Peerform Review

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.

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:

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.