NerdWallet rating: 3.5 / 5.0
Good for: Bad credit
Editor’s note: Since its acquisition by Versara Lending, Peerform has not responded to NerdWallet’s repeated requests to verify information contained in this review. As of the published date, the information is accurate to the best of our knowledge.
Peerform wants to be the go-to lender for poor-credit borrowers. 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. There are no minimum income requirements, while the maximum allowed debt-to-income ratio is 40%.
- Are new to credit. Borrowers need to have only one year of credit history.
- Want to consolidate debt. The company has different rates and loan amounts for those who want to consolidate debt, but they must receive an invitation to apply for this type of loan.
Peerform at a glance
|Typical APR||5.99% - 29.99%
5.99% - 21.95% for debt consolidation borrowers
|Loan amounts||$4,000 - $25,000
$10,000 - $35,000 for debt consolidation borrowers
|Time to funding||Up to two weeks|
|Origination fee||1% – 5%|
|Soft credit check with application?||Yes|
Clicking “Check rates” will take you to the Peerform site for an online application.
» MORE: Best 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 makes loans in 41 states. (It does not serve residents of Connecticut, Idaho, Iowa, Kansas, Maine, North Dakota, Vermont, West Virginia, Wyoming or Washington, D.C.)
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.
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 doesn’t offer flexibility around payment due dates.
How Peerform loans compare
Peerform has rates and fees comparable to Avant, a large online lender for poor-credit borrowers. Peerform’s rates start lower than OneMain Financial and Mariner Finance, which also offer loans to those with poor credit.
Since Peerform is a marketplace lender, matching borrowers with investors who fund the loans, it can take longer to get a loan funded through the company than with other online lenders. The company’s website says loans are typically funded immediately, but may take up to two weeks.
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.
If you want to compare an offer from Peerform with those from other lenders, click the button below to fill out a pre-qualification form. NerdWallet will check its lender marketplace and display the loans and rates for which you qualify. Pre-qualifying won’t affect your credit score.
More about Peerform personal loans
Peerform loan requirements
- Minimum credit score required: 600
- Minimum gross income required: None
- Minimum credit history: One year
- Maximum debt-to-income ratio: 40%
- APR range: 5.99% to 29.99%
- Loan amount: $4,000 to $35,000
- Loan duration: Three or five years
- Time to receive funds: Up to two weeks
Peerform fees and penalties
- Origination fee: 1% to 5% of the loan amount
- Prepayment fee: None
- Late fees: The greater of $15 or 5% of the payment amount
- Unsuccessful payment fee: $15
- Personal-check processing fee: $15
- Learn how personal loans work
- 4 ways to consolidate credit card debt
- Read more personal loan reviews
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. To ensure accuracy and consistency, our ratings are reviewed by multiple people on the NerdWallet Personal Loans team.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution