Peerform Personal Loan Review

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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.

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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.
  • Terms: 36 or 60 months
  • Fees: 1.00% - 5.00% origination fee
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

RocketLoans

  • 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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history 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 evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to 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.
  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. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  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 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.

3 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.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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

Visit SoFi

7.46% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

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.

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