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Peerform Reviews: Does Offer Online Loans for Bad Credit with Legit APR Rates?

by Arthur Zuckerman

peerformPeerform is a leading marketplace lender that provides personal loans with lower rates through an easy and fast online process. Borrowers can access Peerform’s lending platform through desktop and mobile interfaces. The lender uses advanced technology to provide a good experience to its customers without middlemen and hidden fees.

Peerform is a marketplace lending platform that connects borrowers with investors. The company was founded by experienced Wall Street executives in 2010. You can borrow loans ranging from $1,000 and $25,000 from Peerform. All loans are originated by Cross River Bank, a New Jersey state chartered commercial bank.

Eligibility Criteria

Peerform’s algorithm takes into account many factors so that it can offer the best possible APR and service a large customer base. The algorithm declines applications with a credit score below 600. You need not be employed to qualify. However, you do need to have a verifiable current source of income.

How is the lender different?

Peerform has a fast process and you can get an offer in two minutes on its website with no effect on your credit score. The loan amount is directly deposited in your account within a few days. APRs start at 7.12%. You can pay on time by automatic payment and build your credit.

There are no prepayment penalties. Peerform says that since it is not a bank, it does not incur the overhead costs associated with formal lending institutions. It passes on these savings to its borrowing and lending clients in a transparent way. Peerform states that its approach excludes hidden fees and out-of-the-blue charges.

How much are the rates?

APR ranges from 7.12% to 28.09%.

How to apply for a loan?

Visit and provide the amount you need, what it is for and your credit score. You will get an instant quote for free. Peerform will review your financial profile and offer you a selection of personal loan alternatives to choose from.


Most recurring positive comments

  • Quick and easy service
  • They deposit money much faster than Prosper or Lending
  • Monthly payments are low

Most recurring negative comments

  • It is a hassle to provide payslip details
  • Uploading the required documents is tedious


Loan amount: From $1,000 and $25,000

Loan Period: All loans are for a three-year period (36 fixed monthly payments).

APR: APR ranges from 7.12% to 28.09%

Areas being served: Peerform loans are available to residents of Alaska, Alabama, Arizona, California, Connecticut, Florida, Georgia, Hawaii, Illinois, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, North Carolina, New Hampshire, Nevada, New York, Ohio, Oregon, Tennessee, Texas, Virginia, Washington, and Wisconsin.

Fees and charges

Origination Fee

The origination fee is charged when a loan is issued and is determined by the Peerform Grade of the loan. The origination fee is included in the APRate calculation and is subtracted from the loan proceeds prior to disbursement.

For example, the final amount credited to the borrower’s bank account for a $5,000 loan with a 2.0% origination fee of $100.00 will be $4,900.00. There are no application fees, and the origination fee is charged only if the loan is issued.

Unsuccessful Payment Fee

The unsuccessful payment fee is either $15 per unsuccessful attempt or a lesser amount as determined by applicable state laws.

Late Fee

The late payment fee is charged when a payment is more than 15 days late. The fee is 5.00% of the monthly payment amount, subject to a minimum fee of $15. The late payment fee is charged only once per each late payment period.

Check Processing Fee

The check processing fee is $15 per each payment.

Collection Fee

The collection fee is charged if Peerform has to use a third-party service to obtain any outstanding payments. The amount of the fee will vary.

Service Charge

The service charge is a fee paid by an investor to have Peerform service and maintain a loan. The service charge is 1.00% of the total monthly amount paid by the borrower.

Personal information required

  • Basic personal and financial data
  • Identity proof
  • Credit score
  • Bank account
  • Phone number
  • Email address
  • Income

Contact details

Phone: 1-800-338-8049


Office address: 369 Lexington Avenue, 28th floor, New York, NY 10017

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