Peerform is a unique online lending platform that connects borrowers and investors worldwide. The company offers loans for a wide variety of purposes, including personal loans, debt consolidation, business loans, and more.
This can be a great way to get funding for your business or to get started in investing. However, there are some things you should know before using Peerform. Is the Peerform app right for you? This article looks closely at the benefits and drawbacks of using Peerform to get a loan. We will also cover all the features and prices! Let’s take a closer look at the Peerform review!
Pros and Cons of Peerform
Firstly, let’s discuss the advantages in this Peerform app review:
- The starting APR for a Peerform loan is just 5.99%, which is much lower than the average for personal loans (11.87%).
- If you pay off your loan early, you will not be charged a prepayment penalty.
- Another benefit is that Peerform accepts borrowers with bad credit.
- Repayment terms of 3 years or 5 years.
- Peerform loans are funded quickly.
However, there are a few disadvantages:
- There is no guarantee that you will be approved for a loan. While Peerform has more lenient lending criteria than some other platforms, there is still no guarantee that your loan will be approved.
- There is also an origination fee of up to 5% of your loan amount.
- Only one repayment term option.
How does Peerform Works?
Peerform is a peer-to-peer lending platform that allows borrowers to access loans without going through traditional financial institutions. Instead, investors fund the loans and earn interest on their investments.
You can submit a loan request on Peerform’s website if you need to borrow money. Lenders will then review your request and decide whether or not they want to fund your loan. You’ll receive the money in your account within a few days if your loan is funded.
You’ll then have up to 36 months to repay the loan, with monthly payments that include both principal and interest. There are no prepayment penalties, so you can pay off your loan early if you want to.
If you’re interested in lending money and making a direct deposit, you can create an account on Peerform and deposit money into it. You can then choose which loan requests you want to fund. As a lender, you’ll earn interest on your loans.
To get started, borrowers fill out an online application. Based on the information provided, Peerform will give the borrower a loan grade, which determines the interest rate and terms of the loan.
Once investors fund the loan, the money is deposited into the borrower’s linked bank accounts. The borrower then makes monthly payments back to Peerform, distributed to the investors. If the borrower defaults on the loan, the investors may lose some or all of their investment from the existing bank account.
Peerform is a good option for borrowers who may not qualify for a loan from a traditional financial institution. However, it’s important to remember that defaulting on a loan can have serious consequences.
Types of loans offered by peerform include:
These financial products can be used for:
You can use the budgeting feature to track your spending and make sure you are sticking to your budget.
With the rewards program, you can receive cash back or points for every dollar you spend.
If you have an unexpected expense, you can choose financial solutions and take out an emergency loan to cover the cost.
Here is the list of business loans:
Small business loans:
Peerform offers small business loans to help you get the funds you need to start or grow your business.
With invoice financing, you can get funding based on the value of your outstanding invoices.
If you need to pay for new equipment for business, you can finance it through Peerform.
Other Loan Features:
You can find useful advanced features in the list:
- You can check your rate without affecting your credit score.
- Loan amounts from $4,000 to $40,000.
- 3 or 5-year repayment terms available with a debit card.
- No prepayment penalties or direct deposits.
- The refinance bills are short-term.
- Get funds as soon as one business day after approval.
The requirements include:
- You must be a US citizen or permanent resident in an eligible state.
- You must have a regular source of income.
- You have a checking account in your name.
- You must be at least 18 years old.
- You must not currently be a debtor in bankruptcy proceedings.
Let’s say you take out a $15,000 loan with an APR of 15% and a three-year repayment term. Based on the loan terms, your monthly expenses would be $465, and you would paycheck $1,693 in interest over the life of the loan.
Terms and conditions for loans
The terms and conditions include:
- The products and services vary depending on the type of loan you choose.
- All loans must be repaid within the specified period. If you miss a payment, you may be charged a late fee.
- You can prepay your loan at any time without penalty.
Peerform Fees and Rates
The origination fee is a one-time charge that is taken out of your loan proceeds. This fee is charged by Peerform to cover the cost of processing your loan application.
Late Payment Fee:
If you make a late payment on your loan, you will be charged a late payment fee. This fee is typically 5% of your unpaid principal balance.
If you choose to pay off your loan early, you may be subject to a prepayment penalty. This fee is typically 3% of your outstanding loan balance.
Peerform does not charge for costly overdraft fees. However, if you have an ACH payment scheduled and there are insufficient funds in your account when the payment is attempted, your bank may charge an NSF (non-sufficient funds) fee. This fee is typical $25.00.
Peerform does not charge any monthly fees.
The annual percentage rate (APR) on a Peerform loan ranges from 5.99% to 29.99%. This APR includes both the interest charges on your loan as well as any fees that may be charged.
Peerform does not charge any additional membership fee. However, your bank may charge a fee for wire transfers. This fee is typical $15.00.
