Peerform is a marketplace lending platform that provides personal loans to borrowers. It was founded in 2010 and is headquartered in New York City. Peerform is an affiliate company of Versara Lending, which acquired it in 2016. Peerform connects borrowers with investors who fund their loans. The company’s mission is to provide affordable personal loans to people who may not qualify for traditional bank loans. In this article, we will review Peerform’s personal loans, discuss the pros and cons of the service, examine the various services it offers, and answer all the questions you might have.
Peerform Pros and Cons:
Pros:
- Lower interest rates: It offers lower interest rates than many other personal loan providers, which can save borrowers money over the life of the loan.
- Easy application process: Applying for a loan through them is quick and easy. The entire process can be completed online in a matter of minutes.
- No hidden fees: It does not charge any hidden fees or prepayment penalties. Borrowers only pay the interest and the principal on the loan.
- Wide range of loan amounts: It offers loans ranging from $4,000 to $25,000, which can be helpful for borrowers who need more than just a small loan.
Cons:
- Credit score requirements: It has strict credit score requirements, and borrowers with poor credit may not qualify for a loan.
- Origination fee: It charges an origination fee on all loans, which can increase the cost of the loan.
- Slow funding process: It can take several days for borrowers to receive their funds, which may not be ideal for those who need money quickly.
- Limited availability: Loans are not available in all states, which can limit access to the service.
Peerform Services:
- Personal loans: It provides personal loans to borrowers ranging from $4,000 to $25,000.
- Debt consolidation: It offers debt consolidation loans to help borrowers consolidate their existing debt into one manageable payment.
- Home improvement loans: It offers home improvement loans to help homeowners fund home repairs or renovations.
- Medical loans: It provides medical loans to help cover medical expenses, including elective procedures not covered by insurance.
- Auto loans: It offers auto loans to help borrowers finance a new or used vehicle.
What is Peerform?
Peerform is a marketplace lending platform that provides personal loans to borrowers. It was founded in 2010 and is headquartered in New York City. Peerform connects borrowers with investors who fund their loans. The company’s mission is to provide affordable personal loans to people who may not qualify for traditional bank loans.
Peerform is not an online lender but matches you with offers of new personal loans to borrowers looking for unsecured personal loans. The leading personal loan lenders provide a reliable and convenient way to request a loan online. Borrowers can complete a loan request in a matter of minutes, and the platform offers peer-to-peer loans, which allow investors to fund personal loans for other individuals. Unlike secured loans, which require collateral, the company offers unsecured personal loans that can be used for a variety of purposes, including debt consolidation, home improvement, or major purchases.
Lenders on their network consider both your credit report and other factors when evaluating personal loan applications, making it a good option for borrowers with fair credit or bad credit. Once approved, loan funding is typically quick, with funds deposited into the borrower’s account within a few business days. Overall, it offers a straightforward and transparent lending process that can benefit borrowers seeking unsecured personal loans online.
How does Peerform work?

Peerform works by connecting borrowers with investors who fund their personal loans. The process starts with the borrower filling out an online application that includes information about their credit history, income, and the purpose of the loan. Peerform uses this information to evaluate the borrower’s creditworthiness and assign them a credit grade, which determines the interest rate on their loan.
Once the borrower is approved, their loan is listed on the Peerform marketplace, where investors can review the loan details and decide whether to fund it. If enough investors fund the loan, the borrower receives their funds and begins making monthly payments.
Peerform handles the loan servicing, which includes collecting payments from the borrower and distributing them to the investors who funded the loan. Borrowers can manage their loans through a Peerform online account, which allows them to make payments, view their loan balance and payment history, and access customer support.
Overall, Peerform works by providing a platform for borrowers to receive personal loans funded by investors and then managing the loan servicing process.
How do I apply for a Peerform personal loan?
To apply for a loan, follow these steps:
- Go to the Peerform website (www.peerform.com) and click on “Apply Now”.
- Create an account with your email address and password.
- Provide basic personal and financial information, including your name, address, Social Security number, employment information, and income.
- Select the loan amount and purpose of your loan.
- Agree to the terms and conditions, and submit your application.
