What You Need to Know
The minimum credit score required is low compared to other online lending companies. Peerform only requires a credit score of 600 to apply. Having that credit score does not mean you will be approved for a loan. Approval depends on other qualifications.
Peerform allows customers to have more than one loan open at the same time. You cannot apply for more than one loan at a time. You can apply for another loan while still paying off your first loan. If you are eligible to apply for another loan, Peerform will notify you when you log in to your account.
Peerform loans are not free of fees. Customers can incur a variety of fees. The origination fee is between one and five percent of the loan amount. There is a $15 fee for paying with a check and for having insufficient funds. The late payment fee is $15 or five percent, whichever is greater. The fee for a late payment comes if your payment is 14 days or later after the due date.
Each Peerform loan goes through a two-week listing period. These loans are peer funded loans. You apply for a loan and wait for someone to agree to invest in your loan. That process could take two weeks to complete.
Qualifications to Apply for Peerform Loans
- Annual Income: Verifiable
- Job History: Not specified
- Debt-to-Income Ratio: <40%
- Minimum Credit Score: >600
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: >12 months
- Past Loan Denial: 1-90 days
- U.S. Citizenship Required: Yes, or permanent resident
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Peerform Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 5.99-29.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH or checks
- Payments Due: Monthly
- Payment Methods Fees: $15 for check payments
- Smallest Loan: $4,000
- Largest Loan: $25,000
- Loan Term Lengths: 36-months
Additional Relevant Information
Peerform offers loans in a small range of amounts. The minimum loan amount is $4,000. The maximum loan amount is $25,000. The only term length allowed is 36-months.
Since Peerform is a peer-to-peer lending company, your total loan amount may fund. When you apply for a loan, there is a two-week amount of time where investors decided whether to fund your loan. If the whole amount is not funded, you have one week to accept the partially funded loan or decline the offer. If investors only agree to fund less than $4,000 of your loan, your application will automatically end.
Peerform loans are not available in every state across the United States. Residents in these states cannot apply for Peerform loans:
- Connecticut
- Idaho
- Iowa
- Kansas
- Maine
- North Dakota
- Vermont
- West Virginia
- Wyoming
History and Achievements
Peerform is an online division of Cross River Bank. Peerform offers peer-to-peer lending and investment opportunities. The lenders receive less risky returns on the money they invest. The borrower receives lower interest rates on the money they borrow.
Peerform started in 2010. Wall Street executives wanted to help dependable borrowers. They felt traditional lending companies did not service small businesses or individuals. They wanted borrowers to have a positive lending experience. They also wanted investors to receive returns on their investments.
Peerform offers personal loans for debt consolidation, weddings, and home improvements. You can use Peerform loans for moving expenses, medical bills, or to finance your vehicle. You can apply for a loan entirely online.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. Peerform loans are entirely online.
What is the lowest my credit score can be?
Your credit score must be higher than 600.
What is the smallest loan amount available?
The minimum loan amount from Peerform is $4,000.
What is the largest loan amount available?
The maximum Peerform loan is $25,000.
What are the loan term lengths?
The only loan term available is a three-year loan.
Are the interest rates competitive?
Yes. Peerform offers competitive interest rates. The rate you receive for your loan depends on your qualifications.
Are the interest rates fixed?
Yes. Peerform offers fixed interest rates for the life of the loan.
What types of loans are available?
Peerform offers personal loans. You can use these loans for debt consolidation, weddings, and home improvements. They also offer loans for medical and moving expenses and auto financing options.
What information do I need to apply for a loan?
Peerform requires a valid email, SSN, and bank account. You must verify your identity with a driver's license or another government-issued ID. You must verify your income with two recent pay stubs. More information may be necessary to complete the application.
How long does approval take?
You will know if you qualify and your interest rate within a few minutes after applying. Full approval and funding may take up to two weeks.
How long will it take the money to enter my account after approval?
After an investor decides to fund your loan and you have final approval, the money transfers into your account within one to two business days.
If I have been denied a loan before, how long do I have to wait to apply again?
If Peerform denies your loan, you must wait up to three months before you reapply. The time you wait depends on why you received a denial.
What are the payment options to repay my loan?
You can make payments through electronic transfers or by sending in a check. If you pay with a check, there is a $15 processing fee.
Can I pay my loan off early?
Yes. There are no fees for paying your loan off early.
Is my information secure?
Their security measures follow bank-level security protocols. They encrypt personal information and protect it with firewalls. Their servers have SSL technology.
Does this loan company offer a mobile app?
The Peerform website does not list a mobile app.
How do I contact customer service?
Through email, phone, mail, or online chat. They are open daily from 9 a.m. to 6 p.m. EST. You can follow Peerform on Facebook, Google Plus, LinkedIn, and Twitter. Peerform also has a blog.
Bank Contact Information
Peerform
711 3rd Ave, 6th Floor
New York, NY 10017
800-338-8049
