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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.

Peerform is a peer-to-peer lending marketplace through which you can obtain personal loans. The marketplace is ideal for borrowers who want a quick and easy process when obtaining an unsecured personal loan. Because it is based completely online, Peerform is able to pass its savings on overhead costs to both borrowers and investors, which means it can offer more affordable rates than some other lenders. Peerform loans help borrowers get competitive interest rates on personal loans through a fast, hassle-free application process.

Peerform personal loan highlights

  • Peer to peer lending marketplace: Through Peerform, borrowers can apply for funds. Investors may then approve to fund a loan.
  • Origination fee: An origination fee of 1.00% - 5.00% is included in the calculation of the APR and will be subtracted from the total amount of your loan, which means you will receive less funds than what you applied for.
  • No application or prepayment penalties: Peerform does not charge application or prepayment fees.
  • Other fees: Peerform’s other fees include $15 for every unsuccessful payment; a late payment fee of 5% of the monthly installment or $15, (whichever is greater); and a check processing fee of $15 will be charged for each monthly payment made by check rather than direct debits through a bank account.
  • Grading system: In contrast with consumer lenders that rely on filters, Peerform uses an advanced algorithm to accurately calculate consumer credit risk. It uses a grading system for potential borrowers, to which corresponding interest rates are assigned.

Peerform at a glance

  • APR range: 5.99% to 29.99%
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%
By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.
Terms Fees and penalties
  • Terms: 36 or 60 months
  • APR: 5.99% to 29.99%
  • Loan amounts: $4,000 to $25,000
  • Time to funding: 3 business days after approval
  • Credit check: Soft Pull
  • Origination fee: 1.00% - 5.00%
  • Prepayment fee: None
  • Late payment fee: 5% of the monthly installment or $15, (whichever is greater)
  • Other fees: $15 check fee, $15 unsuccessful payment fee

Eligibility requirements

  • Minimum credit score: 600
  • Minimum credit history: 12 months with no current delinquencies, recent bankruptcies, judgments, tax liens of non-medical related collections.
  • Maximum debt-to-income ratio: Below 40%, based on debt (not including mortgage debt) reported by consumer reporting agency and income reported by borrower (supported by two most recent pay stubs and tax documentation)

Peerform does not operate in the following states: Connecticut, North Dakota, Vermont, West Virginia or Wyoming. Consolidation loans through Peerform are available by invitation only and cannot be used to refinance student loans or for education-related expenses. These fixed-rate loans may range from $10,000 to $35,000.

Applying for a personal loan through Peerform

Applying for a personal loan through Peerform involves a simple four-step process:

  1. Register online to create your profile: You’ll include information such as the amount you’re seeking to borrow and your current wages and salary. You’ll also need to indicate the purpose of the loan.
  2. Review potential loan offers: After you have created your financial profile and identified your borrowing needs, you’ll be provided with a list of loans you might be eligible for, and their associated terms. You can choose the terms that are best suited to your unique circumstances — including the interest rate, monthly payment and overall duration of the loan.
  3. Receive your grade: Your request will be assigned a rating from AAA to DDD, which corresponds to a specific APR, and listed on a platform where it will be evaluated by potential investors.
  4. Complete verification: You’ll then be asked to verify both your identity, using documentation such as your passport, credit cards and driver’s license, and your income using your two most recent pay stubs, in addition to tax returns and bank statements in some cases.

When your loan is funded by investors on Peerform, you’ll receive your money in your bank account within three business days of approval.

Pros Cons
  • No cost to apply: Peerform’s application is free.
  • Loans are unsecured: Loans through Peerform do not require collateral.
  • Fees are front-and-center: Peerform discloses its fees upfront for potential borrowers.
  • Origination fee: 1.00% - 5.00%, which is deducted from your loan amount.
  • Check processing fee: $15 fee each time you make a monthly payment via check.
  • Other fees: You may be able to find a lender that has fewer fees.

Who’s the best fit for a personal loan through Peerform?

Individuals who might be considered a credit risk, are struggling to meet the minimum payments on their debts and have a FICO score as low as 600 could be a great fit for a personal loan through Peerform. Unlike conventional lenders, Peerform considers criteria other than a FICO score to calculate an individual’s ability to pay back his or her debt. The type of loan the applicant is seeking is also taken into consideration; for instance, Peerform considers individuals with medical debt to be a lower credit risk.

Although Peerform has numerous fees, the loan marketplace is upfront about them. If you are comfortable with the fees, you may find reasonable interest rates for your credit profile. Funds are available quickly once processed as well.

Alternative personal loan options

Marcus by Goldman Sachs®

  • APR: 6.99% to 19.99%
  • Credit requirements:
  • Terms: 36 to 72 months
  • Origination fee: No origination fee

Thanks to several unusual perks, Marcus by Goldman Sachs® may be an excellent alternative lender for those seeking a personal loan. In addition to not charging any fees whatsoever, this lender also allows borrowers the ability to change the due date of their loan payment up to three times over the life of their loan. Customers make 12 or more on-time consecutive monthly payments are rewarded with the ability to defer one payment without accruing additional interest.

The process is free, quick and painless. Funds are deposited directly into the borrower’s account within one to four business days.

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.


  • APR: 7.04% to 35.89%
  • Credit requirements: Not specified
  • Terms: 36 or 60 months
  • Origination fee: 3.00% - 6.00%

LendingClub does not charge any brokerage, prepayment or application fees to potential borrowers. Up to $40,000 in funds may be borrowed and made available in as little as four days.


  • APR: 5.94% to 335.97%
  • Credit requirements:
  • Terms: 36 or 60 months
  • Origination fee: 2.90% - 8.00%

Upgrade offers the ability to borrow more money than other conventional lenders; up to $50,000 may be available to eligible borrowers. Funds may be received within one business day after verifications are cleared. Clients also get the use of a free credit monitoring tool that allows them to monitor it for free.


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