Rates & Fees for Your Personal Loan
There are no hidden fees. You can apply for a loan free of charge and you will not incur any costs unless your loan is issued.
All rates and fees are listed below:
Interest Rates
Loan requests are given a Peerform Grade ranging from AAA to DDD, with each grade
corresponding to an APR shown in the table below.1
-
| Peerform Grade | Interest Rate | Origination Fee | APR* | Example Payment Amount** |
|
AAA
|
5.32 %
|
1.00 %
|
5.99 %
|
$150.58
|
|
AA+
|
7.49 %
|
2.00 %
|
8.86 %
|
$155.51
|
|
AA
|
8.99 %
|
3.00 %
|
11.08 %
|
$158.98
|
|
A+
|
10.49 %
|
5.00 %
|
14.06 %
|
$162.49
|
|
A
|
11.99 %
|
5.00 %
|
15.59 %
|
$166.05
|
-
| Peerform Grade | Interest Rate | Origination Fee | APR* | Example Payment Amount** |
|
BBB
|
13.49 %
|
5.00 %
|
17.13 %
|
$169.66
|
|
BB+
|
14.99 %
|
5.00 %
|
18.66 %
|
$173.31
|
|
BB
|
16.49 %
|
5.00 %
|
20.19 %
|
$177.00
|
|
B+
|
18.49 %
|
5.00 %
|
22.24 %
|
$182.00
|
|
B
|
19.99 %
|
5.00 %
|
23.77 %
|
$185.80
|
-
| Peerform Grade | Interest Rate | Origination Fee | APR* | Example Payment Amount** |
|
CCC
|
21.49 %
|
5.00 %
|
25.31 %
|
$189.64
|
|
CC+
|
22.99 %
|
5.00 %
|
26.84 %
|
$193.53
|
|
CC
|
23.99 %
|
5.00 %
|
27.87 %
|
$196.14
|
|
C+
|
24.99 %
|
5.00 %
|
28.89 %
|
$198.78
|
|
C
|
25.49 %
|
5.00 %
|
29.40 %
|
$200.10
|
-
| Peerform Grade | Interest Rate | Origination Fee | APR* | Example Payment Amount** |
|
DDD
|
26.06 %
|
5.00 %
|
29.99 %
|
$201.62
|
1New York residents are ineligible for loans with corresponding annual percentage rates exceeding 15.99%.
Colorado residents are ineligible for loans with corresponding annual percentage rates exceeding 12.00%.
* 36-month Annual Percentage Rate
**The example monthly payment amount in the table is based on a $5,000 loan.
Origination Fee
The Origination Fee is paid by a borrower when a loan is issued
and is determined by the Peerform Grade of the loan. The Origination
Fee is included in the Annual Percentage Rate calculation and is
subtracted from the loan proceeds prior to disbursement.
For example, the final amount credited to the borrower's bank account
for a $5,000 loan with a 2.0% Origination Fee of $100.00 will be
$4,900.00. Remember, there are no application fees, and the Origination
Fee is charged only if the loan is issued.
Unsuccessful Payment Fee
An Unsuccessful Payment Fee is paid by a borrower if an automatic deduction from a borrower’s bank account is rejected. A bank might
reject the payment if there are insufficient funds in the borrower's bank
account or if the bank account has been closed or suspended. Each attempt
to collect the monthly payment is considered a separate transaction,
so an Unsuccessful Payment Fee may be assessed for each failed attempt.
The Unsuccessful Payment Fee is either $15 per unsuccessful
attempt or a lesser amount as determined by applicable state laws.
Late Fee
A Late Payment Fee is a fee paid by a borrower when a monthly payment is 15 or more days late. The fee assessed will be equal to 5.0%
of the amount of the unpaid monthly installment, or $15.00, whichever is greater.
We will charge only one (1) Late Payment Fee on each late payment.
Check Processing Fee
A Check Processing Fee is a fee paid by a borrower if the borrower
chooses to make monthly payments via check rather than by direct debits
through a bank account. The Check Processing Fee is $15 per each payment.
Remember, there is no additional charge for a borrower to
make payments via direct debit from a bank account (ACH).