PEERFORM

PERSONAL LOAN REVIEW

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Peerform is an online lender that makes small loans — both single-payment and installment loans — to borrowers with low credit scores. Peerform’s rates are as high as traditional payday loans in some cases, and lower than payday loans in others

2.0 out of 5.0 stars

Peerform Complaints

2.0 out of 5.0 stars

Fast & Easy Online Applications
Credit Card Alternative
24 Hour Approvals

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CONSUMER WARNING

Peerform Connects Borrowers With High Risk Investors

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.

 

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CONSUMER WARNING:

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.

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