Peerform Review

By Kevin Mercadante

Company Profile 

Peerform is a peer-to-peer (P2P) lending platform where investors come to invest money in loans for borrowers looking to obtain loans at a competitive price. The lending marketplace enables both parties of the loan transaction to get the benefit of not having a bank as an intermediary. This means that investors get a higher return on the money than they would with traditional bank savings vehicles, and borrowers can often pay lower rates than they would on bank loans.

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Started in 2010, Peerform was founded by Wall Street executives with backgrounds in both finance and technology. The purpose is to make lending freely available and totally transparent. while helping consumers improve their credit score and achieve financial strength. Since the process is handled entirely online, it involves far less expense than what is the case with banks.

Peerform has some of the lowest interest rates available in the P2P lending community. And borrowers don't have to have squeaky clean credit in order to get a loan.

Service Profile 

Loan amounts range from $1,000 to $25,000, and in terms of 36 months, using fixed rate installment loans. Loans can be taken for just about any purpose, including debt consolidation, home improvement, credit card refinancing, major purchases, auto loans, business loans, medical expenses, moving costs, wedding costs, vacations, or even buying a home.

Peerform has a rating of A+ - the highest rating on a scale of A+ to F - by the Better Business Bureau. The service has also been featured on major media outlets, such as Time and The Street.

Loan Features 

Peerform loan features include:

  • 36 month repayment lengths*
  • 8.41% - 29.99% APR *
  • Approval within minutes*
  • Funding paid within days*
  • $1,000 to $25,000 limit*
  • Minimum credit score: 600*
  • No prepayment penalties*
  • No teaser rates or hidden fees*





Loan Application Information 

There is a quick application process that includes four simple steps and is completed within 5 minutes:

  1. Registration - this is a simple, single page application to set up your account after which, you get an instant quote.
  2. Personal loan selection - you may be given several options and you can choose which one works best for you.
  3. Personal loan listing - your loan inquiry is listed on the site for evaluation by investors
  4. Verification - this is where you will provide documentation that supports the information you supplied in your loan application

To be eligible to apply for a Peerform loan, you must be at least 18 years old, have a valid email account, photo ID, a verifiable Social Security number, two most recent pay stubs, tax documentation, and have a minimum FICO score of 600. There can be no current delinquencies, non-medical collections, open tax liens or current judgments in excess of $500. Your debt-to-income ratio cannot exceed 40% (not including mortgage debt).

Peerform lends in 35 states, including Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Hawaii, Illinois, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South  Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

For security purposes, Peerform uses bank level security protocols. That includes encryption of data and dedicated servers protected by firewalls. The servers are equipped with Secure Socket Layer (SSL) certificate technology to ensure encryption.

Repayment Terms 

All loans on Peerform are fixed rate, fixed payment installment loans with no hidden fees or extra charges. Payments are made by monthly debits from your bank account, insuring that all payments are made in a timely manner.

Rates and Fees. Interest rates range from  7.12% APR to 29.99% APR , depending on the Peerform Grade you’re assigned. Peerform charges origination fees ranging from 1% of the loan amount to 5%, again based on your Peerform Grade. That fee is subtracted from the loan proceeds.

Help & Support

You can get help on the Peerform site though  their 800 phone number, online chat or by email.  Customer service is available from 9:00 am to 6:00 pm, Eastern Standard Time. The platform also has a helpful blog that will provide you with articles on credit and lending, as well as industry news and ways to improve your overall financial situation.

The "Help" tab is actually where the FAQ pages are, and they provide all of the information that you need to understand the loan process and to complete the required information on the platform.


Peerform offers some of the best loan pricing you'll find available, even among P2P lenders. You can apply with a credit score as low as 600, which once again is one of the more generous offers available among P2P lenders - let alone traditional banks. The entire loan process takes place online, you will receive a fixed rate 36 month installment loan, rather than a variable rate revolving line of credit, such as the case with credit cards.

Co-signers are not permitted for a Peerform loan, so you will have to qualify on your own income alone. Also, depending on your credit profile it can take up to two weeks to get funded on your loan, though most take between two days and one week.

If you're interested in obtaining a loan through a P2P lending platform, Peerform should be near the top of the list of the sites where you apply.

Physical Address 


33 W. 17th Street, 2nd Floor

New York, NY 10011


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Last Updated: November 2, 2015

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