Peerform Review

Peerform Review [Peer-To-Peer Lending Loans 2022]

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Peerform Review

People take out loans for a variety of reasons, including debt consolidation, home renovation projects, medical bills, and wedding expenses. However, rather than alleviating the financial necessities for which the loan was initially considered, many lenders and lending products simply push debtors deeper into debt. Moreover, by acquiring loans with such terms on a regular basis to service the ongoing debt, the cycle of debt accumulation continues unabated.

However, with Peerform, a platform where borrowers are matched with investors ready to take some risks and loan them their personal funds, such debt accumulation can be avoided. By inviting numerous investors to its platform, Peerform offers borrowers loan options with varying terms to choose from.

With traditional lenders, obtaining a no-collateral loan is contingent on a variety of factors, including the debt-to-income ratio, work status, and, most importantly, the credit score of the loan applicant. With Peerform however, even borrowers with relatively weak credit scores stand to obtain a considerable amount of loans.

There are always two sides to a coin, though, and while the platform has its benefits, it also has some drawbacks that may affect your decision to use it. Let’s take a closer look at Peerform to see if it’s a good fit for your financial needs.

Onto our Peerform review!

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Peerform Pros And Cons

Here are some of the key benefits and drawbacks of using the Peerform platform. 


  • Low Interest Rate: You can get one of the best interest rates in the market on Peerform. Borrowers with strong credit can get annual rates as low as 5.99 percent if they have a good credit history.
  • No Prepayment Penalty: Peerform does not charge borrowers for prepayment. If borrowers can pay off their debt before the due loan tenure, they can without inviting a penalty.
  • Liberal Credit History Threshold: Online lenders typically require applicants to have a credit history of at least three years. Peerform, fortunately, just requires a one-year credit history and has no limit on the number of accounts an applicant can have on their credit history.
  • Soft Credit Check On Prequalification: During prequalification, Peerform runs a soft credit check to see what rates and amounts a borrower qualifies for. However, this is typical of most lenders.


  • High Fees: Peerform may be the best alternative for applicants with bad credit, but it is also one of the most expensive lenders in the market. Despite the lack of a prepayment fee, expenses such as the origination fee, check processing fee, and late payment fee make the lender an unpleasant alternative for many.
  • High Minimum Loan Amount: The minimum loan available on Peerform is $4,000, meaning that loans for small needs are not available. Most of its competitors outperform it by lending as little as $2,000 or less.
  • Single Repayment Term: The interest rate and amount a borrower pays is determined by the repayment term. A shorter repayment term decreases the monthly payment while a longer term lowers the interest. In most cases, borrowers can pick between a lower interest rate or lower monthly payments based on their financial capabilities. Unfortunately, Peerform does not provide such flexibility in terms of repayment; borrowers are limited to a single loan period of three years.
  • No Option For Co-borrowing: Peerform, unlike other lenders, does not allow for co-borrowing. Co-borrowing could have alleviated the financial strain of repaying a debt.

Services Offered

The primary service offered on Peerform is, not surprisingly, peer-to-peer (P2P) lending, via institutional lenders. It, therefore, offers users the opportunity to either pursue a loan or to invest their own funds by lending them to a prospective borrower. The platform also has a debt consolidation program as well. 

  • Peer-to-peer lending (P2P)
  • Debt consolidation
Peerform Lending

About Peerform Lending

Peerform began as a lending platform in 2010, but in 2014, it transitioned to a peer-to-peer loan marketplace after reaching an agreement with institutional lenders to have an interest rate determined by the platform’s algorithm. Mikael Rapaport, Meytal Benichou, and Elie Galam, all of whom have considerable backgrounds in finance and technology, formed the company and has since had its headquarters in New York City.

The founders’ objective was to establish a platform where borrowers easily and promptly receive credit at competitive rates. The company also has a mission to provide qualified investors with investment opportunities that will bear them favorable returns. The founders claim that they were motivated by the observation that traditional lending channels were unwilling or unable to meet the demands of individuals and small companies.

Each investor allowed into the platform decides whether to fund a percentage of a loan or opt outrightly for a whole loan. A circumstance where one investor singlehandedly funds the loan request of an applicant is dubbed a ‘whole loan’. A fractional loan, on the other hand, describes a circumstance in which multiple investors fund a loan to a given borrower.  

Peerform was acquired by Versara on November 7, 2016, and has since become a subsidiary of the parent group.

More of our Peerform review below.

Features of Peerform

Peerform allows users to compare loans from various institutional lenders. Given the plethora of partners available to suit your financial goals, the website provides tools to make that search easier as well as ensuring that proper financial goods and services are chosen. It has the following characteristics.

  • Marketplace That Facilitates Customized Request: A variety of loan companies are represented on the Peerform platform. They’re all organized into search categories to make it easier for users to compare the services they provide. The platform delivers results that are in line with your preferences by adding more parameters about the load type you require. During pre-qualification, you will be asked for additional information to help the tool better understand your request. This way, the lender that can best meet your requirements is fetched.
  • Debt Consolidation Loans: As described earlier, Peerform has a debt consolidation function that helps you simplify your finances by allowing you to make one monthly payment rather than several. Peerform’s credit card debt consolidation loan program is available to qualified people with high-interest credit card debt, with loan offers ranging from $10,000 to $35,000.
  • Zero Collateral Loans: Because Peerform loans are unsecured, you will not be asked to put up a car, house, or other property as collateral to secure your loan. In addition, the unsecured loan has a set repayment amount and interest rate over the repayment period.
  • Loan Analyzer: According to Peerform, FIFO scores alone cannot determine a loan applicant’s eligibility for a loan. The financial services firm uses an algorithm to assess a potential borrower’s creditworthiness. The program filters out candidates who are ineligible for a loan based on FIFO scores and a few other characteristics. The factors include among other things the borrower’s total current debt-to-income ratio and the number of credit inquiries into the applicant’s credit history. Peerform says that by utilizing an empirical method rather than the usual method employed by competitors, it can better determine an applicant’s credit risk.

