Peerform is a peer to peer marketplace lender that provides loans for both small businesses and personal borrowers. Wall Street executives, who have backgrounds in both finance and technology, started the company in 2010. The financial institution has two objectives when it comes to loan lending: to provide personal borrowers with fast, clear and fair personal loans, and give customers the chance to achieve favorable risk-adjusted returns. One thing the online lender promises to its customers that is unique to the lending business is that the company does not incur the overhead costs associated with formal brick and mortar lending institutions. As an online lending company, Peerform passes those savings onto its borrowers and lenders for complete customer satisfaction.

Scroll below to read Peerform reviews and to see what consumers have to say about the online lender. 

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The Good

  • Flexible Personal Loan Requirements and Terms
  • Availability
  • No Prepayment Penalties
  • Unsecured Loans
  • Fixed Rates 
  • Online Resources

Flexible Personal Loan Requirements and Terms

Unlike many standard loan companies, Peerform does not require customers to have outstanding credit scores in order to take out a loan. Although approval is never guaranteed, Peerform promises that customers with less-than-perfect credit scores, even as low as 600, will be considered and generally accepted for loan lending. These loan terms give customers, who would otherwise be turned down for loans at other institutions, options to take out personal or small business loans.

Peerform also suggests that individuals who do have poor credit scores and who get approved for a loan can actually improve their credit scores with Peerform if they submit on-time payments. Another benefit Peerform provides to its customers is the fast approval time and fund availability time. Personal loans can be approved online in as fast as two minutes and funds can be made available in just a few days after approval.

There is a two-week time frame that all customers are given in case approval takes a bit longer, but Peerform promises that all loans will be either approved or declined in that two week period with most only taking a day or less to be completed. Fund availability is always same-day or a day or so after approval is given, which provides a customer with quick access to borrow money.

Peerform offers a variety of personal loans for various reasons, such as credit card and/or debt consolidation, wedding funding, home improvement, medical expenses, moving & relocation, car financing, etc. 

Availability

Peerform is available for loan lending in 30 of 50 states in America. This gives the company a widespread customer base and convenience for individuals all across the United States. Loans are available in Alaska, Alabama, Arkansas, Arizona, California, Delaware, Florida, Georgia, Hawaii, Illinois, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

No Prepayment Penalties

Peerform does not charge any prepayment penalties, meaning you can make extra payments and pay off the loan early without any fees. The ability to repay the loan early provides a level of flexibility for borrowers that want the option to pay off their loan early and save money in interest charges. 

Unsecured Loans

Peerform offers unsecured loans, meaning you do not have to offer up any sort of collateral as leverage for your personal loan. However, keep in mind that unsecured loans typically mean the lender will charge higher interest rates.

Fixed Rates

All Peerform personal loans have fixed rates between 5.99 percent and 29.99 percent. Having fixed rates ensures your monthly payments are not subject to change and your interest rate will never fluctuate. This can provide peace and mind and stability to borrowers who want their rates and terms to stay the same throughout the lifespan of their loan.

Online Resources

Peerform has online resources for customers to utilize when visiting its website. This includes Peerform's own blog where it covers common topics related to the lending and financial industry, such as saving money, building credit, preparing for your tax refund, etc. This could be helpful for visitors wanting to do more research before committing to a personal loan. 

The Bad

  • High Interest Rates
  • Additional Fees
  • Maximum and Minimum Loan Amount
  • Negative Consumer Reviews

High Interest Rates

As with many online lending companies, interest rate is not something that is a benefit to Peerform customers. Compared to other online loan companies, Peerform is fairly average in its interest rates. The starting bottom interest rate Peerform gives to their customers is at 5.99% but can go as high as 29.99%. This is well above average from standard brick and mortar lending companies but fairly average as far as online lending companies go. Interest rates will vary depending on the borrower's credit score, credit history, and debt-to-income ratio. Borrowers with bad credit will receive higher rates, while borrowers with good credit will receive lower rates. 

Additional Fees

Peerform personal loans have added fees potential borrowers should be aware of. 

