Peerform is a lending company that posts your approved application on its platform where it waits to be funded directly by investors. The amount you borrow depends on your need and the amount for which you are approved, which considers a range of factors, including your credit score from running a soft credit pull. Pave and Funding Circle are other P2P lenders we reviewed.

Based on that soft pull of your credit, your application is assigned a loan grade that determines the loan amount, interest rate and origination fee. To apply for a P2P loan, you fill out an online application, after which the service runs a soft credit pull to verify that you qualify for a loan. If you qualify, your application is posted on the platform and stays active for 14 days while lenders review and decide to fund your online loan. If your loan is fully funded before the 14th day, you will be contacted to approve and process the loan. If at 14 days you have not raised your goal amount but have met a minimum threshold, you can choose if want to accept the lesser amount. There is no obligation if you choose not to accept the loan. If you accept the loan, it will be deposited in a few business days.

We evaluated the fees each lender charges and combined them into a score that rates how expensive it is. With an 80, Peerform is roughly average in terms of the cost associated with its fees.

When we contacted this company, we had positive experiences both calling in and emailing. We received an email response the next day, and the representative addressed the majority of the questions we asked. Over the phone, the representative was clearly knowledgeable about the business and loan process. You can also contact customer service using the live chat option on the website. The website provides the information you would want to know about a loan, including the rates, APRs, potential loan amounts and fees, and the application process is entirely on the website.

Peerform peer-to-peer loans may take longer than with other service, as you must wait for your loan to be funded directly by investors who review your applications. However, its eligibility requirements are well suited for those with less than stellar credit.