Updated: October 29, 2024
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Peerform offers unsecured loans that do not require collateral. This lender is excellent for individuals looking for personal loans to fund expenses such as home improvements, wedding costs, debt consolidation, car financing, unexpected medical bills or moving and relocation costs.
Peerform was launched in 2010 as an alternative lending marketplace to the traditional personal loan platform for individuals and small businesses.
The main difference with Peerform is that you are not borrowing personal loans from a bank but rather from an investor. Peerform aims to connect borrowers and lenders through an online marketplace.
Peerform personal loans may be used for home improvement, relocation, medical expenses, debt consolidation, credit card consolidation, wedding expenses and car financing.
Because of their low credit score requirements, Peerform is suitable for those with fair credit. Additionally, borrowers looking for a large personal loan may find the Peerform marketplace unsuitable because the lender’s maximum loan amount is $25,000.
Pros
Cons
APR | Peerform’s annual percentage rate ranges from 5.99%–29.99% |
Credit Score Requirements | Peerform’s minimum credit score requirement is 600. |
Income Requirements | Peerform has no minimum income requirement but requires you to provide income details during your loan application. Peerform has a debt-to-income ratio of 40%. |
Loan Amounts | Peerform’s loan amounts range between $4,000 and $25,000. |
Loan Terms | Peerform personal loans can be paid through fixed monthly payments over three years. |
Permitted Uses | Peerform loans can be used for major purchases, debt consolidation, credit card refinances, home improvement and car financing. |
Prohibited Uses | Illegal activities, gambling, betting, massage parlor and adult content and post-secondary education expenses |
Time to Receive Funds | Funds disbursement can take three days after approval. |
Origination Fees | Peerform charges an origination fee of 2%. |
Late Fees | Peerform doesn’t charge late fees |
Prepayment Penalty Fees | Peerform doesn’t charge a prepayment penalty. |
Co-signers and Co-applicants | Peerform doesn’t accept co-signers or co-applicants. |
Perks | Peerform conducts a soft credit check that doesn’t affect your credit |
Mobile Application | Peerform doesn’t have a mobile app. |
Personal loan providers have different rates and requirements.
The best lender for you depends on your specific loan needs. MoneyGeek’s Peerform personal loan review provides you with the relevant information to decide if the lender is the best option for you.
Peerform services borrowers with lower credit scores that may not qualify for a loan with other lenders. Peerform personal loan is suitable for individuals looking to get out of high-interest credit card debt, finance car purchases, pay for unexpected medical bills or make ends meet.
Individuals with good credit scores might want to consider other traditional lenders since they are less likely to have trouble getting traditional loans. Peerform charges several fees, including late payment fees, origination fees, check processing fees and unsuccessful payment fees. Borrowers looking to save money on personal loans might not find Peerform suitable due to their charges.
To apply for a Peerform personal loan, fill out the prequalification form and include basic information about your loan needs and personal information about yourself. MoneyGeek has outlined the processes to take when applying for a Peerform loan.
To apply for a Peerform loan, fill out the prequalification form on their website and click the “am I eligible” button. Peerform will request for series of information about your loan needs to determine if you qualify for a Peerfrorm loan.
You can fill out the application form after you have been deemed eligible to apply for a loan on Peerform. You will be required to answer a series of personal and loan-related questions.
Once you submit your loan application, Peerform will review your borrowing needs and you may be offered a selection of personal loan alternatives. You can choose which loan terms are best for you and your loan requirement will be listed in the marketplace for investors’ review and selection. This process might take several days to complete. Your loan inquiry will be listed on the website for 14 days or until funded.
Once you are offered a loan, be sure to review your loan agreement carefully before signing. Read the loan term fine print and double-check the loan amount to verify if it’s the amount you applied for.
Once you are satisfied with the loan term, sign the loan agreement.
The Peerform loan will be paid into your account the next day after approval.
Peerform offers two repayment options. You can choose to have Peerform debit the appropriate amount from your bank account or send them a check in the mail. Keep in mind that checks are subject to a processing fee of $15.
Peerform may reject your loan application for various reasons, including but not limited to, not having enough credit history, a credit score below 600 or a debt-to-income (DTI) ratio of more than 40%. Additionally, your loan may not be selected by investors. MoneyGeek recommends contacting Peerform through email or phone to discover why your loan was declined.
You may reapply with Peerform or other lenders, but be sure to address the issue that caused your previous loan to be declined in the first place.
The best personal loan lender for you depends on your specific loan needs. MoneyGeek answers the most commonly asked questions about Peerform loans to help you decide if the lender is best for you.
You can use Peerform loans for home improvement, finance your car, pay unexpected medical bills, debt consolidation and other major purchases.
Peerform’s minimum credit score requirement is 600.
Peerform loan approval takes two to three days. Loan disbursement might take longer because Peerform relies on investors to decide to fund your loan.
No, Peerform doesn’t have a mobile app.
Peerform’s loan is unsecured.
The maximum loan amount you can borrow from Peerform is $25,000
Peerform charges 2% origination fees.
No, Peerform conducts a soft credit check which doesn’t affect your credit score.
Peerform does not offer auto payment discounts.
No, Peerform does not accept co-signers on personal loans.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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