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Peerform personal loans review

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With low potential interest rates and multiple investors, this peer-to-peer lender could be the solution to your financial problems.

finder.com’s rating: 3.0 / 5.0


Peerform is a peer-to-peer service that can help connect you to a lender that fits your needs. Its quick application keeps things simple, and once you’ve been preapproved, its investors will review your profile to see if you’re a good borrowing match. Interest rates can be high, but if you have decent credit and need a loan, Peerform might be a smart way to get the loan you need.


Max. Loan Amount




Min. Credit Score


Product NamePeerform Personal Loans
Min. Loan Amount$4,000
Max. Loan Amount$25,000
Interest Rate TypeFixed
Min. Credit Score600
Minimum Loan Term3 years
Maximum Loan Term5 years
Go to Peerform's website

What makes Peerform unique?

Peerform’s grading system makes it unique. When your application is received, Peerform will give it a grade ranging from AAA to DDD. This grade impacts your interest rate and origination fee. Borrowers with an AAA grade may be eligible for an interest rate from 5.99%–29.99% range and an origination fee of 1%.

What is Peerform?

Like many peer-to-peer lenders, Peerform has a variety of investors that view your application and decide to fund your loan. This can help keep interest rates low, with all of its loans costing between 5.99%–29.99%. Loan terms are either three or five years, and you can borrow anywhere from $4,000 to $25,000.

Peerform also has a debt consolidation program. This invite-only program offers fixed-rate loans designed to help you combine all your credit card and other debt into one monthly bill, which can potentially lower your monthly payments. Loan amounts range from $10,000 to $35,000. You can apply for a debt consolidation loan, but if you’ve already been invited, Peerform will be able to preapprove you within just a few minutes.

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What are the benefits of a loan from Peerform?

If you’re considering getting a personal loan from Peerform you can expect the following:

  • Potentially low interest rates. Depending on your credit score and loan terms, you may be eligible for an interest rate from 5.99%–29.99%.
  • Flexible loan amounts and terms. You can apply for a loan for between $4,000 and $25,000. Loan terms can extend up to five years.
  • Credit isn’t the deciding factor. Peerform takes a more holistic approach to your application. While a credit score of 600+ is required, a steady source of income and a solid ability to repay will help increase your chances of being approved.
  • Live chat available. Don’t have time to make a call? Peerform has a live chat service on its website so you can have your questions answered quickly.

What to watch out for

  • High potential interest rate. Because Peerform works with a variety of lenders, borrowers with lower credit scores may be given terms with interest rates as high as 29.99%.
  • Limited customer reviews. Not many people have left reviews about Peerform online. Unfortunately, this means it might be difficult to see how other borrowers fared when getting a loan through Peerform.
  • May take time to get funded. Because Peerform is a peer-to-peer lender, it may take multiple days to be fully approved and receive your funding. If you need money quickly, consider another personal loan option.

What does the Internet say about Peerform?

There are very few reviews for Peerform. It isn’t accredited by the Better Business Bureau (BBB), but it does have an A+ rating. However, there have been only three reviews posted on the BBB website. These are all negative, though the complaints center around the issue of not being approved after filling out a full application. This is because the application process is for preapproval, not full approval. You will still need to be connected with a lender that can fund your loan; if there isn’t a lender available, you won’t be able to receive a loan.

Other review websites like TrustPilot don’t have any information on Peerform. This means you may have a difficult time determining if Peerform is the right service for you. Reach out to its customer service department if you have any questions, and use this as an opportunity to see how Peerform treats you before agreeing to a loan.

Interested in being a Peerform investor?

Peerform offers new investors the opportunity to choose between whole loans and fractional loans. Whole loans are best suited for institutional investors, while individual investors may be better able to finance fractional loans. Through Peerform, investors can diversify beyond traditional asset classes and have the ability to customize their investments.

Peerform provides investors with a portfolio builder that lets them create tailor-made risk adjusted profiles. Its customization tool lets you set goals while also outlining how to go about investing so you can achieve optimum results.

Am I eligible?

In order to apply for a loan through Peerform, you’ll need to meet a few basic eligibility requirements:

  • Have a credit score of 600+
  • Have a regular source of income
  • Be at least 18 years old(19 in Alabama and Nevada)
  • Be a US citizen or permanent resident

How do I apply?

    1. Visit Peerform’s website, select a loan amount and loan purpose, then click Am I Eligible?.
    2. Create your Peerform account by providing details about yourself and your annual income.
    3. Click Get Your Rate. You may be required to confirm some personal details.
    4. View your rate then agree to the Truth in Lending disclosure.

What happens after I’m approved for a loan?

Once finished, your application will be shown to Peerform’s investors so they can review it and potentially fund it. Peerform will also help you finalize your application, usually requesting additional information to verify your identity and income.

If you’re connected with a lender and agree to its terms, you’ll then begin the repayment process with Peerform. There is an origination fee between 1% to 5%, which will be deducted from your total loan funds.

You won’t pay any other costs for borrowing, but be aware of other fees that could add up. Peerform charges a check processing fee of $15 if you choose to pay by check, a returned check fee of $15 for an unsuccessful payment and a late fee of either 5% or $15 if you miss a payment.

Bottom line

Peerform is a peer-to-peer lender that keeps the application process simple so you can find a lender quickly. However, its lack of solid reviews and potentially high interest can make it a risky option for those with poor credit. Compare all your peer-to-peer lending options before applying to be sure you’re getting the best deal possible.

Frequently asked questions

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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