Peerform Personal Loan Review: Competitive Rates for Average Credit

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Peerform Personal Loan Review: Competitive Rates for Average Credit

In particular, we recommend Peerform for borrowers with credit scores between 600 and 700. This is because the lender offers competitive rates to these types of borrowers who may not qualify for a good deal elsewhere.

Good for

  • Borrowers with 600 to 700 FICO scores
  • Most needs, including business, debt consolidation and home improvement

Bad for

  • Loans longer or shorter than 3 years
  • Fee-conscious borrowers
  • Borrowers in CT, ND, VT, WV, WY and D.C.

Editor's Rating


Get Personal Loan Rates

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By clicking "See Offers" you'll be directed to our ultimate parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

A Peerform personal loan is a great choice for a borrower with fair to average credit, or any credit score between 600 and 700. And if you have a good to excellent credit score, which is any credit score above 700, the lender offers rates as low as 5.99%. To qualify, you’ll need a minimum credit score of 600 and a debt-to-income ratio under 40% in addition to a few other credit history requirements. Two downsides to Peerform are that you can only borrow up to $25,000 and that loans are only made in three year terms. If you want more money or a longer term, you should shop around to find a better deal.

Peerform Personal Loan Review: Should You Apply?

In particular, we recommend Peerform for borrowers with credit scores between 600 and 700. This is because the lender offers competitive rates to these types of borrowers who may not qualify for a good deal elsewhere.

Good for...Bad for...
  • Borrowers with 600 to 700 FICO scores
  • Most needs, including business, debt consolidation and home improvement
  • Loans longer or shorter than 3 years
  • Fee-conscious borrowers
  • Borrowers in CT, ND, VT, WV, WY and D.C.

We think Peerform is one of the better options for borrowers with average credit. This is because the lender has fairly competitive rates while having less strict credit requirements. In fact, the minimum credit score to qualify is only 600. Additionally, you’ll need a debt-to-income ratio under 40%, and the company requires that you have no current delinquencies or recent bankruptcies and that you have some credit history and an open bank account. Rates at Peerform range from 5.99% to 29.99%, but keep in mind that if you do have a lower credit score, you’ll likely get a rate from the higher end of that range.

Another thing to like about Peerform is that the company’s loans are available for most needs and most residents in the U.S. Peerform is very flexible in how you use the loan proceeds: you can use the loan for debt consolidation, credit card refinancing, home improvement, car financing, business expenses, medical expenses, moving or relocation, wedding expenses, vacation expenses or other major purchases. The lender is also available in most states, with the exception of Connecticut, North Dakota, Vermont, West Virginia, Wyoming and Washington, DC.

One of the major drawbacks to Peerform is that the lender only makes loans in three-year terms. You won’t be able to select a longer term for your loan, so we can’t recommend it for borrowers that need additional time to repay. You can, however, shorten the term of your Peerform personal loan as there are no prepayment penalties. This means you can pay more frequently or pay more each month to pay off your loan before the three years is up.

We also can’t recommend Peerform for borrowers who are fee-sensitive. The lender charges an origination fee between 1% and 5% on each loan, and if you have a lower credit score, your origination fee will be higher. For instance, if you are offered a $10,000 loan with an origination fee of 5%, only $9,500 will be deposited to your bank account. There are also late payment, non-sufficient funds and check processing fees on all Peerform personal loans.

Eligibility Criteria

To qualify for a Peerform personal loan, we recommend that borrowers meet the following criteria:

  • Credit score of 600 or higher
  • Debt-to-income ratio under 40%
  • No current delinquencies
  • No bankruptcies, tax liens, judgments or non-medical related collections in last 12 months
  • One open bank account
  • At least one credit card or revolving account opened

Peerform will evaluate your credit history, your application information, planned use of funds and your ability to repay when approving you for a loan offer.

Peerform Personal Loan Terms and Requirements

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Peerform makes unsecured personal loans up to $25,000 with annual percentage rates between 5.99% and 29.99%.

Loan Amount Range$4,000 - $25,000 ($10,000 - $35,000 for consolidation loans)
APR Range5.99% - 29.99%
  • Origination fee: 1% - 5%
  • Late payment fee: Greater of 5% of monthly past due or $15
  • NSF/returned payment fee: $15
  • Check processing fee: $15
  • No prepayment penalty
Loan Terms3 years (3 or 5 years for consolidation loans)
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Application Process

You can check your rate at Peerform without impacting your credit score. To do so, you’ll need to fill in some basic information about yourself and the loan you’re seeking. Peerform asks for your address, phone number, date of birth, salary, monthly housing costs and your email address. You will also be required to make an account with Peerform. If you are eligible for a loan, Peerform will present you with a variety of loan offers and rates.

Application ProcessOnline
Time to Get Funds2-14 days
Credit Check
  • Soft credit check to get rate
  • Hard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?No

Once you select a loan offer, your loan will be listed on Peerform’s platform. Since Peerform is a marketplace lender, investors will need to fund your loan offer, and listings on the platform will be live for two weeks. Funding can take between a couple of days and two weeks. Peerform will ask for documents, such as your driver’s license or pay stubs, to verify your identity and salary. The company may also want to verify your bank account information.

How Does Peerform Compare to Other Lenders?

Since you can usually check your rate at online lenders without affecting your credit score, you may want to look at some of Peerform’s top competitors.

Peerform vs. Prosper

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Rates at Peerform and Prosper are almost the same, but we’d recommend Prosper for borrowers who want more than $25,000, especially if they are financing a medical procedure. For general purpose personal loans, Prosper lends up to $40,000 with rates between 6.95% and 35.99% and terms of three or five years. To qualify, you’ll need a credit score of 640 or more, a debt-to-income ratio under 50% and some form of income. However, for medical procedures, Prosper makes loans up to $100,000 for borrowers with credit scores of 740 or more. Borrowers with lower credit scores can still apply for medical financing, but only up to $35,000. Prosper works directly with many medical and dental offices across the country, so you may be able to apply through your doctor or dentist.

Peerform vs. LendingClub

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We’d recommend LendingClub over Peerform if you want a loan amount greater than $25,000. LendingClub offers comparable rates to Peerform (from 6.95% to 29.99%), but you can borrow up to $40,000 for three or five year terms. However, it may be slightly more difficult to qualify for a LendingClub personal loan. While we recommend borrowers have at least fair credit to qualify, the average LendingClub borrower has a credit score of 700 with a debt-to-income ratio of 18% (excluding mortgage or rent payments) and 17 years of credit history. Like Peerform, LendingClub isn’t the best choice for fee-conscious borrowers as the lender charges origination, late payment, non-sufficient funds and check processing fees. LendingClub is, however, available in more states than Peerform. Only borrowers in Iowa and West Virginia cannot get a LendingClub personal loan.

Peerform vs. Avant

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For borrowers with excellent credit history, Peerform is a better choice over Avant as it has lower starting rates (5.99% vs. 9.95%). However, Avant has a wider range of loan amounts and terms, and since both lenders cater to similar borrowers, we suggest Avant for individuals who want more than $25,000 or a longer term. With Avant, you can take out up to $35,000 with terms from two to five years. One area where Avant stands out is the flexibility borrowers having repaying their loan. You can manage your payments online and through a mobile app, even changing your payment due date or amount up to one day before it’s due. To improve your chances of qualifying at Avant, we recommend borrowers have credit scores of at least 580 to 600. Avant states on its website that the majority of its borrowers have scores between 600 and 700.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.