Peerform Review

Peerform is an independent online application lending platform. It offers financial services to people in the United States by matching lenders with borrowers. The goal of this company is to make it easier for average Americans to borrow money without going through traditional methods. Using Peerform, an individual looking for a loan can borrow money quickly and transparently.

Our Peerform review will examine how this platform works and whether it is worth using. Before thoroughly reviewing Peerform, we want to look closely at the Peerform marketplace lending platform. Peerform app review will also be helpful for you.

Peerform Review

Pros and Cons of Peerform

Peerform is one of the best companies in the online loan industry. It has its pros and cons, as any other similar platform.


  • The main advantage is that this platform is one of the fastest ways for individuals who want a loan
  • Peerform is verified by, which shows that it is a legitimate business
  • Peerform has an easy application when users wish to borrow money on their mobile devices
  • One of the vital advantages is that it offers both three and five-year loans.


  • For a borrower to get approved for Peerform, they will need an active checking account and direct deposit (however, only 65% of lenders working with the platform are taking checks that makes the application process much more challenging for borrowers with little money).

What is Peerform?

We all know that everyone can’t have the same credit score. So, why should everyone be forced to go through the same traditional methods of borrowing money? Peerform is providing a solution to this problem. It provides an online marketplace where individuals can borrow and lend money.

Wall Street executives founded it in early 2010, and since then, it has continued growing exponentially, expanding its loan portfolio. The borrower can borrow up to $25,000 from Peerform, and the lender has to pay interest on the monthly percentage that is agreed upon.

How Does Peerform Work?

Peerform loan service provider makes the process much easier by matching borrowers and lenders. Lenders range all over the United States. They can be individuals who do not have a bank account or those who already have a checking account, credit card, or debit card. Let’s say that an individual wants to borrow money from Peerform:

  1. They will first need to create an account and link their existing bank account to the app.
  2. Having a connected bank account, they can request a loan by entering their basic information (name, email, address, etc.)
  3. After that is entered into the system, they will be reviewed by one of the offering lenders in their area.
  4. The next step is to wait for the lender to approve them.
  5. Once approved, they will receive money in their account within three business days. Direct deposit is only valid for the first loan. After that, Peerform will ask for bank statements and other documentation so that the company can verify its income. Direct deposits must be paid back within three years or less, making the process easier for borrowers.

Bank accounts are required to get a loan. However, because Peerform will continue to grow the number of lenders and borrowers, the requirements may change. You will reduce interest charges by paying loans ahead of schedule with a minimum deposit. With Peerform, the customer avoids costly overdraft fees.

Features & Services of Peerform

Peerform provides many different financial products and services. Some of them include the following:

Borrowing money: Peerform is one of the fastest ways to borrow money. You must read loan terms attentively, link a bank account to the app, and enter some basic information. Then, choose the amount and request a loan within minutes. Once your application is approved, you will receive money in a bank account 72 hours later.

The first deposit takes less than three days, so the customer will not need to wait long before receiving the money. If approved, he receives funds directly into his bank account. Most loans are funded within three business days. It is possible to borrow as much as $25,000 for 3 or 5 years.

Paying loans ahead of schedule: With this advanced feature, you can pay back the loan without incurring any penalty charges. Also, if the account balance reaches zero during the 24 hours, it will not charge overdraft fees.

Budgeting: Peerform will set up a budget for the borrower. However, by using tips and tricks, you can increase your income and make sure there is money for your debt repayment. Here are some features:

  • Create a budget: Create a budget and track your expenses to reach specific goals.
  • Track spending: Keep track of daily or weekly expenses to stay within your limit.
  • Intelligent alerts: Set money alert tones so you will receive notifications as soon as you spend more than planned.

Protecting personal information: The platform is safe because all personal information is handled carefully. That is why they use SSL security protocols that keep data private and safe from attacks or hacking.

Rewards system: Peerform financial solutions reward all the users with points for every activity. These points can be used to purchase gift cards for some of the leading companies in the United States. These categories may be on Amazon, Nike, Target, and many more websites.

Peerform APR is a 5.99% to 29.99% variable. As a result, the APR is higher than most other loans. However, you will be informed of all fees attached to your loan before signing up for a loan with the platform. Check the terms and conditions before signing up for a loan.

Peerform Fees and Rates

You have to pay any fees while using the platform. Some of the most common costs are

  • Overdraft fees: If you have a negative balance, this will still be charged to your account. This can cost you an additional $35. It is possible to get overdraft protection if you are not interested in paying this fee.
  • Membership fee: You must pay $5 monthly after your first loan is approved. If you do not pay this fee, you cannot use the platform.
  • Monthly fee: If you use your account every month, you have to pay $1 every month. You will not have to pay this fee if you do not use the account. Overdraft protection can prevent you from paying this fee.
  • APR (annual percentage rate): The APR is based on the loan amount, and the lender will determine interest rates.
  • Additional fees: Lenders have to have set their APR, so no one can offer a lower rate than the ones they are offering. Peerform is one of the few lending platforms allowing you to get a loan without referrals. Lenders the platform has preselected will have lower interest rates than those you can apply with.