Minimum Requirements For A Loan

Unlike traditional lending companies, Peerform is quite considerate in its requirements for loans. This is because the company has a large number of investors affiliated with the company. Generally, a FICO score of at least 600 is good enough to obtain a loan via the platform. Your debt-to-income ratio must also be less than 40%, excluding mortgage debt.

Other requirements are that your credit history must be at least one year old, your yearly income must be at least $10,000, and most importantly, you must be a United States citizen or permanent resident.

  • US citizen or permanent resident
  • Credit history of at least one year
  • Income of 10k or more
  • FICO score of 600 or more
  • Debt-to-income ratio less than 40%

Fees And Rates

While Peerform is liberal in its loan eligibility conditions, the fees it charges can add up quickly into a huge sum. Peerform loans are generally known to be expensive. The interest it charges are quite competitive, however, those from some other lenders are better. 

After interest, another fee borrowers are charged is an origination fee. This cost, which can range from 1% to 5%, is deducted from your loan amount.

Additionally, borrowers who do not make their monthly payment 15 days after the due date are assessed a late payment fee. You will be charged either a $15 fee or 5% of the amount of your unpaid payment, depending on which is bigger.

There are other fees like the check-processing fee and an unsuccessful payment fee. The latter is fined if an automatic deduction of the monthly payment is rejected by your bank whilst the former is charged for each check payment you make. The price for processing checks is normally $15.

Loan application

Loan application eligibility across various lenders varies, however, they are competitive with other online lending platforms that are out there.

In most cases, eligibility is assessed initially as part of the prequalification procedure. In addition to the loan amount, the reason for which the money will be used will be requested. Most lenders also require basic personal information such as your name, address, and date of birth. After entering those details, some lenders will return the best rate available; unfortunately, this is not the case with Peerform.

Before returning a rate, the moneylender will ask for information about your income in order to analyze your financial situation. After you’ve filled in those details, you’ll be asked to sign a consent form and agree to the terms and conditions. Your loan request will then be sent to the marketplace for consideration by investors after a successful application.

Alternatives To Peerform

Consider these alternatives if a Peerform loan isn’t suited for you:

  • LendingClub: This lending company allows loans of up to $40,000 to be obtained without the necessity of collateral. However, strict conditions are placed to establish the worthiness of prospective borrowers. LendingClub also makes loan consolidation easier.
  • Lightstream: Lightstream is an excellent alternative to Peerform. The lending company facilitates loan offers of up to $100,000 to borrowers in all the US states. To get a loan from Lightstream, you’ll need a good credit score as well as adequate proof of income and assets.
  • Super Money: This financial service company allows users to look for and compare various forms of loans, as well as other financial instruments. Because of the company’s large number of partners, the products and services offered on this platform are priced competitively. The platform also includes educational information that is relevant to each of the website’s featured services and products.
  • Payoff: Payoff offers up to $40,000 in loans. It, like Peerform, collaborates with lending partners to make these loans available to borrowers. Unlike Peerform, this financial service company does not levy late fees. Co-signers are also not permitted when applying for a loan.
Peerform Reviews

Peerform Reviews & Complaints

Peerform loan reviews vary. The Better Business Bureau has granted Peerform an “A+” rating even though the company is not accredited by it. On Trustpilot, the platform has no rating and has yet to be profiled.

Aside from that, there are no other favorable customer reviews of the site available online. According to several reports on certain online pages, the financial company’s claim of exceptional service is deceptive because the company is riddled with flaws.

Frequently Asked Questions (Faq)

Peerform review faq questions answered below.

Is Peerform legit?

The rates offered on Peerform are normal and they are within the range of rates offered by other lending companies, therefore they aren’t suspicious. The business offers phone service, however, its social media presence is barely available.

Will Peerform require access to my personal financial information?

To obtain an unsecured loan, some information about your resources like your monthly income will be needed. These details will be used by Peerform when reviewing your loan application.

Peerform Review Parting Thoughts

By creating a lending platform with a low credit barrier, Peerform empowers borrowers with poor credit scores to obtain access to the funds they need. The moneylender is also highly recommended for those looking for low-interest loans. As a result, borrowers with poor credit scores will be able to receive low-cost loans. Another benefit of the lending platform is its simplicity and convenience of use. Any internet user can access the platform and interface with it without any assistance.

Peerform does have its shortfalls, however. The platform does not allow for a co-signer. And if you had someone ready to pair with you, the unavailability of the cosigner option can be irritating. Also, Peerform charges a lot of fees on its loan. From origination fee, check processing fee, to late payment fine, the charges can add up to a sizeable sum. As a result, if you have a good credit score and can cope with somewhat higher rates, you should consider another lender.


Thanks for reading our Peerform review.

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