March 30, 2023 10:01 am CDT
MoneysMyLife
SUBSCRIBE
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
No Result
View All Result
MoneysMyLife
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
SUBSCRIBE
No Result
View All Result
MoneysMyLife
No Result
View All Result
RebatesMe $30 Bonus RebatesMe $30 Bonus RebatesMe $30 Bonus
ADVERTISEMENT
Home Banking

Peerform Review: Personal Loans With Debt Consolidation Perks

Diana Mason by Diana Mason
October 26, 2022 1:08 am CDT
in Banking
A A
0
Peerform
50
SHARES
836
VIEWS
TwitterFacebook

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus
ADVERTISEMENT

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.

See the Student Loan Refinancing and Personal Loans bonus offers from Credible here and SoFi here.

About Peerform

How Peerform Works

Borrower Averages

Credit Score665
Annual Income$85,000
Debt-to-Income Ratio19.3%

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 Terms3 or 5 years
Repayment OptionsMonthly
Origination Fee1% to 5%
APR5.99% – 29.99%
Prepayment FeeNone
Late Payment Fee5% 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 Term36 months
Origination Fee (3%)$300
Funds Received$9.700
APR18.0%
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.

Compare Personal Loan Providers
Compare all the best personal loan lenders here.
  • Posts not found

READ MORE: See The Best Bank Promotions Here And The Best Investing Promotions Here

TopCashback bonus TopCashback bonus TopCashback bonus
ADVERTISEMENT
Tags: peerform
Previous Post

CDGcommerce Review: Keep Your Processing Costs To A Minimum

Next Post

[Expired] Bryn Mawr Trust (BMT) Bank $520 Checking Account Bonus

Diana Mason

Diana Mason

Diana's passion for travel eventually led to her separation from the 9 to 5 office life and into the arms of freelance work. Cali-born and Philly-bred, she's a creative professional with a delightful knack for words. When she's not gallivanting across the globe, Diana can be found writing (of course), teaching yoga and dreaming of her next big adventure.

Recommended For You

Best Digital Wallets For Spending, Saving, Investing 2023

March 30, 2023 7:00 am CDT
Moneysmylife Featured Image Credit Cards

Digital wallets are revolutionizing everyday financial transactions by bridging the gap between traditional and modern payment methods. As the financial world continues to shift online, digital storage of...

Read more

Bank of America Certificate of Deposit (CD) Rates

March 29, 2023 4:13 pm CDT
Moneysmylife Featured Image Bank Banking Offers

Bank of America has a variety of certificates of deposit (CD) that may appeal to customers who want a bank that has branches all over the country. The...

Read more

TD Bank Certificate of Deposit (CD) Rates

March 29, 2023 4:12 pm CDT
Moneysmylife Featured Image Bank Banking Offers

TD Bank certificate of deposit (CD) accounts offer a variety of benefits for people who are looking for a secure way to save money. CDs are certificates of...

Read more

Wells Fargo Savings Account Rate Offers

March 29, 2023 4:12 pm CDT
moneysmylife.com featured image banking

Wells Fargo customers can choose between two savings accounts, but there aren't many differences between them. In line with other big banks, the yields on both accounts are...

Read more

How Chase Bank CD Account Rates Compare | 4.00% APY 3-Month CD Available

March 29, 2023 4:11 pm CDT
Moneysmylife Featured Image Bank Banking Offers

Chase gives its customers a choice of certificates of deposit (CD) with different terms. When it comes to annual percentage yields (APYs), you can find much higher rates...

Read more
Next Post
Bryn Mawr Trust Bank

[Expired] Bryn Mawr Trust (BMT) Bank $520 Checking Account Bonus

Wells Fargo Bank

Wells Fargo Business Choice Checking Account Review

Shopify

Shopify Review: A One-Stop Shop For Ecommerce Merchants

Leave a Reply Cancel reply

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Your email address will not be published. Required fields are marked *

Chase Business Complete $300 Bonus Chase Business Complete $300 Bonus Chase Business Complete $300 Bonus
ADVERTISEMENT
TD Bank $300 Bonus TD Bank $300 Bonus TD Bank $300 Bonus
ADVERTISEMENT
ADVERTISEMENT
Get new posts by email:

Featured Articles

Featured Chase Image

Chase Total Checking® Account $200 Bonus Offer [Nationwide] – Ends 4/19/2023

March 28, 2023 12:03 pm CDT
Moneysmylife Featured Image Bank Banking Offers

Best Bank Bonuses, Promotions of March 2023

March 30, 2023 3:32 am CDT
Chase Private Client Office

Chase Private Client Up To $3,000 Bonus Offer – Ends 4/19/23

March 21, 2023 11:17 am CDT
TD Bank

Best TD Bank Bonuses, Promotions of March 2023

March 19, 2023 12:47 am CDT
Moneysmylife Featured Image Bank Banking Offers

Best Axos Bank Bonuses, Promotions of March 2023

March 2, 2023 12:05 am CST
Featured Chase Image

Best Chase Bank Bonuses of March 2023 (up to $2000!)

