Peerform is a peer to peer marketplace lender that provides loans for both small businesses and personal borrowers, connecting consumers with various borrowing options that can be tailored to their needs.
The lender has two objectives when it comes to serving potential borrowers: to provide fast, clear and fair personal loans, and provide the opportunity for favorable risk-adjusted returns. It makes good on these promises by providing competitively low annual percentage rates (APRs) within the industry, as well as a low credit score requirement, allowing a wider range of borrowers to have access to a Peerform personal loan.
Different from the traditional brick and mortar financial institution, Peerform promises that the company does not incur overhead costs. As an online lending company, Peerform passes those savings on to its borrowers and lenders for complete customer satisfaction.
Scroll below to read Peerform reviews and to see what consumers have to say about this online lender.
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.
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 on interest charges.
All Peerform personal loans have fixed rates between 5.99 percent and 29.99 percent APR.
Fixed rates ensure that your monthly payments are not subject to change and your interest rate will never fluctuate. This can provide peace of mind and stability to borrowers who want their rates and terms to stay the same throughout the lifespan of their loan.
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.
Peerform is available for loan lending in 45 of 50 states in the United States. However, Peerform's loan products and services are not available in the following states:
Peerform personal loans have added fees potential borrowers should be aware of:
It is important to note that these fees are common within the personal loan industry, but there are some lenders, such as SoFi, which don't charge an origination fee or late fee.
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, as high as $100,000, and for much lower interest rates (in order to qualify for a high loan amount with lower interest rates, an excellent credit score is generally required). 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.
Peerform does not accept cosigners or joint applications, which can make it more difficult for borrowers with bad credit to be approved for a loan.
However, Peerform's minimum credit score requirement is very low compared to other lenders in the industry, providing subprime borrowers a greater opportunity for approval upon their own merits and credit score.
The majority of Peerform Reviews are 1-star.
Peerform complaints are concerning, many noting scamming and a lengthy approval wait of up to 14 days, which conflicts with the fast approval time that the company advertises.