As a peer-to-peer lending platform, Peerform connects borrowers who need money with investors who have money to lend. After you’re approved, you’ll be set up with an investor who will fund your personal loan for a variety of purposes, including debt consolidation, moving and relocation, home improvement, medical expenses, and more.

Peerform is an option for those with poor or fair credit. Borrowers need at least a 600 credit score to qualify for a personal loan of up to $25,000. Read on to determine if a Peerform personal loan is right for you.

Investopedia is committed to providing our readers with unbiased product recommendations. We may receive compensation when you click on links to products, but this doesn’t affect how we rate, review, and rank them.

Pros

  • Low Qualifying Credit Threshold

  • Low Interest Rates

  • Semi-Flexible Repayment Dates

Cons

  • High Fees

  • No Cosigner Option

  • High Minimum Loan Amount

Pros Explained

  • Low Qualifying Credit Threshold Because Peerform works with those with poor and fair credit, you don’t need much to borrow. Aside from at least a 600 credit score, you’ll need a debt-to-income ratio of 40% or less, no credit delinquencies in the last 12 months, one open bank account, and at least one revolving credit account in your credit history.
  • Low Interest Rates For borrowers with the best credit history, you could qualify for an annual percentage rate (APR) as low as 5.99%. LendingClub, another peer-to-peer lending platform, has interest rates starting out at 10.68%—and that’s for the most qualified borrowers (as of May 18, 2020).
  • No Prepayment Penalty – If you want to adjust payments to pay your loan off sooner, you can.

Cons Explained

  • High Fees While there isn’t a prepayment penalty, there are a number of other fees. There’s the origination fee (1% to 5% of the loan amount), an unsuccessful payment fee ($15 each failed attempt), a late fee (5% of the unpaid monthly loan amount or $15, whichever is greater), and a check processing fee ($15 each check payment).
  • No Co-signer Option Many personal loan lenders have co-signer options available, including LendingClub, but Peerform does not. If you don’t have the minimum requirements to qualify on your own, you’ll have to look elsewhere.
  • High Minimum Loan Amount The minimum amount you can borrow is $4,000. For borrowers looking for small dollar amounts, this isn’t helpful. Borrowers who need a little bit of cash to cover them until they get paid again might turn to a payday loan instead of one offered from a place like Peerform.

COVID-19 Assistance

Borrowers can contact Peerform to explore payment options if they're affected financially by COVID-19. Borrowers may be able to reapply for a second loan.

Loan Amounts

Loan amounts range from $4,000 to $25,000. Invite-only consolidation loans from $10,000 to $35,000 are also available.

APR

APRs range from 5.99% to 29.99%.

Loan Terms

Peerform loans are offered in three- and five-year terms.

Credit Score Requirements

You need at least a 600 credit score to qualify for a Peerform personal loan. Along with that, you’ll need to have at least one year of established credit history without delinquencies. 

Fees

Peerform has a number of fees, including:

  • Origination Fee You pay 1% to 5% of the loan amount.
  • Unsuccessful Payment Fee – You are charged $15 for each failed attempt.
  • Late Payment Fee You’ll pony up 5% of your unpaid monthly amount or $15, whichever is greater.
  • Check Processing Fee – It will cost you $15 each time you pay by check.

Time to Receive Funds

It could take you a couple of weeks to receive your loan.

Peerform Personal Loan Features

  • A quick prequalification option is available.
  • There is late-payment flexibility—you won’t get charged a late fee unless you’re 15 days past due.
  • It’s a good option for borrowers with less than perfect credit.
  • Debt consolidation loans are available for high-interest credit card debt.

Apply for a Peerform Personal Loan

You can check to see if you’re eligible for a Peerform loan without applying for one first. During prequalification, enter how much money you’d like to borrow and the purpose of your loan, such as home improvement or debt consolidation. From there you’ll need to:

  • Provide your personal information by filling out your name, address, phone number, and email. 
  • Share your income details by revealing the amount of your monthly home payment and individual annual income.
  • Confirm the disclosures by e-signing the disclosure and consent form and agreeing to the terms of use.

Once your account is created, you’ll receive a few loan options. Your loan request will then go into the Peerform marketplace for investors to review. You’ll need to prove your identity with at least one form of ID, such as a driver’s license.

Can I Refinance a Personal Loan With Peerform?

Peerform doesn’t offer refinancing options at this time.

Verdict

For borrowers who don’t have much credit to their name or don’t have a strong credit score at the moment, a Peerform loan might work well. The minimum credit score and low credit threshold allow those with poor or fair credit to qualify, even though cosigners and joint applications aren’t available. The low interest rates mean that even if you don’t have the best score, you won’t face sky-high rates.

Nevertheless, the fees add up. Between origination fees and charging money to process a check, you could end up paying a lot more than your principal amount. Not having a cosigner option can also hurt if you have someone offering to help you.

Peerform is a good option if you don’t have enough of a solid credit score to your name. However, if you have a strong credit history and can prove your creditworthiness, look elsewhere to borrow money.

As of May 18, 2020, the link to Peerform's Help Center on their homepage is inactive so if you need to contact customer service your options are the live chat widget on the site, sending an email, or calling.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.