Peerform Review

Peerform ReviewPeerform is a peer to peer lending network that says you can get competitive rates on loans because they are coming from individual investors and not from a big bank.

It also offers the ability to invest your money if you have money to invest and they say you can get a decent return on your money because you’re charging interest on the loans you’re giving out to borrowers. But if you are looking for an investment you are likely not interested in looking for money to borrow, so the rest of this page will focus on whether or not this is a good way to go to take out a loan.

When you weigh your different options when it comes to getting cash it becomes very clear that there aren’t many good ways to do so. You can ask family and friends, which is embarrassing and usually ends up putting undue strain on the relationship. You can go to the bank and get turned away if you don’t meet their rigid criteria. Or you can go to a payday lender and get raked over the coals with silly interest rates and fees that will quickly make your financial problems worse.

Peerform Review – How It Works

Peerform is set up to be different than these run of the mill options, and if it worked in an ideal world would be a win win situation for both the borrower and lender. The borrower would get a better rate and access to more money than they otherwise would with conventional lending, and the lender, or investor in this case would get a higher return on their money than with other investments available today.

Varying Interest Rates
From an investment perspective the worse your credit is the worse the rate you’ll get, and that means that the investor is willing to take on more risk for a higher return. That’s really how investments work, and why banks play it so safe. They don’t have the luxury of making a bad investment because they have shareholders and are expected to make a steady profit every year. They do so by making sound investments, which is why they only lend money to those that have an established credit history, or those that have plenty of money already.

But with individual investors you find that they’re willing to be a bit more cavalier with their money in hopes of earning more back in interest. They know that if they’re willing to take a risk they should get a higher reward, and they also understand that it may all turn out a mess and they don’t get their investment back. Over time they’re hoping that the extra earnings will outweigh any flops along the way.

Payday Lending Reform
Peerform is using the strength of peers and putting the power back in the hands of the people. Rather than giving some multinational faceless bank your money, it makes more sense to pay an individual that was willing to loan you the money when banks wouldn’t. This is an example of much needed payday loan reform because it provides everyone with what they want. If you’re going to go this route make sure you understand all the terms and conditions of the loan, because it’s going to be unlike anything you’ve ever done before. Know when your payments are due, and how much they are, and how much your total repayment equals to see if it makes sense for your particular situation and scenario.

Our Recommendation
Peerform is a good place to start out if you’re looking for a larger sum and willing to pay a higher rate because of your credit. Lenders get to decide if they want to give you the loan, so you may be able to find a lender that will lend you a larger sum at a higher interest rate. Since banks aren’t willing to do this it makes it a better option than banks, and since payday lenders won’t accept payments and have limits to how much they can lend up front, it may be the only sort of loan that you have access to.

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