Personal LoansLender Reviews
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.

Peerform Loan Overview and Alternatives

Updated on:
Content was accurate at the time of publication.

Peerform, a peer-to-peer (P2P) lending marketplace, no longer accepts new personal loan applications. A P2P loan is a type of debt in which individual lenders — as opposed to commercial lenders — offer personal loans, typically through a lending marketplace.

Peerform’s platform offered personal loans to borrowers with less-than-ideal credit who weren’t able to obtain a personal loan through traditional lenders. Instead, consumers with low credit scores will now have to seek alternative lenders to help cover their expenses.

Peer-to-peer lenders are few and far between these days, but other types of lenders also offer fair and bad-credit loans. Here’s what you need to know about alternative options to Peerform personal loans.

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.
Best EggUpgradeUpstart
LendingTree’s rating4.3/54.6/54.5/5
Minimum credit score580580300
APRs7.99% - 35.99%9.99% - 35.99% (with discounts)7.80% - 35.99%
Loan amount$2,000 - $50,000$1,000 - $50,000$1,000 - $50,000
Repayment term36 to 60 months24 to 84 months36 or 60 months
Origination fee0.99% - 9.99%1.85% - 9.99%0.00% - 12.00%
Funding timelineReceive funds within one to three business daysReceive funds within one business dayReceive funds within one business day
Bottom lineFunding can take up to three business days, but the lender offers flexibility when it comes to borrowing amounts and repayment terms.Offers the most flexibility to consumers when it comes to repayment terms, as well as a discount for those who sign up for autopay.Provides the lowest APRs — reserved for those with excellent credit — but charges the highest origination fee and only offers two terms to choose from.

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Best Egg

Best Egg has a higher minimum credit score than Upgrade or Upstart, but fair- and bad-credit borrowers can still qualify for personal loans with this lender. Best Egg offers flexible features like small and large loan sizes as well as a range of repayment terms. However, it also comes with 0.99% - 9.99% origination fees, and it may also take longer to fund your personal loan than with other lenders.

Upgrade

Upgrade may be a good option if you have a bad credit score or you’re looking for flexible repayment terms. Ranging from 24 to 84 months, Upgrade customers can pick between long and short-term loans. Upgrade’s lowest APRs require autopay and paying off some existing debt directly. Plus, after you close on your personal loan, Upgrade can provide your funds within one business day.

Upstart

While it does have a low credit score requirement, Upstart takes into account more than just your credit history — it also considers your employment status and income. And if you’re looking for a quick personal loan, Upstart may be a good option since you can qualify for a loan within minutes and receive your funds within a day of closing. However, keep in mind it charges a 0.00% - 12.00% origination fee and has only two repayment terms (only 36 or 60 months) .

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.

Peerform no longer accepts personal loan applications — so if you’re in the market to consolidate debt or cover an expense, you’ll have to shop around with other lenders. Prequalify for loans with multiple lenders, so you can compare rates, terms, fees and borrowing limits without any impact to your credit score.

The credit score needed for a personal loan depends on several factors, including the lender and how much you plan to borrow. Typically, lenders look for a minimum credit score anywhere from 580 to 680 — though the higher the credit score, the higher your chances of approval.

Peer-to-peer loans generally cater to those who have difficulty qualifying for traditional loans — as such, you may have to pay higher rates and fees. Keep in mind that some areas don’t have legislation that supports peer-to-peer lending.

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