Peerform provides fixed-rate personal loans for various purposes. Common loan uses include:

  • Consolidating debt
  • Credit card refinancing
  • Making home improvements or major purchases
  • Car financing

Peerform personal loans range from $4,000 to $25,000, and repayment terms are either three years or five years. Once you’re approved for a loan, you’ll receive the funds within three business days.

The lender charges an origination fee on all loans that can range from 1% to 5%. The fee is deducted from your loan proceeds. Other fees could include:

  • A late fee. If your payment is 15 or more days late, you’ll pay the greater of 5% of the unpaid amount or $15.
  • An unsuccessful payment fee. If an automatic payment is rejected by your bank, you’ll pay a fee of $15 per unsuccessful attempt.
  • A check-processing fee. If you choose to make monthly payments by check, you’ll pay a fee of $15 per payment.

Peerform has a minimum FICO credit score of 600 and a 40% maximum debt-to-income ratio. Borrowers can prequalify and view rate offers with a soft credit check.

Co-signers are not accepted.

Peerform is not accredited by the Better Business Bureau but has an A+ rating. The Consumer Financial Protection Bureau received one complaint in 2021, which did not receive a timely response from the company.

In U.S. News’ ratings of personal loan lenders, Upgrade received 3.7 out of 5 stars overall, 3.9 for affordability, 3.3 for eligibility and 4.1 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.0.

Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

The Peerform loan process is completely online. Application, closing and account management are all online.

  • People who have fair or better credit.
  • People who received an invitation to the lender’s debt consolidation program.
  • People who live in a state where the lender operates.

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By Richard

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