What You Need to Know About Peerform Peer Lending Loans

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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 and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

peerform review

Airbnb, Uber, and TaskRabbit are sharing-economy gigs I understand. But I didn’t realize this marketplace was also used to take out personal loans until I read a Peerform review.

Yes, peer-to-peer lending is on the rise. Peerform promises to provide customers with a “clear, fast, and fair” borrowing process even if you have a bad credit score.

With Peerform, an affiliate company of Versara Lending, you can apply for personal loans via an online platform that connects you with individuals or businesses willing to loan you the money.

You can then use the cash to make home improvements, start a business, buy a new car, or consolidate your credit card debt.

The peer lending company offers unsecured, fixed-rate loans to people with a range of credit scores. Read on to learn the pros and cons of borrowing from Peerform.

Peerform review

Through Peerform, you can apply for a personal loan and get quotes within minutes without affecting your credit score. You’ll want to keep some things in mind.

Pros of Peerform personal loans

The superfast process is one of the many benefits pointed out in Peerform reviews. Here are some more:

  • You can have poor credit: Peerform uses an algorithm called Loan Analyzer that takes several factors (credit score, debt-to-income ratio, etc.) into consideration to determine how risky you are as a borrower. While your credit score will likely affect your interest rate, it won’t disqualify you.

  • Lower interest rates: Since the terms are decided by individuals and there’s competition among lenders, you could secure a lower interest rate than if you went to a traditional bank. As of April 17, 2018, Peerform has fixed APRs from 5.99% to 29.99%. The average personal loan rates range from 10.30% to 32.00% based on credit scores, according to ValuePenguin.

  • Easy payments: For your repayment term, you will pay the same amount every month at a fixed rate. You even get a 15-day grace period.

  • Debt consolidation: A great way to reduce your credit card debt is to consolidate it with a personal loan. Credit card debt can carry an APR of more than 20.00%, but a Peerform loan could help you pay that off at a lower rate.

  • Apply anywhere, anytime: Since everything is done online, you don’t have to worry about bank hours or locations. You can apply at 2 a.m. from your cellphone if you want.

  • No prepayment penalties: Peerform lets you pay more — or early — without any additional fees.

Cons of Peerform personal loans

Although there are many benefits, consider these drawbacks:

  • There are fees for borrowers: Although Peerform does a good job of presenting its fees upfront, it is something to consider. You will have to pay an origination fee, which is determined by your risk assessment. Also, there are late fees (beyond 15 days), check-processing fees, and unsuccessful payment fees if direct deposit payments bounce back.

  • You might have a higher interest rate: While you could get a much lower interest rate than a traditional bank, it could also be much higher. Be sure to research all your options before borrowing money.

  • Repayment terms are short: Peerform’s loans have three-year repayment terms, while similar companies such as LendingClub have five-year options.

  • It might not be available in your state: Not all states allow peer-to-peer lending. So even if you wanted to try it out, it might not be an option.

Peerform products

Peerform sets up borrowers with lenders to get personal loans for just about anything. On the site’s home page, you choose the amount you’re looking to borrow and the reason you’re taking out the money. All the personal loans are unsecured, meaning you don’t have to put down any collateral.

Here are possible uses for a Peerform personal loan:

  • Debt consolidation: If you’re overwhelmed by credit card debt, you can take out one loan with a potentially lower interest rate. This simplifies the process and should make it cheaper.

  • Wedding: The average wedding costs about $25,000, so you might not have that much in savings or don’t want to drain your account. Peerform lenders will loan you the money to cover everything from vendor fees to your honeymoon.

  • Home improvement: Using a personal loan to update your home or remodel a room could be a good investment since you’re adding value.

  • Medical expenses: The last thing you want to be stressed about when dealing with a health issue is money. Peerform promises to try to get you the money you need ASAP to cover any unexpected medical costs, including hospital bills, infertility treatments, and laser vision correction. It’ll even loan you money for cosmetic procedures.

  • Moving costs: Whether it’s deposits and fees or paying for movers, relocating can cost a lot out of pocket at one time. A personal loan could help ease the burden on your bank account.

  • Auto financing: You can borrow money for a variety of vehicle scenarios, including a lease buyout, purchasing a new car, or refinancing your current one.

A Peerform personal loan can be used for almost any life situation. It has specific options such as green loans, which are used to make energy-efficient updates to a home, as well as the more general “major purchase.”

Business loans are also a possibility, but taking out private student loans are best done through a traditional lender.

Using the Peerform online platform

Peerform makes the application process quick and easy.

You have to fill in some basic personal information, select a loan type and amount, get offers, and go through a verification process to collect your money. No fees will be charged unless the loan is issued, so you can browse through your options worry-free.

Here’s a step-by-step guide to applying.

Step 1: Make a loan request and register

peerform reviews

Image credit: Peerform

First, you have to give details such as your name, address, date of birth, contact information, salary, and loan amount. You will also be asked to create a password. A hard credit check isn’t done until a loan is approved, so you can check without worrying about your score.

Step 2: Select a loan

peerform reviews

Image credit: Peerform

After inputting your information, you will be presented with loan options on a prequalified basis. You can then choose to adjust the amount you’re looking to borrow and choose between different terms.

Step 3: List your loan

peerform reviews

Image credit: Peerform

Once you confirm the amount and terms, your loan will be listed on the Peerform marketplace.

Step 4: Verify your identity

peerform reviews

Image credit: Peerform

To finish your application, Peerform must verify your identity and income by reviewing things such as your driver’s license, passport, bank statements, credit card bills, Social Security card, and recent pay stubs.

It might also ask for your tax returns, so make sure you have any documents you might need on hand.

The whole process can take a few days up to a couple of weeks.

Peerform interest rates and fees

Depending on your risk assessment from Peerform’s algorithm, you could be offered a variety of APRs and origination fees. Peerform has grades that correspond to APRs. Those rates, as of April 17, 2018, range from 5.32% for an AAA grade to 26.06% for a DDD grade.

You will only have to pay a one-time origination cost. You would only be charged additional fees if you make late payments, the company has trouble collecting your payment, or you decide to pay by check. All those fees are capped at $15.

Peerform eligibility requirements

Peerform encourages anyone to apply for a loan since its proprietary analyzer takes many factors into consideration. But it does list some basic requirements that will help you get a better rate and acceptance by lenders:

  • You should have a credit score of at least 600, but will still be considered at a lower one.

  • Your debt-to-income ratio should be below 40%.

  • Your credit profile shouldn’t have delinquencies, bankruptcies, tax liens, judgments, or nonmedical collections in the past year.

  • You should have at least one open bank account and one revolving account.

Using these details, Peerform will assign you a grade that will determine your interest rate and origination fee.

Peerform customer service

All the rates quoted above are current as of April 17, 2018. For the latest available rates, contact Peerform at support@peerform.com. You can also reach its customer service number, 800-338-8049, from 9 a.m. to 6 p.m. ET.

If this Peerform review didn’t help answer all your questions, you can also see what others are saying by checking out the company’s Facebook and Twitter pages.

Note: Student Loan Hero has independently collected the above information related to these personal loans. Peerform has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.365% APR to 13.365% APR (with AutoPay). SoFi rate ranges are current as of April 11, 2018 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 5.365% APR assumes current 1-month LIBOR rate of 1.88% plus 3.735% 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. 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 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown 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.
7.73% - 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
5.37% - 14.24%1$5,000 - $100,000
Check rate nowon SLH's secure site
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.