How it works

Loan Repayment Process

Loan Repayment

Regular and Secure Payments Each Month

All Peerform loans are fixed-rate loans with monthly repayment schedules that never change. Each month, you can choose to have us debit the appropriate amount from your bank account, or you can send us a check in the mail (subject to a processing fee of $15.00). Your chosen repayment method will have no impact on the outcome of your application.

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.