Your monthly income determines your monthly expenses. You can get an APR of 5.99% – 29.99%, depending on your income. You must pay 5% of the late payment amount or $15, whichever is greater. There are no additional fees or costs that you have to pay.

Safety and Security of Peerform

Peerform provides a safe and secure place to find peer-to-peer lending services. Its lenders have a minimum of $1 million in their portfolio. It uses BitGo, which is the highest security level in global banking. All borrower information is encrypted with SSL protection. Only the knowledge of the lenders remains visible.

BitGo protects all sensitive financial information. They are not just saving one account; BitGo covers your online identity. In addition to this guarantee, a third-party service provider will always protect your money.

The last will guarantee backup encryption if anything happens to the company’s data centers or offices.

The company also has developed an algorithm. It protects against credit fraud and high default rates. Peerform is an affiliate company of Versara Lending, Inc. The company is a Securities Investor Protection Corporation (SIPC) member.

Is Peerform Legit?

Peerform is a leading online money lender that offers borrowers loans at some of the best rates. Peerform receives an A+ rating from the Better Business Bureau, according to customers’ reviews.

They are not an accredited business with the BBB, meaning they have no proven track record. But, they have been shown to provide a quality and safe loan with a high level of security.

To open an account with Peerform, visit the company’s website and download the application form. You will have to fill out all information requested by this online platform. You must provide complete and accurate information on your application form. You also have to provide a valid email address and telephone number.

Please note that you need to make sure you can repay your loan. Otherwise, you will not be able to open a loan account. If you are looking for one of the best P2P lending sites, this is one of the best available options. Peerform has a wide range of loans for people looking for personal or business loans.

Peerform Platform Supported?

Peerform has a mobile-friendly platform with an app accessible on iTunes and Google Play stores. You can access the platform from your iPhone, iPad, smartphone, or any other mobile device. Users can also use their website on their PC, desktop, or tablet. The platform has an extensive FAQ section, which gives all the information you need before or after signing up for a loan.

The website and the FAQ section provide essential information about online payment processors.

Peerform is accessible from any mobile device, including iOS, Android, and Windows. The company website is mobile-friendly, so you will be able to navigate the website on your mobile device.

Peerform is your solution if you have been searching for a P2P lending site. This website can help you get the funds that you are looking for. The company provides all the information about loans, payments, and online security.

Customer Service at Peerform

After opening an account, you can contact Peerform from Monday to Friday between 9:00 a.m. and 6:00 p.m. Pacific Standard Time (PST). You can contact their customer service team by email at [email protected].

Recently, customers called and got quick help via phone. As of July 2022, Peerform is no longer accepting applications. You can still get support for account-related inquiries, but you must contact them by mail.

To contact Peerform by email, you need to go to their website and click the “Contact” button on the right side of the screen. The customer support representative will answer your email within 1-2 business days. A loan officer certified via the Department of Business Oversight (DBO) will respond to your email.

For Which Needs Peerform Fits the Best?

Peerform provides borrowers with loans to buy property and insurance, refinance their mortgage, and more. The company is an expert in loans that help people get all the funds they need when they need them most. Peerform offers consolidation loans, auto loans, and lines of credit. Peerform is an excellent option for all types of personal and business loans.

Many borrowers have said that peer-to-peer lending sites allow them to get the best interest rates for their loans. Your bills, short-term loans, and credit score will not hurt your finances.

Paycheck loans enable access to funds without affecting your other assets or income. The loans on this platform are taken from different sources and can give the borrowers easy access to cash for their finances. You can quickly pay your rent and utility payments when you get a loan from Peerform.

What are Apps like Peerform?

If you want a similar service, check out these peer-to-peer lending alternatives: Lending Club, Prosper, and Upstart.

Peerform Lending Club Prosper Upstart
Loan Terms 3 years for personal loans, 3 or 5 years for consolidation loans 36 or 60 months 3 or 5 years 3 or 5 years
Loan Amounts $4,000 to $25,000 $1,000 to $40,000 $2,000 to $40.000 $1,000 to $50,000
APR 5.99% to 29.99% 7.04% to 35.89% 7.95% to 35.99% 5.40% to 35.99%
Origination Fee 0% to 5% 5% 2.41-5.00% 0% to 8%
Late Fee 5% of the late payment amount or $15, whichever is greater 5% of the late payment amount $15 or 5% of the payment amount (whichever is greater) 5% of the late payment amount or $15, whichever is greater
Unemployment Protection Available No No No No

Lending Club is the best option if you have to repay a loan in 10 years or less. Prosper offers personal and small business loans with quick funding and an easy application. Upstart has the same features as Peerform. The company also uses an algorithm to assess your financial situation. It matches you with potential lenders based on your creditworthiness.

