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Peerform Personal Loans: 2018 Review

May 15, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

4.0 stars out of 5

NerdWallet rating: 4.0 / 5.0
Good for: Bad credit

Peerform is a marketplace lender for borrowers with low credit scores. The company connects borrowers with investors who lend them money, and it charges an origination fee.

Peerform is a good fit for those who:

  • Have low credit scores. The minimum required score is 600.
  • Are new to credit. Borrowers need to have only one year of credit history.
  • Want to consolidate debt. The company has slightly lower rates and higher loan amounts for those who want to consolidate debt. Debt consolidation loans above $10,000 are available only by invitation.

Peerform at a glance

Loan amounts$4,000 - $25,000 for any purpose
$10,000 - $35,000 for debt consolidation by invitation only
Typical APR5.99% - 29.99% for 3 year loans
5.99% - 25.05% for debt consolidation loans
Origination fee1% to 5% of loan amount
Time to fundingTypically one week
RepaymentsMonthly, over 3 years or 5 years
Soft credit check?Yes
How to qualify
  • Minimum credit score of 600

  • At least $10,000 in gross annual income

  • At least 1 year of credit history

  • Debt-to-income ratio of 40% or below, excluding mortgage

Best forBorrowers with bad credit
Click "Compare rates" to see estimated rates from multiple lenders on NerdWallet.

» MORE: Personal loans for bad credit

Peerform personal loan review

To review Peerform, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same type of customer or offer a similar personal loan product. Loan terms and fees may vary by state.

New York-based Peerform was acquired by Versara Lending in November 2016. The lender wants to serve those with less-than-perfect credit who cannot qualify for loans from banks, says Oana Varlan, Peerform spokeswoman.

Like other online marketplace lenders, Peerform assigns borrowers grades when they apply for a loan, and they receive interest rates based on those grades. The grades also help investors decide whether to fund a borrower’s loan. The grades are available on Peerform’s website.

Peerform makes loans in 42 states. (It does not serve residents of Connecticut, Idaho, Iowa, Maine, North Dakota, Vermont, West Virginia, Wyoming or Washington, D.C.)

The company reports loan payments to credit bureau TransUnion, so your credit score may improve if you make your payments on time. Some lenders report repayments and late payments to all three credit bureaus, but many do not.

Peerform has no prepayment penalty and gives borrowers a 15-day grace period before charging a late fee. It allows borrowers to change payment due dates once.

Loan example: For a borrower with bad credit, a $7,000 personal loan with a repayment term of 24 months at an annual percentage rate of 27.2% would carry monthly payments of $381, according to NerdWallet’s personal loan calculator.

How Peerform compares

Peerform has rates and fees comparable to Avant, a large online lender for poor-credit borrowers. Peerform’s rates start lower than iLoan, the online arm of lender OneMain Financial, which also offers loans to those with poor credit.


5.99% - 29.99% for a 3 year loan

Minimum credit score


Best for

Bad credit


9.95% - 35.99%

Minimum credit score


Best for

Bad credit


17.59% - 35.99%

Minimum credit score


Best for

Bad credit, secured loans

Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

How to apply for a Peerform loan

You can fill out a form on Peerform’s website, providing credit and income information. Applicants usually receive a soft credit check (which doesn’t affect credit score) to get a rate quote. They get a hard check (which can affect credit score) before the loan is approved. It may take up to a week to get your loan funded by an investor and receive the money.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.


Before you shop for a personal loan:

Personal Loans Ratings Methodology

NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

5 stars out of 5— Among the very best for consumer-friendly features

4.5 stars out of 5— Excellent; offers most consumer-friendly features

4 stars out of 5— Very good; offers many consumer-friendly features

3.5 stars out of 5— Good; may not offer something important to you

3 stars out of 5— Fair; missing important consumer-friendly features

2.5 stars out of 5— Poor; proceed with great caution

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