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Peerform personal loans review

Peer-to-peer loans with low starting rates — but watch out for a slow turnaround time.’s rating: 3.4 / 5.0


  • Best for borrowers with fair credit who've struggled to qualify elsewhere.
  • Pick something else if you were hoping to apply with a cosigner.


Min. Loan Amount$4,000
Max. Loan Amount$25,000
APR5.99% to 29.99%
Interest Rate TypeFixed
Min. Credit Score600
Loan Term2 to 5 years
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First, am I eligible?

To qualify 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


  • Competitive rates from 5.99% to 29.99%
  • Fair credit OK
  • Live-chat available


  • Origination fee between 1% and 5%
  • No cosigners accepted
  • Small range of loan amounts from $4,000 to $25,000
  • Funding can take multiple days

Compare other personal loan providers

Name Product Filter Values APR Min. Credit Score Loan Amount
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 35.99%
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
4.99% to 17.99%
$600 to $25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
5.74 to 20.28%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Monevo personal loans
1.99% to 35.99%
$500 to $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.

Compare up to 4 providers

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.

Peerform reviews and complaints

BBB accreditedNo
BBB ratingA
BBB customer complaints3
Customer reviews verified as of23 December 2019

There isn’t much talk about Peerform from former customers. The only three complaints filed against it on its Better Business Bureau (BBB) page are hidden, and it doesn’t have a page on Trustpilot at the time of writing.

How do I apply?

To apply for a P2P loan through Peerform, follow these steps:
  1. Click Go to Peerform’s website to be redirected to its online application.
  2. Enter the amount you want to borrow and select your loan’s purpose. Click Am I eligible?
  3. Create your Peerform account by providing details about yourself and your annual income.
  4. Click Get Your Rate. You may be required to confirm some personal details.
  5. View your rate and read Peerform’s disclosures.

What information do I need to apply?

You will need to provide some basic information to complete a Peerform application:

  • Monthly housing payment
  • Annual income
  • Copy of your government-issued photo ID

What happens after I apply?

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

If you’re connected with an investor 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.

How do repayments work with Peerform?

You can make repayments online or by check, but be aware that Peerform charges a check processing fee of $15. There’s also a returned check fee of $15 for an unsuccessful payment and a late fee if your payment is more than 15 days late of either 5% of your missed payment or $15 — whichever is greater.

Compare all your peer-to-peer lending options before applying to be sure you’re getting the best deal possible. And check out our guide to personal loans for tips on how to compare lenders.

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.


Review by

Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

Peerform is a peer-to-peer (P2P) lender that offers personal loans to borrowers with fair credit. Its rates are relatively competitive — especially for a provider that’s willing to work with borrowers with less-than-perfect credit. And the live-chat feature on its website makes it easy to get answers without picking up the phone.

But you’ll be on the hook for an origination fee between 1% and 5%. And you can’t apply with a cosigner to help you qualify. It’s also not ideal if you’re looking for funds fast, since it can take several days to connect you with an investor.

Not sold on Peerform? Compare your other options below.

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