Peerform vs. Prosper: Which Personal Loan is Right for You?

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If you’re deciding between Prosper and Peerform for a personal loan, we’ve done the research to help you make a decision. In general, we recommend Peerform over Prosper if you have poor to fair credit. In comparison, Prosper is better for larger loans and longer terms and for financing medical procedures.

Peerform vs. Prosper

Both companies offer unsecured personal loans with similar rates and terms. However, there are a few notable differences between the two. Generally speaking, Peerform is a better option for borrowers who have FICO credit scores between 600 and 640. On the other hand, we recommend Prosper for loans over $25,000, longer maturities and medical financing loans.


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Better For
  • Borrowers with credit scores between 600 and 640
  • Loans over $25k
  • Five-year terms
  • Medical financing
Amounts$4,000 - $25,000 ($10,000 - $35,000 for consolidation loans)$2,000 - $40,000
Rates5.99% - 29.99%6.95% - 35.99%
Terms3 years (3 or 5 years for consolidation loans)3 or 5 years
  • 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
  • Origination fee: 2.4% - 5%
  • Late payment fee: Greater of 5% of monthly past due or $15
  • NSF/returned payment fee: $15
  • Lesser of 5% of payment or $5
  • No prepayment penalty
Minimum 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
  • Credit score of 640 or higher
  • Debt-to-income ratio under 50%
  • Income greater than $0
  • No bankruptcies in last 12 months
  • Fewer than 7 credit inquiries in last 6 months
  • At least 3 open trades on credit report
Funding Time2-14 days3+ days
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How to Choose Between the Two

If you’re trying to decide between Peerform and Prosper for a personal loan, we’ve covered the situations where it makes the most sense to choose one company over the other.

If you want more than $25,000, consider Prosper. Peerform only makes loans up to $25,000, whereas Prosper provides loans up to $40,000. If you need more than this, we recommend considering SoFi or LightStream, as both companies make unsecured personal loans up to $100,000. Your bank or credit union may also provide large unsecured personal loans up to this amount or more. In some cases, banks can make secured personal loans up to $250,000 or $500,000.

If you have a credit score between 600 and 640, consider Peerform. You’ll need a FICO score of at least 640 to qualify at Prosper. Peerform, on the other hand, only requires borrowers to have a personal credit score of 600 or above, making it a good choice for applicants with poor to fair credit. If you have a credit score below 600, you will need to consider other lenders, like OneMain Financial or iLoan, that have less strict credit requirements.

If you want to repay your loan for more than three years, consider Prosper. Peerform only provides three-year terms on its loans. While there are no prepayment fees, meaning you can pay your loan off earlier, you won’t be able to extend your loan terms. Prosper offers terms of three or five years. If you need longer terms, we recommend considering a personal loan from your bank or credit union, as many of these loans have terms up to 10 or more years. Some online lenders, like Marcus and Discover Personal Loans, also provide terms up to six or seven years.

If you want to finance a medical procedure, consider Prosper. Prosper partners directly with medical and dental providers across the country to provide financing for cosmetic surgery and dentistry, bariatric surgery, and fertility treatments. Examples of procedures eligible for financing include facelifts, braces, in vitro fertilization and gastric bypass surgery. In some cases, you may be able to qualify for 0% interest financing, and you can even apply at your doctor’s office. You can check to see if your provider participates here.

If none of this applies to you, check your rate at both lenders. Prosper and Peerform have a similar range of annual percentage rates, fees and terms, so we recommend borrowers check their rate at both companies since checking your rate won’t affect your credit score. It pays to shop around when it comes to personal loans, so you should consider other lenders, including banks and credit unions, as well.

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