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LAST UPDATED: March 19th, 2021

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. 

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The Good

  • Low Credit Score Requirement
  • Quick Application Process
  • Loans for a Variety of Purposes
  • No Prepayment Penalties
  • Fixed Rates
  • Helpful Online Educational Resources

Low Credit Score Requirement

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. 

Quick Application Process

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.

Loans for a Variety of Purposes

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.

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 on interest charges. 

Fixed Rates

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.

Helpful Online Educational 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

  • Not Available in all States
  • Additional Fees
  • Maximum and Minimum Loan Amount
  • No Cosigners or Joint Applications
  • Negative Customer Reviews

Not Available in all States

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:

  • Connecticut
  • North Dakota
  • Vermont
  • West Virginia
  • Wyoming

Additional Fees

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

  • Origination Fee — 1%–5% of the loan amount. This fee will be automatically taken from your loan before funds are disbursed to your bank account.
  • Unsuccessful Payment Fee — $15 fee 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.
  • Late Fee — Equal to 5% 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 — $15 fee charged every time a borrower pays by check.

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.

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, 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.

No Cosigners or Joint Applications

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. 

Negative Customer Reviews

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.


The Bottom Line

Peerform advertises fast approval times on loans and quick and easy access to loan funds. As a loan marketplace, Peerform provides each consumer with various lenders, each with specific rates and terms, allowing the consumer to pick the best option based on their needs and financial circumstances. To make it easy to stay on top of payments and build credit, borrowers can set up an automatic payment system to make it even easier to pay off their loans. In addition, borrowers are not charged a prepayment penalty fee if they choose to pay off their loan earlier than the end of their loan term. Thus, borrowers have added flexibility in payments, allowing them to tailor their experience to their specific needs.

If you have a bad credit scores as low as 600, Peerform could be a good choice for you as it may be more likely that you will be approved, and Peerform loans can be a good way to rebuild credit. Peerform does, however, have high interest rates on its loans starting at 5.99 percent APR, 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.

Although reviews are currently limited, we would not recommend this lender based on the comments left by customers. You may 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.

Peerform loan reviews are currently limited. If you have borrowed from this lender, please tell us about your experience by leaving a review.

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Gabrielle Goneconti Nyack, NY

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

5 years ago