As with many online lending companies, interest rate is not something that is a benefit to Peerform customers. Although many borrowers understand that before applying for a loan and compared to other online loan companies, Peerform is fairly average in its interest rates. The starting bottom interest rate Peerform gives to their customers is at 5.99% but can go as high as 29.99%. This is well above average from standard brick and mortar lending companies but fairly average as far as online lending companies go.

Another downside to online lending, is the loan amounts are generally not as high as an individual could get inside a standard loan company. The maximum amount Peerform will lend to any customer is $25,000. While this might seem like a lot, there are many lending companies out there who will loan for much higher amounts and for much lower interest rates; however, many of the customers who qualify for personal loans at Peerform would not be able to do at other standard loaning companies. This is the benefit online lending provides to its clientele.

Peerform is not in business to loan money, they are only in business to gather your information and sell it to high risk investors, (note, there is a difference). If you are looking for a consolidation loan for a quick immediate impact on your credit score, this certainly isn’t the company for you.