Peerform Review: Personal Loans 2020

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Peerform ReviewPeerform 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 Range5.99% - 29.99%
Loan Amounts$4,000 - $25,000
Origination Fee1% - 5%
Loan Duration3 Years
Time to Fund3 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.

Get Your Personalized Rate From the Top Lenders

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 Bureau3.4 out of 5 stars 3.4/5 - 3 Reviews
Credit Karma4.5 out of 5 stars 4.5/5 - 46 Reviews
Nerd Wallet4 out of 5 stars 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
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.

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