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Perform personal loan amounts and interest rates
Performing loan amounts range from $4,000 to $25,000. For small or very large expenses, it may be better to take out a personal loan from a competitor. Peerform offers terms of three to five years.
You’ll get an APR of 5.99% to 29.99% with Peerform, which is slightly better than the rates you’ll get from other lenders for people with bad credit. For example, the APR range of Avant is 9.95% to 35.99%, and the range of Upgrade is 5.94% to 35.97%.
Peerform offers peer-to-peer loans, which work differently than traditional personal loans made directly from a lender. With a traditional lender, you complete an application and receive a set of loan terms from the company lending you the money.
With Peerform, once you complete an application, your loan will be listed on a marketplace where individual investors can decide to fund your loan. Peerform will rate your loan based on its perceived level of risk, then show investors the interest rate, the purpose of your loan, and its funding schedule.
You can use a personal loan for a variety of purposes, including debt consolidation, home improvement projects, and medical expenses.
Advantages and disadvantages of Peerform personal loans
Who is Peerform for?
Peerform is best suited for borrowers with poor credit ratings as they are more likely to be approved by Peerform than other lenders.
Peerform personal loan comparison
Perhaps the most important distinction between the three companies is that while you can get a new loan from Avant and Upgrade, you cannot with Peerform.
Both Avant and Upgrade have a mobile app, while Peerform does not. These lenders may be a better choice for borrowers who prefer to manage their loans virtually.
All three lenders are good for borrowers with bad credit because they are more lenient on minimum score requirements than some other lenders in the industry.
Is Peerform trustworthy?
Peerform has earned an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB rates companies based on their responses to customer complaints, honesty in advertising, and transparency in business practices.
Keep in mind that a good BBB score does not necessarily mean that you will have a good relationship with the company and should simply be used as a starting point in your search for a personal lender.
Peerform has not been involved in any recent controversies. Between its clean history and its good BBB score, Peerform can be considered a reputable lender.
Frequently Asked Questions
What credit score do you need for a Peerform loan?
Currently, Peerform doesn’t make new loans, so you won’t be able to get any, regardless of your credit score. In the past, Peerform assessed interest rates on its loans based on credit rating and other financial factors.
Is Peerform a legit company?
Peerform is a legitimate business, serving as a marketplace where interested investors can fund people looking for personal loans. Because peer-to-peer lending isn’t as common as traditional lending, Peerform might not seem as legit, but that’s a misconception.
How long does Peerform take to fund a loan?
Peerform will deposit the funds within a few business days.