After you submit your application, the company will review your information and determine if you qualify for a loan. If you are approved, you will receive loan offers with different interest rates and terms to choose from. Once you select an offer and accept the terms, your loan will be funded by investors and the funds will be deposited into your bank account within a few business days.
What are the credit requirements for a Peerform loan?
Peerform has strict credit score requirements for its personal loans, and borrowers typically need a credit score of at least 600 to qualify. However, having a higher credit score can increase your chances of getting approved for a loan and may also result in a lower interest rate. Peerform also considers other factors, such as your income, employment status, and debt-to-income ratio, when evaluating your loan application. If you have a poor credit history, it may be more difficult to qualify for a loan with Peerform.
What is the interest rate for a Peerform loan?

The interest rate for a Peerform loan can vary depending on a number of factors, including the borrower’s credit score, income, and loan amount. As of May 2023, the interest rates on loans range from 5.99% to 29.99% APR. Borrowers with higher credit scores and lower debt-to-income ratios are more likely to receive lower interest rates. It also charges an origination fee on all loans, which ranges from 1% to 5% of the loan amount, depending on the borrower’s creditworthiness. It’s important to carefully consider the interest rate and fees when applying for a loan, as they can impact the overall cost of the loan.
Does Peerform charge any fees?
Yes, Peerform charges an origination fee on all loans, which ranges from 1% to 5% of the loan amount, depending on the borrower’s creditworthiness. The origination fee is deducted from the loan amount before it is disbursed to the borrower, so borrowers receive the net loan amount. Peerform does not charge any other fees, such as prepayment penalties or late fees. It’s important to consider the origination fee when applying for a Peerform loan, as it can impact the overall cost of the loan.
How long does it take to receive funds from a Peerform loan?
It can take several business days to receive funds from a Peerform loan. Once a borrower is approved for a loan and selects an offer, their loan is listed on the marketplace, where investors can fund it. Once the loan is fully funded, it takes a few days for Peerform to process the loan and transfer the funds to the borrower’s bank account. In general, borrowers can expect to receive their funds within 3 to 5 business days after accepting a loan offer. However, the exact timing may vary depending on factors such as the borrower’s bank and any processing delays. It’s important to plan accordingly and not rely on the funds to be available immediately.
What types of loans does Peerform offer?
Peerform offers several types of personal loans to borrowers, including:
- Debt consolidation loans: It offers debt consolidation loans to help borrowers consolidate multiple high-interest debts into one monthly payment with a lower interest rate.
- Home improvement loans: It offers home improvement loans to help homeowners fund repairs or renovations to their homes.
- Medical loans: It provides medical loans to help cover medical expenses, including elective procedures not covered by insurance.
- Personal loans: It provides personal loans ranging from $4,000 to $25,000 to help cover a variety of expenses, such as unexpected bills, home repairs, or major purchases.
It’s important to note that the interest rates and terms of the loans can vary based on the borrower’s creditworthiness, loan amount, and other factors. It’s important to carefully consider the terms and fees of the loan before accepting an offer.
How does Peerform compare to other personal loan providers?
Peerform is similar to other personal loan providers in that it offers personal loans with fixed interest rates and repayment terms. However, there are a few key differences that set Peerform apart from other providers:
- Peer-to-peer lending: It uses a peer-to-peer lending model, which means that borrowers are funded by individual investors rather than traditional financial institutions. This can provide borrowers with access to lower interest rates than they would receive from a bank or credit union.
- Credit requirements: It has strict credit score requirements, with a minimum credit score of 600 required to qualify for a loan. This may make it more difficult for some borrowers to obtain a loan compared to other lenders that have lower credit score requirements.
- Origination fee: It charges an origination fee on all loans, which can range from 1% to 5% of the loan amount. This fee can increase the overall cost of the loan compared to lenders that do not charge an origination fee.
- Loan amounts: It offers loans ranging from $4,000 to $25,000, which may be a lower maximum loan amount than some other lenders offer.
Overall, Peerform can be a good choice for borrowers who have a good credit score and are looking for a personal loan with competitive interest rates. However, it may not be the best option for borrowers who have a poor credit history or need a larger loan amount. It’s important to compare the terms and fees of different lenders to find the best option for your individual needs.