March 20, 2023 2:41 am CDT
BMO Harris Bank

Best BMO Harris Bank Bonuses, Promotions of March 2023

March 2, 2023 12:04 am CST
Moneysmylife Featured Image Cryptocurrency Crypto

Best Cryptocurrency Bonuses, Promotions of March 2023 (Free Bitcoin & More)

March 2, 2023 12:04 am CST
Robo Advisors

Best Robo-Advisor Promotions, Offers of March 2023

March 2, 2023 12:03 am CST
Best Money Transfer Services Intro

Best Money Transfer Service Promotions, Bonuses, Offers of March 2023

March 1, 2023 11:59 pm CST
Brokerage and Investing Promotions from moneysmylife

Best Stock Broker & Investing Promotions, Bonuses of March 2023

March 1, 2023 11:58 pm CST
The Best Referral Deals on moneysmylife

Best Referral Programs, Offers, Deals to Make Money – March 2023

March 1, 2023 11:57 pm CST
U.S. Bank Bonus

U.S. Bank Smartly™ Checking up to $600 Bonus – Ends 4/11/23

March 1, 2023 11:11 pm CST
Best Free Checking Account Offers (No Monthly Fees) of March 2023

Best Free Checking Account Offers (No Monthly Fees) of March 2023

March 1, 2023 10:59 am CST
Moneysmylife Featured Image Investing

J.P. Morgan Self-Directed Investing Up To $700 Bonus – Ends 4/13/23

February 16, 2023 1:55 am CST
Chase Bank

Chase Business Complete℠ Banking $300 Sign-Up Bonus [Nationwide] – Ends 5/18/2023

February 1, 2023 9:01 am CST
M1 Finance

Best M1 Finance Bonuses: $50, $500, $4000, $10000 Offers

February 7, 2023 11:15 pm CST
Bank of America

Bank of America Checking Account $100 Bonus Offer – Ends 6/30/23

January 26, 2023 4:37 am CST
Best Online Mattress Promotions, Offers, Discounts of 2023

Best Online Mattress Promotions, Offers, Discounts of 2023

January 30, 2023 2:16 am CST
Bank of America $100 Checking Bonus Bank of America $100 Checking Bonus Bank of America $100 Checking Bonus
ADVERTISEMENT

Search by Categories

  • Bank Promotions
  • Banking
  • Credit Cards
  • Cryptocurrency Promotions
  • Deals
  • Featured
  • Investing
  • Other
  • Referral Promotions

Latest Articles & Updates

DoorDash

DoorDash Promotions: $20/$30 Sign-Up Bonus, $20 Referral Offer, Promo Codes

March 30, 2023 7:45 am CDT
Moneysmylife Featured Image Deals

New Paramount+ Promo Codes For 1 Month Or 1 Year Free, 50% Or $30 Cash Back

March 30, 2023 7:42 am CDT
Moneysmylife Featured Image Credit Cards

Best Digital Wallets For Spending, Saving, Investing 2023

March 30, 2023 7:00 am CDT
Wells Fargo $300 Everyday Checking Account Bonus – Ends 6/27/2023

Wells Fargo $300 Everyday Checking Account Bonus – Ends 6/27/2023

March 30, 2023 3:21 am CDT
tito-sweepstakes

You Choose, Tito’s Gives Sweepstakes | Win Trip to Austin – Ends 07/15/2023

March 29, 2023 4:17 pm CDT

Newsletter

Get new posts by email:

Recent Articles

Moneysmylife Featured Image Bank Banking Offers

Bank of America Certificate of Deposit (CD) Rates

March 29, 2023 4:13 pm CDT

Moneysmylife Featured Image Bank Banking Offers

TD Bank Certificate of Deposit (CD) Rates

March 29, 2023 4:12 pm CDT

Topics

Categories

Banking Bank Promotions Credit Cards Cryptocurrency Promotions Deals Featured Investing Other Referral Promotions

*Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card and banking companies from which MoneysMyLife.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneysMyLife.com does not include all credit card and banking companies or all available credit card and banking offers. This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. This site may be compensated through the bank advertiser Affiliate Program.

© 2022 MoneysMyLife. All rights reserved.

  • About
  • Advertiser Disclosure
  • Disclaimer
  • Privacy
  • Terms
  • Contact
No Result
View All Result
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure

© 2022 MoneysMyLife. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.