- Low credit score requirement: 600
- Low minimum APR: 5.99%
- Funding as quickly as 1 day
- 1% - 5% origination fee
- Late fee: 5% ($15 min.)
- Only available in 41 states
Peerform Review Summary
Peerform offers personal loans through peer-to-peer lending, which means they connect borrowers with investors who are willing to extend them loans. Borrowers have to meet a minimum set of requirements, which include a FICO score of 600+, a Social Security number and an active bank account, in order to qualify.
Peerform offers several types of loans for different purposes, including debt consolidation loans, home improvement loans, and loans for medical expenses. Peerform’s lowest rate for all of its loans is 5.99% and its highest is29.99%. Peerform also charges origination fees of 1% - 5% of the loan amount.
Read on to see how WalletHub rates Peerform loans in our three key categories: Terms, Requirements & Application, and Reviews & Transparency. You’ll also see how they compare to other lenders.
Peerform Personal Loan Terms
|APRs||5.99% - 29.99%|
|Loan Amount||$4,000 - $25,000|
|Loan Terms||3 or 5 years|
|Origination Fee||1% - 5%|
|Late Fee||$15 or 5% of payment, whichever is greater|
|Minimum Credit Score||Bad*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||1 - 14 days|
Peerform Loan Rates, Fees & Other Terms
Category Rating: 76% (3.8 out of 5)
- Overall APR range: Peerform personal loans have fixed interest rates, with APRs ranging from 5.99% - 29.99%.
- How rates are determined: The exact rate you will get depends on your credit score and debt-to-income ratio, among other factors.
- Origination fee: Peerform charges an origination fee of 1% - 5% of the loan amount. The fee is subtracted from the initial amount you receive.
- Other fees: Peerform has a late fee of either $15 or 5% of payment, whichever is greater of the payment amount, whichever is greater. Peerform also charges a $15 unsuccessful-payment fee and another $15 fee if you pay by check rather than doing a bank transfer. There are no fees for paying off your loan early.
- Loan amounts & timelines: Peerform personal loan amounts range from $4,000 - $25,000. Peerform offers repayment terms of 3 or 5 years.
Peerform Requirements & Application Details
Category Rating: 70% (3.5 out of 5)
- Minimum credit score: 600. You must have a FICO credit score of at least 600 to be approved for a Peerform personal loan.
- Minimum income: Peerform does not disclose a specific minimum income amount, but they require a debt-to-income-ratio below 40%.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen or permanent resident.
- State: You must live in one of the 45 states where Peerform operates. Currently, Peerform does not offer loans in Connecticut, North Dakota, Vermont, West Virginia or Wyoming.
- Identification: You must have a Social Security number.
- Bank account: You must have a verifiable bank account.
- Pre-qualification: Peerform’s “borrower registration” process allows you to see if you meet their minimum requirements and check your potential rate. This process only uses a soft inquiry and will not affect your credit score.
- Ways to apply: If you decide to apply for a Peerform loan, the only way to do so is online. Peerform will list your loan request on their site to see if investors will lend to you.
- No joint loans: Peerform only accepts individual applications. There are no co-applicants allowed.
Peerform Reviews & Transparency
Category Rating: 70% (3.5 out of 5)
- Better Business Bureau: Peerform isn’t BBB-accredited, but it does have an “A+” score from the bureau.
- Consumer Financial Protection Bureau: There is no data on Peerform loans.
- WalletHub: Peerform has a user rating of 3.6/5.
- Transparency: It’s very easy to find out about Peerform’s fees and interest rates, as the company lists them clearly. Plus, Peerform openly says that 600 is their minimum credit score and provides a means for pre-qualification.
Overall, Peerform scores well in terms of both reputation and transparency, even if there is not all that much data on the lender out there.
Summary: Peerform Score by Review Category
|Rates, Fees & Other Terms||3.8/5|
|Requirements & Application Info||3.5/5|
|Reviews & Transparency||3.5/5|
Peerform vs. Popular Peer-to-Peer Competitors
|APRs||5.99% - 29.99%||7.04% - 35.89%||5.35% - 35.99%|
|Loan Amounts||$4,000 - $25,000||$1,000 - $40,000||$1,000 - $50,000|
|Loan Terms||3 or 5 years||36 or 60 months||36 , 60 months|
|Minimum Credit Score||Bad*||Fair*||Bad*|
In order to provide the most accurate review of Peerform personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Peerform personal loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.