Peerform Stopped Lending: What Happened + 5 Alternatives
Last updated 09/29/2026 by
Andrew Latham
Edited by
Andrew Latham
Summary:
Peerform, the peer-to-peer lender founded in 2010, no longer accepts new loan applications, and its website has been unreachable since at least September 2026. If you came here looking for a Peerform loan, here’s what happened, what to do if you still have one, and five lenders that make similar $4,000-plus personal loans to borrowers with fair credit at APRs capped at 35.99%.
Updated September 2026
Peerform was a New York marketplace lender that matched borrowers with fair credit (a 600 minimum score) to investors who funded loans of $4,000 to $25,000 at 5.99% to 29.99% APR. It stopped taking new applications around 2023, and its site now returns an error page. The closest replacements are Prosper (the other original P2P lender, still lending), Upstart (approves on income and education, not just credit score) and Upgrade (loans from $1,000 with long terms). Avant and Universal Credit round out the list for lower scores.
Get Competing Personal Loan Offers In Minutes
Compare rates from multiple vetted lenders. Discover your lowest eligible rate.
It's quick, free and won’t hurt your credit score
What happened to Peerform?
Peerform, Inc. launched in April 2010 as one of the first peer-to-peer lending platforms in the United States, alongside Prosper and LendingClub. In November 2016 it was acquired by Versara Lending LLC. By April 2023, personal-finance sites were reporting that Peerform had stopped accepting new applications, and as of September 2026 peerform.com returns a Cloudflare error rather than a website. The company has no active BBB complaints and no CFPB complaints on file, and there was no regulatory action; it simply stopped originating loans. Existing borrowers were directed to email peerform@peerform.com.
Two warnings. First, peerform.net is not Peerform. It is an unrelated lead-generation site that borrows the name and advertises payday-style loans with APRs above 1,000%. Second, if someone calls or emails claiming to be Peerform and offering you a new loan, it’s a scam.
What Peerform offered (for reference)
| What it was | A peer-to-peer marketplace lender based in New York. Investors funded the loans; Peerform serviced them |
| Loan amounts | $4,000 to $25,000 (up to $35,000 for debt consolidation by invitation) |
| APR | 5.99% to 29.99% fixed |
| Terms | 3 or 5 years |
| Fees | Origination fee of 1% to 5%; late fee of 5% of the payment or $15, whichever was greater; $15 returned-payment fee; no prepayment penalty |
| Minimum credit score | 600, with a soft pull to check rates |
| Funding speed | Several days to two weeks, depending on how quickly investors funded the listing |
I still have a Peerform loan. Who do I pay?
Keep paying according to your loan agreement. When a lender stops originating, existing loans are usually serviced by the same company or sold to a servicer, who must notify you in writing before your payment address changes. If you haven’t received a notice, contact peerform@peerform.com and check your credit reports for the current servicer’s name. Never send a payment to a company that contacts you out of the blue.
5 alternatives to Peerform
Peerform’s niche was unsecured loans for people with fair credit, funded by investors rather than a bank. These five lenders serve the same borrower today, with rates capped at 35.99% and faster funding.
| Lender | Loan amounts | APR | Term | Origination fee | Best for |
|---|---|---|---|---|---|
| Peerform (closed) | $4,000–$25,000 | 5.99%–29.99% | 36 or 60 months | 1%–5% | — |
| Prosper | $2,000–$50,000 | 8.99%–35.99% | 24–72 months | 1%–9.99% | The closest P2P replacement |
| Upstart | $1,000–$50,000 | 6.53%–35.99% | 36–60 months | 0%–12% | Thin credit files |
| Upgrade | $1,000–$50,000 | 7.74%–35.99% | 24–84 months | 1.85%–9.99% | Small loans and long terms |
| Avant | $2,000–$35,000 | 9.95%–35.99% | 24–60 months | Up to 9.99% | Scores around 600 |
| Universal Credit | $1,000–$50,000 | 11.69%–35.99% | 36–60 months | 5.25%–9.99% | Scores below 600 |
1. Prosper – Best for the closest peer-to-peer replacement
Prosper launched in 2006 and is the last of the original P2P marketplaces still making consumer loans. It offers $2,000 to $50,000 over 24 to 72 months at 8.99% to 35.99% APR, with an origination fee of 1% to 9.99%. Checking your rate is a soft pull, and funding typically takes one to three business days once the loan is approved.
2. Upstart – Best for borrowers with a thin credit file
Upstart’s model weighs income, education and employment alongside your score, which helps if your file is thin. Loans run $1,000 to $50,000 over 36 to 60 months at 6.53% to 35.99% APR. Origination fees range from 0% to 12%, and most approved loans fund the next business day.
