Peerform is a peer-to-peer lending company based in New York City, which matches prime and near-prime qualified borrowers in the United States to accredited high net worth and institutional investors on its online platform. Its algorithm to determine loan eligibility focuses on a variety of factors including but not limited to FICO scores.[2] In January 2011, Peerform raised $1.3 million during an angel funding round. In April 2014, Peerform raised $1.1 million in a seed funding round led by Corporest Development, a European investment firm.

Peerform provides an online personal loan platform which acts as a marketplace between potential borrowers and investors who lend money. By matching borrowers with investors, Peerform offers its investors access to a personal loan asset class in a US market which is reported to have grown by 176.6% per year between 2008 and 2013. Peerform only accepts accredited investors under SEC Reg D Rule 506(c) or institutional investors to lend money on its platform.

Borrowers are screened on a variety of factors so as to ascertain what Peerform defines as “creditworthiness”. Peerform accepts near-prime (see Subprime lending) and prime borrowers with Credit Scores as low as 600 (and above). Each borrower is presented a fixed APR (and fixed interest rate) with an equal repayment scheme that allows them to pay back the loan in automatic bank debits spread out over 3 years

Loan Features

Our motivation was fueled by our observation that traditional lending channels increasingly seemed unwilling or unable to serve as lenders to individuals and small businesses. Interest rates may have been low, but the money was not flowing into our economy as it should have.

We resolved to do something about the situation and created a marketplace lending platform with two objectives at heart. The first was to provide borrowers with a positive experience when obtaining personal loans with a process that is clear, fast and fair. The second was to offer a well-vetted choice of investment opportunities that provide the chance to achieve favorable risk-adjusted returns. Cover medical costs, take a vacation, plan a wedding or consolidate your debts at a low rate. The Peerform marketplace is a quick, efficient and safe way to get a loan at a great rate.

All Peerform borrower members:

must be U.S. citizens or permanent residents;
must be at least 18 years old (19 years old if a resident of Alabama or Nebraska);
must have valid E-mail accounts;
must have U.S. social security numbers;
must have an account at a U.S. financial institution with a routing transit number; and
must satisfy other credit criteria.

Application Process

The Application Process includes several steps:

1. Registration
The simple online registration process takes only a few minutes to complete.

2. Loan Selection
Once your borrowing needs and your financial profile are reviewed, you may be offered a selection of loan alternatives. You choose which loan terms are best for you.

3. Loan Listing
Your loan inquiry is listed on the Peerform marketplace platform.

4. Verification
To help fight fraud and protect your personal information, you will be asked to provide documents that verify your identity.

Verification and security are important parts of our process. In order to complete your loan application, we verify your identity and income by doing the following: Identity Verification (we will review items such as your driver’s license, passport and state or federal ID. We may also want to review bank statements, credit cards, utility bills and social security cards) and Income Verification
(to verify your income, we will request 2 recent pay stubs. In certain cases, we may request recent tax returns and/or bank statements).

Repayment Terms

All Peerform loans are fixed-rate loans with monthly repayment schedules that never change. Each month, we debit the appropriate amount from your bank account.

Late and Unsuccessful Payment Fees
If any payment is 15 or more days late, we may charge a late fee of 5% of the payment in question or $15.00, whichever is greater. In addition, we may charge a separate fee of $15.00 for each payment made to us by ACH transfer or check that is returned or fails because of insufficient funds or for any other reason. Please refer to your Loan Agreement for a more detailed discussion of Peerform’s late and unsuccessful payment fees.

It is important for you to make timely monthly payments on your loan. We will help by sending monthly payment reminders. You should make sure that you have enough funds in your bank account to avoid late fees and negative reviews on your credit reports. Loan and payment information can be monitored at any time by logging in to your Account Summary.

Late Payments & Collections
Peerform works with ethical third-party collection agencies to recover late payments. Delinquencies and other acts of default are regularly reported to the credit bureaus. We reserve the right to exercise all legal rights and remedies available to us in collecting loan debt, including the commencement of litigation against defaulting borrowers.

Customer Support

Peerform Inc.
711 3rd Ave, 6th Floor, New York, NY 10017

Call us 9am-6pm EST:

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