Loans » Personal Loan Lender Reviews » Peerform Personal Loan Review 2021
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Peerform Personal Loan Review 2021

Peerform is great for borrowers who may not be able to qualify for personal loans through traditional methods. Peerform looks beyond just the credit score, so those with lower scores might be able to qualify.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

Table of Contents

Peerform is a peer to peer lending platform. The company sets you up with investors to fund your personal loan. You can use these funds for debt consolidation, home improvements, relocation costs or medical expenses. Peerform can be a good option if you only have poor or fair credit. 

Peerform offers loans $4,000 to $25,000. There are also invite only consolidation personal loans available for $10,000 to $35,000. Loans are only available with a three or five year term with an APR ranging from 5.99% to 29.99%. 

Peerform does apply a number of fees to personal loans. There is an origination fee of 1 to 5% applied to new loans. However, there are other fees that may apply during the course of your loan. greater. 

Peerform is great for borrowers who may not be able to qualify for personal loans through traditional methods. Peerform looks beyond just the credit score, so those with lower scores might be able to qualify. 

APR

5.99%- 29.99%

Loan Amount

$4,000 -$25,000

Term

36 - 60 months

Min score

600

Peerform was created by a few Wall Street executives in 2010 to try to meet an underserved market: near Prime Borrowers. They are based out of New York, New York. Peerform is a peer-to-peer lending marketplace. 

Peer-to-peer lending is a platform that matches borrowers with lenders. The term peer-to-peer usually means average Joes borrowing from and lending to other average Joes. In the case of Peerform, those who invest in the loans are accredited investors or large financial institutions. Peerform states they look beyond just the FICO score and have special algorithms to determine a borrower’s creditworthiness.

Peerform Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

Here are the basic specifications & requirements of Peerform Personal Loan :

What Can a Peerform Personal Loan Be Used For?

Peerform loans can be used for debt consolidation, home improvement, car purchases, special purchases, moving costs, medical, wedding expense, or similar uses. Peerform loans cannot be used for post secondary education, including refinancing student loans.

A Peerform personal loan for debt consolidation is used for paying off one or more prior unsecured loans with a new Peerform loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan is that the payment and term are fixed so you know exactly when you’ll be out of debt.

Peerform also has an invitation-only debt consolidation program in which invited borrowers can borrow up to $35,000 to consolidate their debts. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.

Peerform loans can help with your moving costs. For example, a loan could help with moving expenses if you went over budget or had some unexpected events happen during the move.

Peerform loans for medical expenses help borrowers manage large, expected or unexpected medical costs. This can include costs for drugs, selective surgery, and adoption. 

Medical collections are the most common delinquency on borrowers’ credit. A Peerform loan can help you pay for those bills before they become delinquent.

A Peerform personal loan for debt consolidation is used for paying off one or more prior unsecured loans with a new Peerform loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan is that the payment and term are fixed so you know exactly when you’ll be out of debt.

Peerform also has an invitation-only debt consolidation program in which invited borrowers can borrow up to $35,000 to consolidate their debts. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.

Peerform allows their personal loans to be used for car purchases without using the car as collateral. Many times car loans are cheaper but if you are unable to get credit that way, this is good option. Also many lenders require that the car be used as collateral, which will limit the type of car you can get. 

For example, with a personal loan you could use the funds to pay for a salvaged title or a classic car when with other lenders you wouldn’t be able to do that. You may be able to save on your auto insurance due to the fact that the car is not used as collateral, and you will not need to pay for gap insurance.

Application Process

The application process is a little longer than with other lenders because Peerform is a peer-to-peer company. You not only apply but also create a profile for potential investors to evaluate you as a risk and accordingly lend you money.

Peerform Personal Loan

You first click “apply now” in which you register with Peerform. You enter an amount and explain for what you would like to have the funds. You will then fill out a one-page form with some basic information such as name, address, social security number, date of birth, and income information.

Peerform Personal Loan

You will also set up an account, requiring a username and password. You will agree to some disclosures and then click “get your rate.” Peerform then performs a soft credit pull to see if you are qualified to be listed on their platform.

Peerform Personal Loan

A soft credit pull will not affect your credit. Peerform will then give you a list of options for which you are pre-approved. Pick the loan you would like to apply for and Peerform will place it on its platform to be funded. Peerform will do a hard credit pull at this point.

Peerform Personal Loan

If your loan is funded by investors, Peerform may require documentation to verify information that was submitted on your application. This may include paystubs, checking statements, proof of residence, proof of identification, and even tax returns if you are self-employed. This whole process may take up to two weeks. Once everything is in place, Peerform will send the funds directly to your bank account.  

Peerform Personal Loan

Peerform is great for borrowers who may not be able to qualify for personal loans through traditional methods. Peerform looks beyond just the credit score, so those with lower scores might be able to qualify. 

APR

5.99%- 29.99%

Loan Amount

$4,000 -$25,000

Term

36 - 60 months

Min score

600

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Peerform personal loan: 

This is a unique lender created in 2012 by a group of former Google executives. They are the first lending platform to use artificial intelligence with an automated lending process. The company aims to go the extra mile for its customers.

Most lenders primarily focus on a FICO score to approve a loan. However, Upstart uses its advanced technologies to look beyond this and explore the risk of your loan. These calculations are used to assess your ability to repay your loan.

The company has a strong belief that if lenders would use its intuitive credit model, they would probably be approving more loans.

For borrowers, this means that Upstart can offer high quality loans at low interest rates. With fair terms for borrowers with bad credit, this company has a strong reputation with excellent reviews on Trustpilot and other sites.

Marcus is an online only lender offered by Goldman Sachs. It offers personal loans with no fees including late fees, prepayment fees or sign up fees. Since you’re only required to pay the principal loan sum and interest, the interest rates are a little higher than the competition. However, this can be a good option for those with a good credit score who want to avoid annoying fees.

Where Marcus personal loans are a little different is that there is the option of prequalification. If you’re not sure if you will be eligible for a loan, you can complete a basic, short form. This only involves a soft check, so you can avoid triggering a hard credit check and potentially compromising your credit score. Prequalification will allow you to check and compare your Marcus loan options.

You can also receive a 0.25% discount if you opt for autopay. This involves a larger portion of your monthly payment being applied to the loan principal, so less interest will accrue on your account. You can have a loan with a term from three to six years.

Prosper is the first peer-to-peer lending marketplace, a platform that matches lenders with borrowers.

Prosper marketplace is a great place to start in your personal loan search. Prosper focuses on the mass market of borrowers and their personal loans can be used for a wide range of reasons. They also have a lending arm for medical costs, Prosper Healthcare Lending. They offer personal loans for a wide variety of purposes and to a large market of borrowers. 

They do have a high origination fee while other providers do not have one. The process will take longer than with other platforms, so if you need funds quickly Prosper may not be the right place to start your search.

Peerform Loan is Best for..

Peerform is great for borrowers who may not be able to qualify for personal loans through traditional methods. Peerform looks beyond just the credit score, so those with lower scores might be able to qualify. 

Peerform has a lot of fees and those fees should always be considered when pricing a loan. If you need money quickly, Peerform is not the provider for you – it can take up to 14 days to fund and in some cases longer.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.