Origination Fee

The origination fee is the amount paid by the borrowers through their loan funds. This fee includes the annual percentage rate calculation and Peerform subtracts this amount from the borrowed loan funds prior to disbursement. Peerform gives this example and reminder on its website: "the final amount credited to the borrower's bank account for a $5,000 loan with a 2.0% Origination Fee of $100.00 will be $4,900.00. Remember, there are no application fees, and the Origination Fee is charged only if the loan is issued."

Unsuccessful Payment Fee

The unsuccessful payment fee is charged if a borrower's automatic payment deduction from his or her bank account is rejected. Payments are likely rejected because of insufficient funds in the account or if the bank has closed said account. Every attempt Peerform makes to receive the funds that ends in rejection will result in an additional fee. Each fee is typically $15. 

Late Fee

If a borrower is 15 days or more late on a payment, Peerform will charge a late fee. The late fee will be equal to 5 percent of the amount of the unpaid monthly payment or $15, whichever is greater. Peerform will only charge one late fee for each late payment and will not tack on additional late payment fees throughout that month. 

Check Processing Fee

If a borrower opts to pay the monthly fee through a check rather than setting up automatic payments through a bank account, Peerform will charge a check processing fee of $15. This is not a one-time fee and will be charged every time a borrower pays by check.

Minimum and Maximum Loan Amount

Peerform's loan amounts are not as high as other standard loan companies. The maximum amount Peerform will lend to any customer is $25,000, and the minimum is $4,000. While $25,000 may seem like a lot, there are many lending companies out there who will offer higher amounts and for much lower interest rates. A $4,000 minimum loan amount also means customers looking to borrow smaller amounts will not be eligible for a Peerform loan.

However, many of the customers who qualify for personal loans at Peerform may not be eligible at other standard peer lending companies. This is the benefit online lending provides to its clientele.

Negative Consumer Reviews

Peerform complaints are concerning, many noting scamming behavior and a lengthy approval wait of up to 14 days. This is alarming and indicates a poor customer experience. If you want to read recent Peerform reviews, you can find real consumer experiences with the lending platform listed below. 

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The Bottom Line

Peerform advertises fast approval times on loans and quick and easy access to loan funds. Borrowers can set up an automatic payment system to make it even easier to pay off their loans. Customers are not penalized for early payments or early loan payoffs. Customers with bad credit scores as low as 600 can be approved for loans and can use Peerform loans as a way to rebuild their credit. Peerform does, however, have high interest rates on its loans starting at 5.99%, and the maximum loan amount is only as high as $25,000. Loan amounts and annual interest rates will vary based on your credit history, whether or not you have a good credit score or a poor credit score, your debt-to-income ratio, etc. 

Another concern is Peerform reviews; many note the financial institution has a lengthy application and approval process and is known for scamming behavior. Be sure to check out Peerform reviews below to read what past customers have to say about the lender. You may also want to check out other personal loan companies with better offerings and positive consumer reviews before deciding if Peerform is the right lending platform for you. 

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User Reviews

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16 Reviews

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December 18th, 2019 Elizabeth, NJ DETAILS arrow_drop_down
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Don't waste your time. All they are doing is collecting your personal info. Loan status sits in limbo and nothing gets done. I've written a complaint to the attorney general's office, I'm sure they'll investigate..

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Rich

September 23rd, 2019 Collinsville, IL

HUGE joke approve me for a small, small amount I want to borrow @ HIGH HIGH rate reason is too many credit card debts (3) that's what they advertise, consolidation loan? My income is 3 times U.S. average NEVER late on payments and pay WAY WAY WAY more than minimum payment!! Typical Banking Mentality in America!! I wouldn't borrow a nickel from them as I am NOT desperate

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RICHARD SEAGRAVES

August 15th, 2018 Henderson, NV

This company is a straight up scam. Send approval to you, place in funding, 14 days go by with no funding then they send you an adverse decision notification. Wash, rinse, repeat. Clearly this company is either... 1) A complete phising scale OR 2) The worst run business in history if they cant provide an adverse action review within 14 days. No one funds these loans. They are securing your private info and sending it to 3rd parties. Oh,.,their customer service doesnt exist.

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Allison Davis

September 29th, 2017

States you can get a free quote without any effect on your credit score. I filled out the quote form out of simple CURIOSITY and have now received three different banks emails thanking me for applying for a loan and my credit score has dropped 14 points because of this. They are frauds and companies like this should not be allowed to exist.