The Review Process

We tested Peerform using the same steps we used to review similar services. The review process was the following:

  1. First, we registered an account on their website and provided all the information required. We fully completed all the forms that they had available. Soon after, we received a phone call from one of the company’s agents. They asked several questions over the phone that helped them understand our financial situation and needs.
  2. When Peerform approved our application, we received an email with instructions to link our account. They also informed us about the different types of loans available and their requirements.
  3. The lender who is assigned to your loan will make a complete evaluation of your financial situation and determine if they can give you a loan or not.
  4. We could choose our loan period (3-5 years). We received an email with information about the terms and conditions of our loans. The companies provided us with their business license, contact details, and Privacy Policy.

After accepting all terms and conditions, we reviewed a list of potential lenders. After clicking each one, they presented their description, company details, and requirements. At the testing stage, only six lenders were available from the Peerform platform.

Is Peerform Worth it?

The platform offers real-time access to lending and investing platforms. It can help you get the best money for your needs. So, if you are looking for a convenient way to obtain financing for personal or business purposes, Peerform is perfect. The company offers several types of loans, making it a one-stop resource for all your financial needs.

For example, when it comes to consolidating debts, they have solutions that provide you with fast and easy solutions. You can consolidate multiple loans into one single loan. You may combine your debt with another lender’s repayment schedule. Depending on your situation and needs, you will find the right solution at Peerform.

When it comes to consumer loans, Peerform offers easy and convenient loans that are fast. At the same time, they have educational resources that will help you understand your options. You can make an informed decision when choosing the best loan with them.

To ensure the highest level of transparency and to help you understand the basis of our evaluations, we invite you to explore our detailed review methodology


Peerform only works with some types of cards. Peerform doesn’t accept American Express and Discover Cards. They also don’t accept Visa. You should be fine if another card company or bank issues your card.

No, Peerform doesn’t report payment information to anyone. Peerform offers many types of loans, including car loans, medical bills, and personal loans. Each loan has different terms and conditions that might impact your repayment schedule and interest rates.

You can only have one loan at a time with Peerform. This is due to their security measures. The company doesn’t want its borrowers to feel overwhelmed with different loans. So, if you plan on getting multiple loans, you must complete the application process again.

Yes, the company will run your credit using their proprietary algorithm. The company’s algorithm is designed to help borrowers determine the best loan for them. Thus, it is essential to know what your credit score is. Remember that Peerform doesn’t report your credit directly to the third party.

Peerform doesn’t affect your credit. The company doesn’t report to the credit bureaus, and they don’t report any late payments. They only review your information and ensure everything looks good before approving loans. Remember that you are responsible for all the bills you get from Peerform if you choose to pay them back with their help.

Peerform was founded by Wall Street executives: Mikael Rapaport, Meytal Benichou, and Elie Galam. It is one of the fastest-growing peer-to-peer lending platforms in the country. They have received widespread recognition from business leaders. The platform is mentioned in Forbes Magazine, The Wall Street Journal, Time Magazine, and others.

Initially, Peerform was only available for Metabank. However, you can now apply for loans from other big banks, including Chase, Bank of America, Citi, and Wells Fargo. Moreover, you can also get loans from the following community banks: Spire Bank and First Community Credit Union.

Yes, you can borrow again after paying the company back. You can borrow money from Peerform as often as you want. The company only runs your credit once, so the approval process is fast and easy. Just make sure that you can afford to pay your loan back on time with all the interest rates and fees.

Peerform can deposit money into their customers’ accounts within three business days. The process is pretty simple. The company will send you a check, which you deposit into your bank account. They only need your bank account details and routing number to make the deposits.

The company will email you a link to verify your information on their secure portal. All you have to do is enter your email and a password so they can verify the information. It takes more than 24 hours to verify your documents, and that’s all.

Peerform doesn’t offer instant payday loans. The company aims to provide financing solutions that help borrowers consolidate their debts. They are among the first peer-to-peer lenders to provide convenient and fast ways of getting a loan. However, they don’t want their customers overwhelmed with too many loans, so they only let them get one loan per person at a time.

The maximum amount of money you can borrow with Peerform is $25,000. This can include all the interest and fees associated with your loan. If you want a higher or smaller loan, you can apply for a different loan from Peerform. For example, if you want a $10,000 new car loan, then you should go to their website and apply specifically for it.

Similar to all other peer-to-peer lenders, you must pay Peerform on time. They won’t offer additional loans or extend your previous loan term if you can’t make the payment. You will have to repay your loan on time with no extensions.

Peerform’s working hours are 8:00 to 6:00 PM Monday through Friday. The company is now under construction, and they are in the process of hiring new employees. But currently, they do not accept online applications.