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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2023 Peerform Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Personal loan rating: 3.2/5
  • Accessibility: 4.1/5
  • Rates and terms: 1.8/5
  • Repayment experience: 3.8/5
Personal loan details
  • APR range: 5.99% – 29.99%
  • Loan terms: 36 or 60 months
  • Loan amount: $4,000 – $25,000
  • Minimum credit score: 600

Read our full rating methodology here

Our verdict: While Peerform was once a good option for low-credit borrowers looking for an alternative to traditional lending, this lender is no longer offering loans.

Peerform was a peer-to-peer lending marketplace, but it’s no longer accepting applications for new personal loans. The marketplace was formerly ideal for borrowers who weren’t able to obtain a loan through traditional lenders because of their low credit scores.

  • Peer-to-peer lending marketplace: Through Peerform, you could apply for funds, and once you were approved, your information was placed on a marketplace where investors could choose whether to fund your loan request.
  • Origination fee: Peerform charged an origination fee of 1.00% - 5.00%. Borrowers had to budget for this amount to be taken out of the total balance of their loan.
  • No application or prepayment penalties: This lender did not charge application or prepayment fees.
  • Grading system: In contrast with consumer lenders that rely on filters, Peerform used an advanced algorithm to accurately calculate consumer credit risk. It used a grading system for potential borrowers, to which corresponding interest rates were assigned.
  • Best for low- or fair-credit borrowers: This lender was best for borrowers with less-than-ideal credit scores who may not have been able to qualify for a personal loan with traditional lenders. Since Peerform no longer accepts new loan applications, bad-credit borrowers will need to find loans with other lenders.

Peerform pros and cons

While Peerform may have been a good alternative to traditional lenders for some borrowers, there were still several downsides to consider. Here’s what you should know:


  No application or prepayment fees

  Accessible to low-credit borrowers

  Low origination fees

  No longer accepts applications

  Limited repayment terms

  Lack of flexible loan amounts

When you applied for a loan through Peerform, you didn’t have to worry about paying an application fee or a prepayment penalty. Because of its low credit threshold, Peerform was accessible to borrowers who had less-than-perfect credit scores. While Peerform did charge an origination fee, it was lower than some competitors’ fees.

Unfortunately, Peerform is no longer accepting loan applications, so consumers will have to look elsewhere for a lender. Peerform also had limited repayment terms of 36 or 60 months and was limited when it came to the loan amounts it offered. Peerform had a minimum amount of $4,000 and a maximum of $25,000.

Peerform requirements

While Peerform had a minimum credit score requirement, it also took other factors into consideration when reviewing personal loan applications.

Minimum credit score[[SHORTCODE]]
Minimum credit score600
Debt-to-income ratioNot available
Minimum incomeNot available
Required documents
  • Income verification (two recent pay stubs as well as bank statements and tax returns)
  • Identity verification (such as a driver’s license, passport or state/federal identification)

It’s always smart to shop around for a lender that can help you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a loan with Peerform

Although you can no longer get a loan through Peerform, here’s what the application process looked like:

  1. You would have to fill out a registration form and provide your personal information, income and how much you wanted to borrow.
  2. Once you finished your initial application, you would choose what loan terms, rates and amount would best fit your financial needs. Next, your loan would be placed on Peerform’s marketplace with a grade, and investors could choose whether or not to fund your loan.
  3. Finally, you would verify the information you provided in your application. You would need to present a form of identification (such as your driver’s license or passport) as well as verify your income through pay stubs, bank statements and tax returns. Once your information was verified, the funds would be directly deposited into your bank account.

If you’re struggling to get approved for a loan, consider looking into ways you can increase your chances of approval. While this process may take some time, it may also help you secure lower interest rates.

How Peerform compares to other personal loan companies

Even if you believe Peerform aligns with what you’re looking for in a personal loan, the company no longer accepts applications. However, you can shop around and compare other lenders. Here’s how Peerform stacked up against similar personal loan lenders.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

LenderPeerformAvantOneMain Financial
LendingTree’s rating3.2/54/54/5
Minimum credit score600580Not specified
APRs5.99% - 29.99%9.95% - 35.95%18.00% - 35.99%
Loan amount$4,000 - $25,000$2,000 - $35,000$1,500 - $20,000
Repayment term36 or 60 months12 to 60 months24 to 60 months
Origination fee1.00% - 5.00%Up to 4.75%1.00% - 10.00%
Funding timelineAs long as two weeksAs soon as one business dayAs soon as one business day
Bottom lineSince Peerform no longer accepts new loan applications, you'll have to consider other lenders that work with low-credit borrowers.With competitive rates and flexible loan terms, Avant could be a good option for some fair-credit borrowers.Though OneMain Financial has higher interest rates than some competitors, it offers quick funding and works with borrowers with low credit scores.

How we rated Peerform

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

  • Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
  • Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
  • Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.

Frequently asked questions

To get a personal loan through Peerform, you needed a credit score of 600 or higher. Peerform took other factors into consideration when evaluating loan applications, including applicant income.

Peer-to-peer (P2P) loans are a common alternative to traditional direct lenders. Instead of receiving funds directly from your lender, you’ll apply for a peer-to-peer loan on an online marketplace where individual investors will then choose whether they want to fund your loan.

Like traditional loans, peer-to-peer loans can be used for a variety of purposes ranging from debt consolidation to medical expenses. Most lenders typically outline how a personal loan can be used, so be sure that the lender you choose aligns with your needs.


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