Peerform Personal Loan Review

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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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.
LENDER
APR
Credit Req.
Terms
Origination Fee
APR 5.99%
To
29.99%
Credit Req.600Minimum Credit Score
Terms3 to 5Years
Origination Fee1% - 5%

Visit Peerform Secureon Peerform's secure website

Peerform Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 36 or 60 months
  • APR range: 5.99% to 29.99%
  • Loan amounts: $4,000 to $25,000 for personal loans, $10,000 to $35,000 for consolidation loans
  • Time to funding: 1 day to 2 weeks
  • Credit check: Soft Pull
  • Origination fee: 1.00% - 5.00%
  • Prepayment fee: None
  • Late payment fee: 5% of the amount unpaid or $15, whichever is greater
  • Other fees: $15 unsuccessful payment fee in most states and $15 check processing fee

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.

Eligibility requirements

  • 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
Pros
Cons
  • Peer-to-peer: As a peer-to-peer lender, Peerform can offer loan access to a wider range of borrowers than can many traditional lenders.
  • Low APR: For the most creditworthy borrowers, rates at the lower end of Peerform’s APR range are some of the best you can find.
  • Consolidation loans: In addition to regular personal loans, Peerform also offers consolidation loans that can help borrowers pay off high-interest credit card debt at a lower rate.
  • No prepayment penalty: You won’t have to pay any fees if you decide to make a larger monthly payment or pay off your loan ahead of schedule.
  • Origination fees: Depending on your loan type, term and amount, you’ll have to pay an origination fee of 1.00% - 5.00% that will be added to the cost of the loan.
  • Credit history requirements: While Peerform’s credit score requirements are less strict than many other lenders, it does still require that you have a debt-to-income ratio of less than 40% and no current delinquencies or major derogatory marks in the past 12 months.
  • Check processing fees: Peerform makes payment easy through automatic payments that are deducted from your bank account. However, if you prefer to pay with a check, you’ll be charged a $15 check processing fee for each payment.

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

Rocket Loans

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.16%
To
29.99%
Credit Req.640Minimum Credit Score
Terms3 to 5Years
Origination Fee1% - 6%

See Offers Secureon Lendingtree's secure website

This lender has a higher minimum credit score requirement. If you meet it, Rocket Loans 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 Bank

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 6.99%
To
24.99%
Credit Req.Not specified
Terms3 to 7Years
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure website

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

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 8.75%
Credit Req.525Minimum Credit Score
Terms1 to 5Years
Origination FeeNo origination fee

Visit Affinity Federal Credit Union Secureon Affinity Federal Credit Union's secure website

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?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.99% – 21.16%1 $5,000 to $100,000
6.53% – 35.99% $1,000 to $50,000
6.98% – 35.89%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020 and are subject to change without notice. See APR examples and terms. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including credit score, credit usage and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

** 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.

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