The bottom line: Accepts low credit scores, with rates and terms similar to other bad credit lenders.
Min. Credit Score
5.99 - 29.99%
$4,000 - $25,000
Pros & Cons
Accepts borrowers with a high DTI ratio.
Accepts short credit history.
Charges origination fee.
No option to include co-signer.
Funding can take up to two weeks.
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To review Peerform, NerdWallet collected more than 30 data points from the lender, interviewed company executives 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 wants to serve those with less-than-perfect credit who cannot qualify for loans from banks, says Oana Varlan, Peerform spokeswoman. Like other online peer-to-peer lenders, Peerform assigns borrowers grades when they apply for a loan, and they receive a loan decision and interest rate based on those grades.
» MORE: Compare bad credit loans
Debt consolidation loans: Peerform offers loans for debt consolidation, which rolls multiple debts into one fixed monthly payment, ideally at a lower interest rate. Peerform's starting rates for its consolidation loans are lower than average credit card rates.
However, Peerform does not offer direct payment to creditors, a consumer-friendly feature offered by other lenders. You’re responsible for repaying each debt with the money that’s deposited to your bank account.
» MORE: Best debt consolidation loans
Origination fee: Peerform charges an origination fee of 1% to 5% of the loan amount. The fee is included in the annual percentage rate calculation and subtracted from the loan proceeds. For example, a $10,000 loan with an origination fee of 3% would cost $300 and net the borrower $9,700.
No co-signers or secured loans: Peerform does not allow borrowers to add a co-signer or secure a loan, two options that some lenders offer to help borrowers boost their chances of qualifying or get a better rate on a loan.
The company reports loan payments to credit bureau TransUnion, so your credit score may improve if you make on-time payments. Some lenders report payment activity to all three major credit bureaus.
Origination fee: 1% to 5% of loan amount.
Late fee: 5% of payment or $15, whichever is greater, charged after 15-day grace period.
Prepayment penalty: None.
How to qualify:
Minimum credit score: 600.
Minimum credit history: 1 year.
Minimum gross annual income: $10,000.
Debt-to-income ratio: 40% or lower, excluding mortgage.
Unavailable to borrowers in Connecticut, North Dakota, Vermont, West Virginia, Wyoming, and Washington D.C.
» MORE: Personal loans for fair credit
Loan example: For a borrower with bad credit, a $7,000 personal loan with a repayment term of 36 months at an APR of 27.2% would carry monthly payments of $287, according to NerdWallet’s personal loan calculator.
How to apply with Peerform
You can fill out a form on Peerform’s website, providing credit and income information.
Checking your rate does not affect your credit score. A hard credit pull is triggered when you complete your loan application and get approved for funding.
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Personal Loans Rating Methodology
NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to 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.