PeerForm Personal Loans Review

If you need to borrow money but dread the idea of dealing with a traditional bank, a peer-to-peer lender like PeerForm may be exactly what you need.

APR Range
Loan Amount
Up to 3 years
2.8 / 5.0
SimpleScore Peerform 2.8
Rates 4
Loan Size 3
Customer Satisfaction N/A
Support 3
Fees 1

PeerForm connects consumers who need to borrow cash with consumers who have money to lend. The end result is a mutually beneficial relationship that helps both parties achieve their goals. Since PeerForm focuses mostly on poor credit loans, getting a loan approved through their platform may be easier than you think. It’s also worth noting that fixed interest rates are available and you can apply online and from the comfort of your home.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

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In this article

    If you’re in the market for a personal loan but your credit score is less than stellar, keep reading to learn how PeerForm loans work, how to qualify, and who they’re good for.

    PeerForm Review: Key Takeaways

    • Fixed interest rates from 5.99%–29.99%
    • Online application process
    • Loan amounts from $4,000 to $25,000
    • No prepayment penalties
    • Origination fees between 1% and 5% depending on your creditworthiness

    PeerForm Personal Loans are Best For:

    • Borrowers with low credit scores who can’t qualify for a personal loan with a traditional lender
    • Those who need to borrow less than $25,000
    • People who prefer peer-to-peer lending platforms over traditional banks

    How We Rate PeerForm

    At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how PeerForm stacks up:

    APR Range Loan Amount Term
    Peerform 5.99%–29.99% $4K–$25K Up to 3 years

    PeerForm Personal Loans: A Solid Option for Borrowers with Poor Credit

    If you have poor credit but need to borrow money, you already know how difficult it can be to find a loan with decent terms. PeerForm steps in to connect borrowers who may have made mistakes in the past with loan options that work for them. While you’ll pay a higher interest rate if your credit isn’t great, PeerForm considers factors other than your credit score when they approve you for a loan.

    To qualify with PeerForm, you need to be at least 18 years old (19 if you live in Nebraska or Alabama) and a citizen of the United States. You need to have a valid address, bank account, and Social Security number as well.

    When it comes to your finances, you need an established credit history with at least one revolving account in the past, no current delinquencies, and zero bankruptcies or liens in the last year. Finally, you need to have a debt-to-income ratio below 40%.

    While you can’t use PeerForm loans to cover college tuition or other postsecondary educational expenses, you can access one of these loans for the following purposes:

    Interest rates on PeerForm loans can range from 5.99%–29.99%, depending on your creditworthiness. Keep in mind, however, that the reason you’re borrowing money can play a role in the interest rate you receive.

    PeerForm Loans: What to Watch Out For

    Like other personal loans geared to borrowers with poor credit, PeerForm comes with high fees. It all starts with the origination fee you’ll pay to to proceed through the loan process and get access to your funds. This fee can be 1% to 5% of your loan balance, and it’s deducted from the money you borrow. If you apply for a $2,000 loan and your origination fee is 5%, for example, you would only receive $1,900.

    There are other fees that come into play if you struggle to make monthly payments. Late fees are assessed at a rate of 5% of the amount of the late payment or $15 (whichever is greater) once you’re 15 days late. An unsuccessful payment fee of $15 will also be charged if your payment is rejected by your bank based on insufficient funds. Also note that you’ll need to pay a $15 check processing fee each month if you choose to mail in a paper check instead of having your monthly payment deducted automatically from your checking account.

    In addition to high fees, PeerForm loans are slightly limited in scope and length. You can only borrow up to $25,000 for starters, and repayment terms only last up to 60 months. Finally, you can only apply for a PeerForm loan as an individual since joint loans and cosigners are not allowed.

    Also note that, while you can get a loan from PeerForm with a competitive interest rate from 5.99%–29.99%. If you have good credit, you would probably want to choose a different lender in that case. That’s because PeerForm charges an origination fees where many other lenders do not.

    How to Apply for a Personal Loan with PeerForm

    With a smooth online application process, applying for a PeerForm loan is a simple task. Start by completing their online registration process with the following information:

    • Your name
    • Address
    • Income and employment information
    • Social Security number
    • Loan amount and purpose

    At some point during the process, you may also be asked to provide additional information to verify your identity. This could include a driver’s license or a copy of a bill with your name and address on it.

    Once you complete the registration process, your personal loan listing will be placed on a platform where potential investors can consider it. You will also be offered a selection of personal loan alternatives to consider. If a investor decides to fund your loan, the paperwork will be processed right away with the goal of funding your loan within a few weeks. The money will be deposited directly into your bank account and you can begin making payments the following month.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at

    Editorial Note: Compensation does not influence our recommendations. However, we may earn a commission on sales from the companies featured in this post. To view a list of partners, click here. Opinions expressed here are the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser’s page for terms & conditions.

    Holly Johnson

    Contributing Writer

    Holly Johnson is a frugality expert and award-winning writer who is obsessed with personal finance and getting the most out of life. A lifelong resident of Indiana, she enjoys gardening, reading, and traveling the world with her husband and two children. In addition to The Simple Dollar, Holly writes for well-known publications such as U.S. News & World Report Travel, PolicyGenius, Travel Pulse, and Frugal Travel Guy. Holly also owns Club Thrifty.