Peerform Personal Loans: 2019 Review

Peerform Personal Loans: 2019 Review
Taylor Gordon
on March 18, 2020
Read in 3 min

Peerform is a lender that offers personal loans for many uses. Whether you need a loan to finance a car or extra cash to pay for wedding expenses, Peerform has options.

Peerform has a unique edge over other lenders because it’s a peer-to-peer lender. What does this mean?

Instead of borrowing solely from a financial institution, with a peer-to-peer lender you borrow from other people like yourself who invest in loans.

In this Peerform review, we’ll discuss loan terms and how to borrow using this peer-to-peer platform.

Peerform Review: What is Peerform?

Peerform was founded in 2010 by Wall Street executives who wanted to make loan products more accessible to individuals and small business owners. Peerform loans are unsecured and don’t require collateral.

The online process for borrowing from a peer-to-peer lender like Peerform is slightly different than borrowing from a typical lender. First, you register for an account and answer questions about the type of loan you need.

Then you receive loan terms to choose from. After you select a loan product, your loan will appear in the loan marketplace where investors can evaluate and choose to invest in it.

Need Cash? Get a Personal Loan Today

I want to borrow

Peerform Loan Terms

Peerform personal loan amounts are available from $4,000 to $25,000. Peerform also has a special debt consolidation product that’s open to consumers who receive an invitation only. You can borrow from $10,000 to $35,000 for debt consolidation.

Loan interest rates can range from 5.99% to 29.99% APR. Like most lenders, the lowest interest rates are given to borrowers who have the best credit scores.

Peerform assigns you a Peerform Grade from AAA to DDD based on your creditworthiness to help investors evaluate loans. The Peerform Grade you’re assigned will determine your interest rate and origination fee.

Peerform Personal Loan GradePeerform Review - Loan GradesPeerform Loans Review - Credit Grading

Loan terms are available for 3 to 5 years. The origination fee can range from 1% to 5%.

What can you use Peerform for?

Here are some ways you can use a Peerform loan:

Note: You cannot use a Peerform loan to refinance education loans or to cover education expenses such as tuition and fees, books, supplies, miscellaneous school expenses, or room and board.

Peerform does have minimum eligibility requirements. You must:

  • Be a U.S. citizen or permanent resident.
  • Be at least 18 years old (or 19 years old if you’re a resident of Alabama or Nebraska).
  • Have U.S. social security numbers.
  • Have an account at a U.S. financial institution with a routing number.
  • Meet other credit criteria (you’ll automatically get declined if you have a credit score less than 600).
  • Have a debt-to-income ratio below 40% (excluding your mortgage).
  • Have a credit profile without any current delinquencies, recent bankruptcy, tax liens, judgments or non-medical related accounts in collections from the last 12 months.
  • Have at least one open bank account and one revolving credit account.

The Peerform Process

The Peerform loan request process starts with the form. You can complete this for free and without a hard credit pull. This is how the rest of the process works if you’re approved:

  • Get a loan offer. You review and decide if the offer is right for you.
  • Your loan gets listed in the marketplace. Loans appear in the marketplace for up to two weeks. The timeframe that it will take to get your loan funded depends on the investors attracted to your listing. Your request will be canceled at no cost (or impact to your credit score) if not enough investors fund your loan. If you raise enough to get full funding (or meet requirements for partial funding), your loan will move forward to the final review phase.
  • Peerform takes verifying your identity seriously. You’ll be asked to verify your bank account, email, and phone number. You’ll also need to verify your income with pay stubs.
  • The origination fee will be subtracted from your loan. Funding can happen in up to two weeks depending on how soon you attract investors to your loan.

Peerform Highlights & Drawbacks

What are the highlights?

If you have good to excellent credit, the interest rates offered through Peerform are very competitive. Peerform is highly transparent with its borrower rating strategy, fee structure, and loan terms.

The loan requires no collateral which is also a major plus for personal loans.

You can complete the entire loan process online, and the request is free. The interest rate is fixed, and you make monthly payments until you pay the loan off. There are no prepayment penalties, but Peerform does ask that you submit an early pay off request before moving forward.

What are the drawbacks?

The main drawback with peer-to-peer lending is that there’s a chance that you won’t get money fast.

You have to give investors an opportunity to review your loan and choose to fund it before you get any cash.

However, if you have good credit and can wait for funding, Peerform’s competitive interest rates could make the wait worthwhile.

If you’re interested in connecting with a lender, fill out the simple form below.

Need Cash? Get a Personal Loan Today

I want to borrow

Taylor Gordon Finance Journalist

Taylor K. Gordon is a personal finance writer and founder of Tay Talks Money, a frugal lifestyle blog on entrepreneurship and hacking your way to an abundant savings account.

Taylor has contributed to The Huffington Post, GoGirl Finance, Madame Noire, The Write Life, and more.

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. is not a lender or lending partner and does not make loan or credit decisions. connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless,’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.