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 September 21st, 2023
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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:
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 | |
Founding Date | Jan 01, 2010 |
Address | 711 3rd Avenue, 6th Floor, New York, NY 10017 |
Number of Employees | 5 |
Number of Customers | 99 |
Telephone | |
Website |
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.