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 fees does Peerform Personal Loans charge?

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 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.