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  Peerform Personal Loans

Peerform Personal Loans

in Personal Loans from Peerform Inc.

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Peerform Personal Loans

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in Personal Loans from Peerform Inc.

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APR  (Fixed APR) 5.99% - 29.99%
Loan Amount $4,000 - $25,000
Loan Term (Months) 36 - 60 months

Peerform Personal Loans Review

Peerform Personal Loans is offered by Peerform Inc., a marketplace lending platform founded in 2010 and based in New York, NY. Peerform Personal Loans is available in 42 states across the USA.

Key takeaways

  • Fast access to cash. In some cases you can get your money within 1 business day.
  • Fair credit accepted. The credit score needed for Peerform Personal Loans is relatively low. Borrowers with a credit score as low as 600 may qualify for Peerform Personal Loans.
  • Origination fees of up to 5%. This is average for lenders that charge origination fees. However, plenty of lenders don't charge them. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
  • Minimum income of $10,000. You will need an annual income of at least $10,000 to apply for Peerform Personal Loans, which is below average for the lenders in our database

Peerform Personal Loans Pros and Cons:

Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • Considers applicants with poor credit.
  • Fast funding.
  • APRs as high as 29.99%.
  • Charges an origination fee of up to 5% of the loan amount.
  • Charges a late fee of up to $15.
  • No co-sign option.

What rates and terms does Peerform Personal Loans offer?

Peerform Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does Peerform Personal Loans offer?

Peerform Personal Loans offers a fixed APR personal loan product that ranges from 5.99% APR up to 29.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via Peerform Personal Loans?

Loan amounts start at $4,000 and go up to $25,000.

What can a personal loan from Peerform Personal Loans be used for?

Personal loans from Peerform Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.

What is the maximum loan term you can get with Peerform Personal Loans?

Peerform Personal Loans offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Peerform Personal Loans Rates & Terms
Loan Amount $4000 - $25000
Loan Term 36 - 60 months
APR 5.99% - 29.99%

What fees does Peerform Personal Loans charge?

Does Peerform Personal Loans charge an origination fee?

Peerform Personal Loans may charge a loan origination fee of 1% to 5% of the loan amount. Peerform Personal Loans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Peerform Personal Loans charge a late fee?

Yes, Peerform Personal Loans may charge borrowers a late payment fee of up to $15, which is triggered if you're 15 days late.

Does Peerform Personal Loans charge prepayment fees?

No, Peerform Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

Peerform Personal Loans Fees
Origination Fee 1% - 5%
Prepayment Fee? No
Late Payment Fee $15

What do you need to qualify for Peerform Personal Loans?

Applicants with a credit score of at least 600 and up to 850 are eligible for Peerform Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with Peerform Personal Loans, applicants need a minimum annual income of $10,000 or higher. Peerform Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Peerform Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Peerform Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Recent pay stubs
  • Proof of income
  • Driver's license
Peerform Personal Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Individual Applications
  • Credit Score 600 - 850

    What is the estimated funding time for a personal loan via Peerform Personal Loans?

    Peerform Personal Loans will typically approve (or deny) a loan application within 1 hour and fund personal loans within 3 business days of approval.

    Does Peerform Personal Loans report your account activity to credit bureaus?

    Peerform Personal Loans reports your account activity to the following credit reporting agencies:

    • Transunion

    Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

    PEERFORM PERSONAL LOANS Disclosure: Peerform may charge a borrower a late payment fee of $15 or 5% of the monthly payment amount, whichever is greater.
    SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

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    Other Services by Peerform Inc.

    Message From Peerform Inc.

    Founded in 2010 by Wall Street executives with extensive backgrounds in Finance and Technology, the Peerform marketplace lending platform is dedicated to helping borrowers by offering them hassle-free personal loans at great rates.

    Availability

      Available in 42 states
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Washington
    • Wisconsin

    Feature Breakdown

    No Prepayment Fee  
    Late Fee After 15 days
    Late Fee Amount $15
    Origination Fee (%) 1% - 5%
    Checking Account Required  
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    • Unemployed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted Individual Applications
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Minimum Age 18
    Minimum Annual Income $10,000
    Supported Income Types
    • 1099 Misc. Income
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
    Verification Documents Required
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    Credit Score Range 600 - 850
    Approval Speed 1 hour
    Credit Bureau Reporting TransUnion
    Funding Time Range 1 - 3 days
    Payment Options
    • Automatic Payments
    • Check by mail
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $4,000 - $25,000
    APR (Fixed APR) 5.99% - 29.99%
    Loan Term 36 - 60 months

    Peerform Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

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    -100% 0% +100%
    No one recommends Everyone recommends

    Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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