Peerform Safety and Security
The main idea behind financial services is to assist clients, make the process easier, and ensure top-level safety of both funds and data. That being said, security is a key parameter each client should seek when working with the service.
Peerform is committed to keeping your personal and financial information safe. We use a variety of physical, electronic, and managerial procedures to protect the confidentiality and security of your information. The risks of having any of your data leaked are minor due to the diligent work of our experts.
Moreover, the app is scanned for any security holes or vulnerabilities to make it safe. It’s a critical step to ensure that all users get protected when browsing online and using a mobile tool. This is a gateway provider that ensures all transactions. Hence, these are not stored on our servers. If you want to feel secure, the app will leave no other choice for you.
Trustworthiness and BBB Rating of Peerform
Peerform is a member of the Online Lenders Alliance (OLA), which is a trade association that represents the online lending industry. The OLA has a code of conduct that all members must follow, which includes being truthful and transparent with customers, protecting customers’ information, and providing a high level of customer service.
The Better Business Bureau (BBB) is a nonprofit organization that sets standards for ethical business behavior and is accredited to businesses that adhere to these standards. The BBB rating system consists of four grades: A+, A, B, and C. Peerform has an A+ rating from the BBB, the highest possible rating. This means that the BBB has determined that Peerform meets its high standards for operating honestly and transparently.
Peerform Mobile Support and Accessibility
Peerform mobile app support and accessibility offer two ways for you to access your account and manage your loans. You can either use the Peerform website or download the iPhone or Android app. You can easily use it on a tablet, smartphone, or desktop.
The Peerform mobile app is available for free in the App Store and Google Play. The app allows you to view your account information, make payments, and track your progress.
To use the app, you’ll need to create an account on the Peerform website. Once you’ve done that, you can log in with your username and password.
If you have any questions about using the app or run into any problems, you can contact our Customer Support team. Our team is available Monday-Friday, 9 am-6 pm EST. You can reach us by mail at [email protected]
Customer Service at Peerform
If you have questions about your loan, the Peerform customer service provider is available Monday through Friday from 9 am to 6 pm EST by phone or email. You can also be called to submit a question through the online form on their website 24/7, and someone will respond during business hours.
In addition to customer service, Peerform offers several resources to help you understand and manage your loan. These include an FAQ section on their website, articles on financial topics, and a glossary of terms. You can also view your loan details and make payments online anytime.
Peerform is committed to providing excellent customer service and helping you succeed financially.
Is Peerform Good Choice for You?
You’ve probably seen the ads for Peerform and wondered if this peer-to-peer lending platform is a good choice for you.
Peerform is a good choice if you:
Have a short-term financial need
Peerform loans are typically for smaller amounts and shorter terms than traditional bank loans, making them a good option for covering unexpected expenses, rent and utility costs, or consolidating high-interest debt.
Want to avoid damaging your credit score
Because Peerform loans are not reported to the major credit bureaus, they will not impact your credit score (positively or negatively). This can be helpful if you’re trying to rebuild your credit or simply want to avoid taking on too much debt.
Have a regular income
Peerform requires borrowers to have a regular income, which can come from employment, self-employment, disability, or Social Security benefits. This helps ensure that you’ll be able to repay the loan.
Are willing to pay a higher interest rate
Because Peerform loans are unsecured and typically have lower credit limits, they come with higher interest rates than secured loans (like home equity lines of credit) or loans from traditional banks.
Apps Like Peerform
Peerform is a top-reviewed service on the market, and there are few companies that can compete. But it’s always better to have alternatives to compare, play with options and enjoy the diversity of services available. Here are the 3 other companies to offer similar features.
- The Loan Exchange will fit beginners and those users prone to having issues with mobile apps. This tool offers seamless user-friendliness.
- You can try Lending Club for the leading results in the market.
- Many users give positive feedback about the way Payoff works.
We take a look at the app from different angles to get an accurate overview. We consider the design, user-friendliness, same features, and overall functionality. We also read through customer reviews to see what actual users have to say about their experience with Peerform. Finally, we contact the customer support team to see how responsive and helpful they are. By taking all of these factors into account, we can give you an honest and unbiased review of the Peerform app.
How we Reviewed Peerform?
In order to present a well-crafted review, there should be a specific procedure. It can take different forms, but it seeks to reveal the most detailed data to the reader. We took a close look at the review of Peerform to see how it compared to other personal loan providers. We looked at the interest rates, fees, repayment terms, and any special features or benefits that Peerform offers.
We also read through the company’s app and checked out customer reviews to get a better sense of what borrowers think of their experience with Peerform. The review process also involved a few alternatives. Take a look at this comparison table below!
|Peerform||The Loan Exchange||LendingClub|
|Loan type||Personal loan||Terms loan||Terms loan|
|Maximum loan amount||$25,000||$250,000||$500,000|
|Terms||36-60 months||1-120 months||6-60 months|
|Minimum credit score||600||500||640|