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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.
Get Your Personalized Rate From the Top Lenders
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|
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
|Address:||711 Third Ave, 6th Floor
New York, NY 10017-4029
|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.|