Peerform is no longer accepting new loan applications. Peerform was an online lender that offered peer-to–peer personal loans.
The lender provided loans of mid-sized size to consumers with fair or bad credit scores (scores below 690). It used the peer-to–peer model where lenders connect borrowers with investors who are willing to fund their loans.
Peerform loans ranged from $4,000 to $25,000 and had an annual percentage of 5.99% to 29.99%. They also had a three year repayment term.
Alternatives for Peerform
Peer-to-peer loans are rare these days. However, online lenders, banks, and credit unions might offer personal loans for borrowers with less than perfect credit. Compare loan offers from different lenders to determine which one is the most attractive.
Check if you are eligible for a personal loan without affecting credit score
Answer a few questions and you’ll get rate estimates from multiple lenders.
Online lenders are open to borrowers with good credit. Others lend to those with poor credit or with bad credit histories. Consumer-friendly lenders keep annual percentage rates below 36% and report payments to all three major credit agencies.
Personal loans are offered by these lenders to borrowers with poor or fair credit.
LendingClub used to offer peer-to–peer loans, but now offers direct-to–consumer loans. LendingClub is an excellent choice for those who want to consolidate high interest debts. It offers direct payment to creditors as well as discounted rates on consolidation loans.
Upgrade lends to borrowers from all credit levels, but has lower credit requirements than lenders with excellent credit. Upgrade offers rate discounts and credit-building options, including a credit score simulator and credit report summary.
Upstart considers more than your financial and credit reports to determine if you are eligible for a personal loan. In its underwriting, the lender will consider information such as your education and employer. Upstart claims it can approve a loan application immediately and fund it the next business day.
Credit unions are more likely to accept credit with lower credit scores than online lenders and banks. Credit unions may also consider income and credit history when reviewing personal loan applications. This may help borrowers with fair- to bad credit get approved.
Alliant’s membership requirements are more stringent than other credit unions. Alliant offers 24/7 customer service and can approve a loan as soon as you apply. The loan amounts range from $1,000 to $50,000, and the repayment terms can be up to five years.
Navy Federal is a service that primarily caters to military personnel and their families. The personal loan rate is 18%. This applies to all federal credit unions. The personal loans offered by Navy Federal are flexible and convenient. They can be repaid in as little as five years, and you have the option of a co-signed, secured, or joint loan.
Personal loans from banks are often reserved for customers with excellent or good credit. However, some banks also offer personal loans to people who do not have a customer.
U.S. U.S. Bank offers flexible loans to existing customers with loan amounts upto $50,000, repayment terms of one-to seven years and near-instant funding. Non-customers may borrow up to $25,000, repay the loan in one to five years and receive funding within four days. The bank is available in 26 states.
TD Bank can lend in 15 East Coast states as well as Washington, D.C., so you don’t have to be a customer to apply for a personal loan. The bank can approve and fund loans quickly. The loan amount can range from $2,000 to $50,000 and the repayment terms can be up to five years.
How do you compare personal loans
Compare lenders using these key features.
APR: The APR of a loan is its total cost, which includes interest and fees. This allows for an apples-to–apples comparison between lenders and other financial products like credit cards. The lowest overall APR option is the most affordable.
Monthly payment: A loan with a low interest rate may have monthly payments that are not within your budget. When you apply for a loan, the lender will usually show you the projected monthly payment. To find out what personal loan amount, interest rate and repayment term is best for you, use the calculator.
Origination fee: A lender will charge a fee of 1% to 10% for the origination of a loan before it sends you the funds. This fee is common among online lenders that target borrowers with fair or poor credit. Although it is included in your APR, it is important to understand if and how much you will be charged.
Borrowing requirements: Lenders may publish their borrowing requirements. These requirements can include minimum credit score and maximum debt-to income ratio. NerdWallet, a website that reviews personal loans, also collects this information.
Other features: Compare the other features of personal loans such as funding time and whether or not credit-building assistance is offered by the lender. These features are not superior to a low interest rate or affordable monthly payments but can be helpful in breaking the tie between two offers.