MoneyGeek’s Take: Peerform Personal Loan Review
Peerform is a marketplace for peer-to-peer lending that connects borrowers and investors who act as lenders. This platform is best suited for those whose personal loan applications have been declined by traditional lending platforms. Due to the Peerform minimum credit score requirement of 600, the platform is best for borrowers with fair credit.
Peerform offers unsecured loans that do not require collateral. This lender is excellent for individuals looking for personal loans to fund expenses such as home improvements, wedding costs, debt consolidation, car financing, unexpected medical bills or moving and relocation costs.
At a Glance: Peerform Personal Loans
- 5.99% to 29.99%APR Range
- 600Minimum Credit Score
- $4,000 to $25,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime To Recieve Funds
on Peerform Website
MoneyGeek Breakdown - Peerform Personal Loan Details and Requirements
Peerform’s annual percentage rate ranges from 5.99%–29.99%
Credit Score Requirements
Peerform’s minimum credit score requirement is 600.
Peerform has no minimum income requirement but requires you to provide income details during your loan application. Peerform has a debt-to-income ratio of 40%.
Peerform’s loan amounts range between $4,000 and $25,000.
Peerform personal loans can be paid through fixed monthly payments over three years.
Is Peerform Right for You?
Personal loan providers have different rates and requirements.
The best lender for you depends on your specific loan needs. MoneyGeek’s Peerform personal loan review provides you with the relevant information to decide if the lender is the best option for you.
Who Peerform Is Perfect For
Peerform services borrowers with lower credit scores that may not qualify for a loan with other lenders. Peerform personal loan is suitable for individuals looking to get out of high-interest credit card debt, finance car purchases, pay for unexpected medical bills or make ends meet.
Who Should Not Choose Peerform
Individuals with good credit scores might want to consider other traditional lenders since they are less likely to have trouble getting traditional loans. Peerform charges several fees, including late payment fees, origination fees, check processing fees and unsuccessful payment fees. Borrowers looking to save money on personal loans might not find Peerform suitable due to their charges.
How to Apply for a Peerform Personal Loan
To apply for a Peerform personal loan, fill out the prequalification form and include basic information about your loan needs and personal information about yourself. MoneyGeek has outlined the processes to take when applying for a Peerform loan.
To apply for a Peerform loan, fill out the prequalification form on their website and click the “am I eligible” button. Peerform will request for series of information about your loan needs to determine if you qualify for a Peerfrorm loan.
Fill Out Application Form
You can fill out the application form after you have been deemed eligible to apply for a loan on Peerform. You will be required to answer a series of personal and loan-related questions.
Wait for Approval
Once you submit your loan application, Peerform will review your borrowing needs and you may be offered a selection of personal loan alternatives. You can choose which loan terms are best for you and your loan requirement will be listed in the marketplace for investors’ review and selection. This process might take several days to complete. Your loan inquiry will be listed on the website for 14 days or until funded.
Review Loan Agreement
Once you are offered a loan, be sure to review your loan agreement carefully before signing. Read the loan term fine print and double-check the loan amount to verify if it’s the amount you applied for.
Sign Loan Agreement
Once you are satisfied with the loan term, sign the loan agreement.
Receive or Direct Funds
The Peerform loan will be paid into your account the next day after approval.
Peerform offers two repayment options. You can choose to have Peerform debit the appropriate amount from your bank account or send them a check in the mail. Keep in mind that checks are subject to a processing fee of $15.
What to Do if You Are Rejected From Peerform
Peerform may reject your loan application for various reasons, including but not limited to, not having enough credit history, a credit score below 600 or a debt-to-income (DTI) ratio of more than 40%. Additionally, your loan may not be selected by investors. MoneyGeek recommends contacting Peerform through email or phone to discover why your loan was declined.
You may reapply with Peerform or other lenders, but be sure to address the issue that caused your previous loan to be declined in the first place.
Frequently Asked Questions About Peerform Personal Loans
The best personal loan lender for you depends on your specific loan needs. MoneyGeek answers the most commonly asked questions about Peerform loans to help you decide if the lender is best for you.
- Peerform. "About." Accessed March 21, 2022.
- Peerform. "Get a Loan." Accessed March 21, 2022.
- Peerform. "Repayment Process." Accessed March 21, 2022.
- Peerform. "Assessing Risks and Setting Interest Rates." Accessed March 21, 2022.
- Peerform. "Rates and Terms." Accessed March 21, 2022.
- Peerform. "Peeform Peer-to-Peer Debt Consolidation Loan." Accessed March 21, 2022.
- Peerform. "Borrowing Membership Agreement." Accessed March 21, 2022.
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