3. Upgrade – Best for small loans and long terms
Upgrade lends $1,000 to $50,000 over 24 to 84 months at 7.74% to 35.99% APR, with an origination fee of 1.85% to 9.99%. It offers rate discounts for autopay and for paying creditors directly on a consolidation loan, and it allows joint applications.
4. Avant – Best for credit scores around 600
Avant targets the same fair-credit borrower Peerform did. It lends $2,000 to $35,000 over 24 to 60 months at 9.95% to 35.99% APR, with an administration fee of up to 9.99%. Funds usually arrive the next business day.
5. Universal Credit – Best for scores below 600
Universal Credit, an Upgrade affiliate, accepts lower scores than most lenders on this list. Loans run $1,000 to $50,000 over 36 to 60 months at 11.69% to 35.99% APR, with an origination fee of 5.25% to 9.99%. It also includes free credit monitoring.
SuperMoney may be compensated by some providers listed; this doesn’t change how we evaluate them.
How to Choose the Right Peerform Alternative
When comparing personal loans, consider the following factors:
- Loan Amount – Make sure the lender offers the amount you need.
- APR and Fees – A lower APR means lower costs over time. Watch out for hidden fees.
- Credit Requirements – Some lenders require higher credit scores than Peerform. If your score is low, check out these personal loans for people with good credit.
- Repayment Terms – Look for flexible repayment options that suit your budget.
- Funding Speed – If you need funds quickly, consider lenders with same-day approval.
- Secured vs. Unsecured Loans – If you have bad credit, a secured personal loan may offer better terms.
Alternatives to Personal Loans
If you’re looking for financing but want to explore options beyond personal loans, consider:
- Credit Cards– A good option for smaller expenses, especially if you qualify for a 0% APR introductory offer.
- Home Equity Loans – If you own a home, you may get a lower interest rate by borrowing against its equity.
- Payday Loans – A last-resort option, but be cautious. Learn the key differences between payday loans and personal loans.
- Debt Consolidation Loans – Ideal if you want to simplify multiple debts into one payment.
- Secured Loans – If you have collateral, a secured vs. unsecured debt comparison can help you decide the best option.
Frequently Asked Questions
Is Peerform still in business?
Not as a lender. Peerform stopped accepting new personal loan applications around 2023, and its website has been unreachable since at least September 2026. Existing loans continue to be serviced.
What happened to Peerform?
Peerform was acquired by Versara Lending in 2016 and quietly wound down new lending a few years later. There was no bankruptcy filing or regulatory action reported; it simply stopped originating loans.
Is peerform.net the same company as Peerform?
No. peerform.net is an unrelated lead-generation site that uses the Peerform name and advertises high-cost loans. The lender was Peerform, Inc. at peerform.com.
I have a Peerform loan. Who do I pay?
Keep paying under your agreement. Contact peerform@peerform.com if you haven’t been told who services your loan, and check your credit report for the servicer’s name. Ignore unsolicited calls offering a new Peerform loan.
What did Peerform offer?
Unsecured personal loans of $4,000 to $25,000 over 3 or 5 years at 5.99% to 29.99% APR, with a 1% to 5% origination fee and a 600 minimum credit score.
What is the best alternative to Peerform?
Prosper is the closest match: a peer-to-peer lender still making loans of $2,000 to $50,000 to fair-credit borrowers. Upstart and Upgrade are strong options if your credit file is thin or you need a smaller loan.
Final Thoughts
Peerform is gone, but the loan it offered isn’t. Prosper, Upstart, Upgrade, Avant and Universal Credit all make unsecured personal loans to borrowers with fair credit, at rates capped at 35.99% and with funding in days rather than weeks. Check your rate with two or three of them; the soft-pull prequalification won’t affect your score.
Key Takeaways
- Peerform no longer accepts new loan applications, and its website is offline.
- It offered $4,000 to $25,000 at 5.99% to 29.99% APR to borrowers with a 600+ score.
- peerform.net is an unrelated lookalike site, not the lender.
- Prosper, Upstart and Upgrade are the closest replacements for fair-credit borrowers.
Andrew is the Content Director for SuperMoney, a Certified Financial Planner®, and a Certified Personal Finance Counselor. He loves to geek out on financial data and translate it into actionable insights everyone can understand. His work is often cited by major publications and institutions, such as Forbes, U.S. News, Fox Business, SFGate, Realtor, Deloitte, and Business Insider.
Share this post:
Add
as a preferred source on GoogleTable of Contents