Peerform Review

Compare the P2P lending platform Peerform to The Loan Exchange and LendingClub. Learn about Peerform's benefits, shortcomings, rates, and reputation.

Updated on June 10th, 2020

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Peerform is a peer-to-peer lending platform that matches dependable borrowers with investors. Through Peerform, borrowers can get customized personal loans, such as for debt consolidation, up to $25,000 at competitive fixed rates.

Pros and Cons:

Pros

  • Fast application process.
  • Fixed rates.
  • No early repayment fees.

Cons

  • Additional fees.
  • Not available in all states.

Review:

Peerform is a good option for borrowers with average to good credit scores who are in need of small loan amounts. While Peerform has very lenient qualification requirements and accepts applicants with a short credit history, the payment terms are not very flexible (3 or 5 years) and borrowers should be conscious of the additional fees Peerform charges.

Highlights:

  • Attractive interest rates for borrowers with good credit scores.
  • Lenient eligibility requirements: accepts low credit scores and borrowers with a short credit history.
  • No prepayment penalty.

Shortcomings:

  • Not available in all states.
  • Several additional fees, including for payment made via check and for unsuccessful automated payments.
  • High interest rates for borrowers with low credit scores.

Reputation:

Peerform has an A+ Better Business Bureau (BBB) rating.

Rates and Fees:

Rates:

Loan Type

Loan Amount

APR

Terms

Personal Loan

$4,000 - $25,000

5.99% - 25.99%

36 - 60 months

Fees:

Origination fee.

Peerform charges an origination fee of 1% to 5%.

Unsuccessful payment fee.

If the automatic deduction from a borrower's account is rejected, Peerform charges an unsuccessful payment fee of up to $15 per failed transaction attempt.

Late fee.

Monthly payments that are 15 days or more in arrears incur a late fee to the amount of $15 or 5% of the unpaid monthly installment, whichever is greater.

Check processing fee.

Peerform charges a check processing fee for monthly installments that are paid with a check rather than by direct debit order. Payments made by direct debit don't incur an additional charge.

Rate Comparison:

Peerform vs. The Loan Exchange
Peerform vs. The Loan Exchange:

Peerform is very limiting in comparison to the Loan Exchange as it only offers small personal loans (up to $25,000). The Loan Exchange offers larger loan amounts, a variety of loans, and has more lenient qualification requirements.

Peerform vs. The Loan Exchange Comparison:

Offer

Peerform

The Loan Exchange

Loan Type

Personal loan

Term loan

Max. Loan Amount

$25,000

$250,000

Terms

36 - 60 months

6 - 120 months

Interest Rate

5.32% - 26.02% (1% - 5% origination fee)

From 14.90% (15% origination Fee)

Min. Credit Score

600

500

Peerform vs. LendingClub
Peerform vs. LendingClub:

Peerform is more accessible to borrowers with poor credit scores than LendingClub but offers less flexible payment terms and only small amounts of funding.

Peerform vs. LendingClub Comparison:

Offer

Peerform

LendingClub

Loan Type

Personal loan

Term loan

Max. Loan Amount

$25,000

$500,000

Terms

36 - 60 months

6 - 60 months

Interest Rate

5.32% - 26.02% (1% - 5% origination fee)

9.77% - 35.71% (3.49% - 7.99% origination fee)

Min. Credit Score

600

640

Other Peerform Products:

Investments.

Peerform provides access to investment opportunities to both individual and institutional investors that offer steady, risk-adjusted returns.

Peerform at a Glance:

Loan Type offered

Personal loans only

Max. Loan Amount

$25,000

Min. Credit Score

600

APR

5.99% - 29.99%

Prepayment Penalties

No

Mobile App

No

Customer Support

Phone and email

Autopay

Optional

Key Information:

Legal Name

Peerform, Inc.

Founder

Mikael Rapaport

Founding Date

Jan 01, 2010

Address

711 3rd Avenue, 6th Floor, New York, NY 10017

Number of Employees

5

Number of Customers

99

Email

support@peerform.com

Telephone

1 (800) 338-8049

Website

https://www.peerform.com/

FAQs:

Does Peerform get loans funded?

Yes. However, Peerform does not guarantee that a loan will be fully funded.

Does Peerform report to credit bureaus?

Yes. Peerform reports to Transunion.

What are some Peerform alternatives?