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Vicky Hollingsworth

March 28th, 2017

ABSOLUTE SCAM!!!! I have average credit and got a notice from them that I was pre-qualified. After submitting all my personal data, they told me "Sorry, you don't qualify for a loan at this time." And my credit was even 20 points BETTER than when I received the pre-approval letter!! They have BAD reviews everywhere online. BEWARE!!!

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BR

November 22nd, 2016 Morganville, NJ

Peerform is ridiculous. Seems as if they are waiting the full 14 day funding period to decline my loan request. The loan has been in funding with 0 investments for 10days Seems like peerform is getting peoples hopes up.then pulling the plug. Ill.never deal with them again

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Gabrielle Goneconti

November 11th, 2016 Nyack, NY

The process is quick and simple and the service is great.

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SJP

September 2nd, 2016 Easthampton, MA

This is a horrible company. I had my hope up high in which they stated that I was approved. After waiting 14 days in which it stated 750.00 was funded but only later saying that reverse loan and I was not approve. WTF. Complete Scam.

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Shae

July 19th, 2016 Arcadia, LA

They claim you get your funds in s few days after approval, well that's not true. I'm still waiting to receive funding. Do not apply with them they have you thinking you're approved and getting the funds you need and have people waiting and then nothing happens.

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Patricia DeBroux

July 5th, 2016 Cedarburg, WI

Peerform is an absolute joke. They tell you that you are approved for a loan. They then solicit ALL of your personal and private information, which they validate in order to process your loan. You wait for 14 days with ABSOLUTELY NO FEEDBACK OR RESPONSE. When the 14 days is over, they cancel your loan WHICH WAS NEVER PROCESSED IN THE FIRST PLACE. DO NOT BOTHER WITH THE CHAT FEATURE ON THEIR WEBSITE......YOU WILL NEVER GET A RESPONSE. Now Peerform has all of my personal information, I have no loan, my bills are way past due and I am in dire straits. Shame on this company for taking advantage of people when they are legitimately looking for help.

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Steve

June 22nd, 2016 La Crosse, WI

Had me put all my info in and they funded me 75% in the first two days, but then no activity for the next 12 days. Their waiting period ended and they didn't find me because I didn't hit 1000. That's all I needed, but since I was 250 shy, they rejected it. Waste of time!

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Michael Dillon

June 22nd, 2016 Charlotte, NC

They are not very transparent about the process of obtaining the loan. Once you apply, your loan status will appear 'funding / funded' - giving the assumption that your loan has been approved while you have to complete all the 'to-do' list that they require you to complete. They collect all of your info; bank, income stubs, IDs, ssn, phone number, employment information and so on. Later, the status would still the same with no confirmation or communication from them not till they decide to cancel your loan. Not sure about this practice, but as a consumer, I would feel they are scamming people in collecting all the sensitive data and maybe sell or share with others. So, be aware of their business practice. They should be reported because the way they handle the loan process and handling sensitive customer data.

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Carl

June 15th, 2016 Fort Lauderdale, FL

My loan said "funded" in one day and it is now 15 days later. No funds and no customer service. I called for help. No one answered the phone. Had to leave a message. Also, the chat line is a complete joke. Either no one is on the other end or they are but don't respond.

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Adam Deutscher

May 6th, 2016 Ventura, CA

Peerform lead us to believe we were approved for a loan. We were waiting for processing and then were denied. It was suppose to be a 3-4 day process which took 8 days only to be denied. They were rude, deceiving and I wouldn't recommend them.

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kevin

April 25th, 2016 Lake Havasu City, AZ

They are horrible a comlete waste of time.They give you an amount you qualify for ,obtain all kinds of personal information including gaining access to your bank account get you funded fast ,make you wait the whole 14 days and then kindly send you an adverse action notice.I would not recommend them to my worst enemy

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Maryland

November 13th, 2015 Manassas, VA

Said my loan was "funded". Took a whole bunch of my personal financial information. Then asked for more (which I provided). Then magically my loan was marked "withdrawn". Complete fraud. Don't trust them!

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