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
Useful Information About Peerform Loans
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:
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.
Yes. Peerform loans are entirely online.
Your credit score must be higher than 600.
The minimum loan amount from Peerform is $4,000.
The maximum Peerform loan is $25,000.
The only loan term available is a three-year loan.
Yes. Peerform offers competitive interest rates. The rate you receive for your loan depends on your qualifications.
Yes. Peerform offers fixed interest rates for the life of the loan.
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.
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.
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.
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 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.
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.
Yes. There are no fees for paying your loan off early.
Their security measures follow bank-level security protocols. They encrypt personal information and protect it with firewalls. Their servers have SSL technology.
The Peerform website does not list a mobile app.
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.