Peerform BBB Reviews
As of May 2023, Peerform is not accredited by the Better Business Bureau (BBB). However, Peerform still has an A+ rating with the BBB.
The company currently has no business reviews and one complaint listed on the BBB website. It is important to note that a lack of reviews or complaints on the BBB website does not necessarily indicate the reliability or quality of a company, as not all customers may choose to submit feedback to the BBB. It is still important for borrowers to do their research and carefully consider the terms and conditions of a loan before accepting an offer, regardless of the lender’s rating or reputation.

Peerform FAQs
Is Peerform a direct lender?
No, Peerform is not a direct lender. It is a marketplace lending platform that connects borrowers with investors who fund their personal loans. Once a loan is funded, they service the loan and manage the repayment process on behalf of the investors.
Can I apply for a Peerform loan with bad credit?
Peerform has strict credit score requirements, with a minimum credit score of 600 required to qualify for a loan. While it is still worth applying for a loan with Peerform if you have bad credit, it may be more difficult to qualify for a loan with a low credit score. It does consider other factors, such as income and debt-to-income ratio when evaluating loan applications, so it’s possible to be approved for a loan with less-than-perfect credit, but not guaranteed.
What is the minimum credit score required to qualify for a Peerform loan?
It requires a minimum credit score of 600 to qualify for a personal loan. However, borrowers with higher credit scores may be eligible for lower interest rates and more favorable loan terms.
How much can I borrow with a Peerform loan?
Peerform offers personal loans ranging from $4,000 to $25,000. The loan amount that a borrower is eligible for depends on a variety of factors, including creditworthiness, income, and loan purpose.
How long is the repayment period for a Peerform loan?
It offers repayment terms ranging from 36 months to 60 months, or 3 to 5 years. Borrowers can select the repayment term that works best for their budget and financial situation.
Does Peerform offer any discounts or incentives for borrowers?
It does not currently offer any discounts or incentives for borrowers, but it’s worth checking its website or contacting customer support to see if any promotions or special offers are available.
What happens if I miss a payment on my Peerform loan?
If a borrower misses a payment on their loan, they may be charged a late fee. The exact late fee amount varies depending on the loan terms and the state in which the borrower lives. In addition, missed payments can negatively impact the borrower’s credit score and make it more difficult to qualify for future loans.
Can I pay off my Peerform loan early?
Yes, borrowers can pay off their loans early without incurring any prepayment penalties. In fact, paying off a loan early can save borrowers money on interest charges over the life of the loan.
Does it offer any resources or tools to help borrowers manage their loans?
Yes, it provides an online account portal where borrowers can manage their loans, make payments, view their payment history, and access customer support. In addition, it offers a customer support team that can answer any questions or concerns that borrowers may have about their loans.
Is it available in all states?
No, Peerform loans are not available in all states. As of May 2023, their loans are not available in Connecticut, North Dakota, Vermont, West Virginia, Wyoming, or Washington, D.C. It’s important to check Peerform’s website or contact customer support to see if the service is available in your state before applying for a loan.
Conclusion
Peerform is a marketplace lending platform that provides personal loans to borrowers. While it offers competitive interest rates, a wide range of loan amounts, and various loan services, it’s important to carefully consider the loan terms and fees before applying for a loan. It has strict credit score requirements and charges an origination fee on all loans, which may make it more difficult for some borrowers to qualify for a loan or increase the overall cost of the loan.
However, Peerform’s peer-to-peer lending model can provide borrowers with access to lower interest rates than they would receive from traditional financial institutions. Overall, it is a legitimate lending marketplace, but borrowers should do their research and compare loan options before making a final decision.
Peerform
Peerform Review
Peerform is a marketplace lending platform that provides personal loans to borrowers. While Peerform offers competitive interest rates, a wide range of loan amounts, and various loan services, it’s important to carefully consider the loan terms and fees before applying for a loan. Peerform has strict credit score requirements and charges an origination fee on all loans, which may make it more difficult for some borrowers to qualify for a loan or increase the overall cost of the loan. However, Peerform’s peer-to-peer lending model can provide borrowers with access to lower interest rates than they would receive from traditional financial institutions. Overall, Peerform is a legitimate lending marketplace, but borrowers should do their research and compare loan options before making a final decision.