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Peerform is a peer-to-peer lender that is more accessible to poor credit borrowers than its higher-end counterparts Lending Club and Prosper. They’ve been around since 2010. Read our full Peerform review to see if they’d be right for your next loan.
Peerform Quick Info
| APR Range | 5.99% - 29.99% |
| Loan Amounts | $4,000 - $25,000 |
| Origination Fee | 1% - 5% |
| Loan Duration | 3 Years |
| Time to Fund | 3 days up to two weeks |
| Soft Credit Check? | Yes |
Who Is the Typical Peerform Borrower?
- Their credit isn’t great. The minimum credit score needed to borrow is 600 and the average is 665
- They have some credit history. There is a requirement of one year of credit history.
- Their income is higher than the national median of $53,000. Borrowers have an average household income of $85,000 but there is no minimum requirement.
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Peerform Review
Peerform is one of the only peer-to-peer marketplaces that caters to individuals with bad credit. If you’re not familiar, peer-to-peer lending is where investors fund the loan, not the company. A loan can be funded by hundreds or even thousands of people in some cases. It works out the same for the borrower though, they’ll still be making a single payment back to Peerform.
Loans go up to $25,000 for qualified borrowers. The interest rates at Peerform are competitive with other lenders but keep in mind that if your credit bad you’ll be up closer to the 29.99% cap. After you fill out the preliminary application and they perform a soft credit check (won’t hurt your credit) you’ll be graded. Then you’ll have an idea of what your interest rate will be.
The majority of borrowers take out a loan from Peerform to consolidate their debt. This is a great strategy as long as you can get a rate lower than what you currently have with your other debts.
Overall Peerform is a good place to check out if you’re looking for a mid-sized loan. Just remember to shop around so you can get the best rate.
Peerform Reviews From Around the Web
| Better Business Bureau |  3.4/5 - 3 Reviews |
| Credit Karma |  4.5/5 - 46 Reviews |
| Nerd Wallet |  4/5 |
Peerform Fees and Penalties
- Origination fee: 1% – 5% of loan amount
- Prepayment fee: None
- Late fee: $15 or 5% of payment amount, whichever is more
- Check processing fee: $15
- Declined payment fee: $15
Business Contact and Profile for Peerform
| Name: | Peerform, Inc. |
| Phone: | (800) 338-8049 |
| Address: | 711 Third Ave, 6th Floor New York, NY 10017-4029 |
| Website: | Peerform.com |
| Business Started: | 2010 |
| Type of Business: | Financials Services, Loans |
| Principal: | Mikael Rapaport, Co-Founder |
| BBB Accreditation: | This business is not accredited with the BBB and has an A. |