soft credit inquiry, so checking out which rates you qualify for won’t impact your credit.
Peerform offers both personal loans and consolidation loans, so if you’re looking to borrow money for personal reasons — such as wedding expenses, car repairs, or a big move — or to help you pay off high-interest credit card debt, this lender offers those options. Its personal loans only come in three-year terms, and its consolidation loans in three- and five-year terms, so if you need more time than that to pay off your loan, it’s probably not the best option.
Alternative personal loan options
- APR range: 5.98% to 29.99%
- Credit requirements: 640 minimum credit score
- Terms: 36 or 60 months
- Origination fee: 1.00% - 6.00%
This lender has a higher minimum credit score requirement. If you meet it, RocketLoans has low rates. It offers the same loan terms and similar origination fees but the approval may be faster, and you can get your funds within one to three business days.
Discover Personal Loans
- APR range: 6.99% to 24.99%
- Credit requirements: 660 minimum credit score
- Terms: 36 to 84 months
- Origination fee: No origination fee
Discover offers personal loans with highly flexible repayment terms and interest rates on the lower side. This lender’s credit requirements are a little more strict than the other lenders mentioned here but it doesn’t charge any origination fees. If you’re using the loan to pay off existing debt, Discover gives you the option to pay off your creditors directly.
Affinity Federal Credit Union
- APR: As low as 9.75%
- Credit requirements: 525 minimum credit score
- Terms: Up to 60 months
- Origination fee: No origination fee
Affinity Federal Credit Union offers loans with lower credit requirements than most. Despite this, this lender’s rates are still decent, and it doesn’t charge any origination fees. It also offers flexible loan terms. You’ll need to become a member of the credit union first but this can be done with relative ease.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|