- What is Peerform?
- How does Peerform work?
- How much does Peerform cost?
- Peerform features
- Who is Peerform best for?
- Who shouldn’t use Peerform?
- Pros & cons
- Peerform vs. competitors
- The bottom line
What is Peerform?
How does Peerform work?
1. Fill out a loan application
2. Complete loan selection
3. Post your loan listing
4. Identity and income verification
How much does Peerform cost?
The Peerform grading system
- Interest rate: 5.32% - 26.06%
- APR: 5.99% - 29.99%
- Origination Fee: 1.00% - 5.00%
Unsuccessful payment fee
Check processing fee
Free rate quote
Fixed interest rates
No collateral needed
Loan options for those with bad credit
No prepayment penalty
Who is Peerform best for?
Borrowers with bad credit
Borrowers with limited existing debt
Who shouldn’t use Peerform?
Borrowers who have a co-signer available
Borrowers who are looking to refinance an existing loan
Pros & cons
- Low minimum credit score requirements: Peerform only requires its borrowers to have a FICO score of 600, which is much less than some of its competitors.
- Offers a variety of loan options: In addition to loans for debt consolidation, Peerform offers loans for vehicle financing, home improvement, wedding costs, moving and relocation costs, and medical expenses.
- Competitive interest rates for those with excellent credit: The rates and fees for those with a AAA Peerform grade are competitive. A 5.32% interest rate and 1% origination fee are considered very affordable.
- Low loan amounts: As of the time of writing, you can only borrow up to $25,000 with Peerform. If you need to borrow more, you’ll have to look elsewhere.
- No option for joint applicants: If you need a cosigner or even would just like to apply for a loan in conjunction with your spouse, Peerform is not the peer lending platform for you. They only allow for individual applicants.
- Not available everywhere: Loans from Peerform are currently only available in 45 states. You cannot get a Peerform loan if you live in Connecticut, North Dakota, Vermont, West Virginia, and Wyoming.
Peerform vs. competitors
|Platform||Loan Amount||Minimum Credit Score||APR|
|Peerform||$4,000 - $25,000||600||5.99 - 29.99%|
|LendingClub||$1,000 - $40,000||600||8.05 - 35.89%|
|Prosper||$2,000 - $40,000$2,000 - $40,000||640||7.95 -35.99%|
The bottom line
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