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Peerform’s online lending platform allows borrowers with less than perfect credit hassle-free loans at great rates.
Like other online lending matchmakers, Peerform assigns borrowers grades. The interest rate you receive is based on your grade, as well as whether or not an investor decides to fund your loan.
Peerform is especially great for debt consolidation with slightly lower rates and higher loan amounts for this specific loan purpose.
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About Peerform
Borrower Averages
| Credit Score | 665 |
| Annual Income | $85,000 |
| Debt-to-Income Ratio | 19.3% |
The Good
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to Peerform’s website and apply online.
- Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
- Flexible fund use. A personal loan through Peerform can be used for debt consolidation, wedding expenses, home improvement, medical expenses, car financing and more!
- Competitive low fixed rate. With excellent credit, your APR could be as low as 5.99%, and that won’t budge for the entire duration of your loan term.
- Debt consolidation perks. The loan maximum is $25,000 with a max APR of 29.99%.
- No prepayment penalty. So you can pay that loan of yours back as quick as possible!
- Rebuild your credit. Peerform reports your payments to TransUnion, so you can rebuild your credit by making on-time payments.
The Bad
- Not available in all states. You can’t apply for a Peerform personal loan if you live in Connecticut, North Dakota, Vermont, West Virginia, Wyoming and Washington D.C.
- Funding time. The process may take up to two weeks before your funds are available.
- Only 2 fixed term lengths. You’re limited between either a 3 year term or a 5 year term.
- Late payment fee. If your monthly payment is more than 15 days late, you will have to pay a fee of 5% of the monthly installment, or $15, whichever is greater.
- Unsuccessful payment fee. If your payment is rejected, you will incur a fee of $15 per unsuccessful transaction.
- Check processing fee. If you choose to write checks instead of paying via direct debits through your bank account, you will be charged a $15 fee per payment.
Eligibility Requirements
Applicants must have a minimum credit score of 600, a gross annual income of at least $10,000, at least one year of credit history, and a maximum debt-to-income ratio of 40% (excluding mortgage).
Peerform Terms & Fees
| Loan Amounts | $4,000 – $25,000 |
| Loan Terms | 3 or 5 years |
| Repayment Options | Monthly |
| Origination Fee | 1% to 5% |
| APR | 5.99% – 29.99% |
| Prepayment Fee | None |
| Late Payment Fee | 5% or $15 |
| NSF Payment Fee | $15 |
| Check Processing Fee | $15 |
The Breakdown
Peerform is a quick and fairly painless process, even if you don’t have perfect credit. There’s no collateral required, and you can use your funds for just about anything. Their rates are competitive and there’s no prepayment penalty, and you’ll have a chance to raise that credit score of yours with on-time payments.
Sample Loan
| Loan Size | $10,000 |
| Loan Term | 36 months |
| Origination Fee (3%) | $300 |
| Funds Received | $9.700 |
| APR | 18.0% |
| Total Interest | $3,014.86 |
| Monthly Payment | $361.52 |
However, those with low Peerform grades can face higher APRs up to 29.99% and origination fees up to 5%. It can take up to two weeks for your loan to be funded, if approved. There are only two fixed term lengths to choose from. Plus, there are fees for late payment, insufficient funds and check processing. Lastly, you can’t apply for a Peerform personal loan if you live in Connecticut, North Dakota, Vermont, West Virginia, Wyoming and Washington D.C.
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