Peerform Personal Loans:Calling all poor credit borrowers!
Peerform personal loans are the go-to option for borrowers with a poor credit score. The company helps borrowers find investors who can lend them money and then keeps the origination fee for themselves.
Who Should Apply for the Peerform Personal Loan
Borrowers with a low credit score can apply for a loan. The minimum credit score required is 600 and there is no limitation on the income. However, the maximum debt-to-income ratio you can have is 40%. Consumers who do not have a long history and have only been active for a year can also apply for the Peerform personal loan.
Those who want to consolidate their debts can easily do so as Peerform offers different rates and you can apply for the loan if they have received an invitation. Peerform personal loans also have a grading system for the borrowers and the different interest rate brackets are assigned to those grades. The grades are also to help the investor decide whether or not they want to fund a certain loan.
The company sends regular reports to the credit bureaus so paying back the Peerform personal loan on time will help you improve your credit score. But be warned that some lenders also report late payments although it is mostly not the norm.
There is no penalty on prepayment and borrowers are eligible for a 15-day grace period before they are charged the late fees. But there is no room for flexibility in postponing the due date of the payment.
Peerform Personal Loans vs. Others
The rates offered by Peerform are comparable to those other poor-credit online loans such as Avant offer. Their rates are lower than OneMain Financial and Mariner Finance. Peerform is the market leader and matches borrowers with investors so the processing period may be longer than that for a typical loan. Consumers have to wait up to 2 weeks before they hear back from the company.
There is an online form available on the Peeform website that requires credit score and annual income. The applicants have to undergo a soft credit check that does not affect the credit score before they receive a quote. Then a hard check is also applied before final approval on the loan.
After filling the prequalification form you can even check how Peerform personal loan compares to the other lenders and whether or not this option is right for them.