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Peerform

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Peerform, Inc.
TypePrivate
IndustryFinancial services
Founded2010
FoundersMikael Rapaport (CEO)
HeadquartersNew York City, New York, United States
ProductsPeer‑to‑peer lending marketplace
ServicesOnline personal loans; loan matching
Websitewww.peerform.com

Peerform is a peer-to-peer lending company based in New York City, which matches prime and near-prime qualified borrowers in the United States to accredited high net worth and institutional investors on its online platform.[1] Its algorithm to determine loan eligibility focuses on a variety of factors including but not limited to FICO scores.[2]

History

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The company was founded in 2010 by Mikael Rapaport.[3][4][5] In 2011, it raised $1.3 million during an angel funding round.[6] Gregg Schoenberg joined the company's board of directors in 2012 and serves as its executive chairman.[7]

In 2014, it raised $1.1 million in a seed funding round led by Corporest Development, a European investment firm.[1]

In April 2014, Peerform entered into several agreements under which institutional lenders will fund whole loans on Peerform's platform with a fixed interest rate set by Peerform's algorithm.[8] In 2024, Time listed Peerform as one of the "three principal U.S. players" in the peer-to-peer lending industry.[4]

Business Model

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Peerform provides an online personal loan platform which acts as a marketplace between potential borrowers and investors who lend money.[9] It only accepts accredited investors under SEC Reg D Rule 506(c) or institutional investors to lend money on its platform. Borrowers are screened on a variety of factors so as to ascertain what Peerform defines as “creditworthiness”. Peerform accepts near-prime (see Subprime lending) and prime borrowers with Credit Scores as low as 600 (and above).[2] Each borrower is presented a fixed APR (and fixed interest rate) with an equal repayment scheme that allows them to pay back the loan in automatic bank debits spread out over 3 years.[10]

Investors choose between funding a whole loan or a fraction of a loan.[7] Loans range from a minimum of $1,000 to a maximum of $25,000, which has increased from an earlier maximum loan of $15,000.[11]

Peerform Loan Analyzer

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The Peerform Loan Analyzer is the unique algorithm used to determine if a person can qualify for a Peerform personal loan. According to Peerform, FICO scores cannot solely determine whether or not someone can qualify for a loan. FICO is one of many factors used in determining this qualification as well as in setting the borrower's interest rate, but other factors, such as a borrower's total current debt-to-income ratio and the number of recent credit inquiries into the borrower's credit history, are taken into account among other things.[12] The Peerform Loan Analyzer also uses empirical methods instead of standard filters in determining a borrower's APR rate, which the company believes will better calculate consumer credit risk.[10]

References

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  1. ^ a b Hoey, Philip (April 2014). "Peerform Raises $1M in Seed Funding for Its Peer-to-Peer Lending Platform". Alley Watch. Retrieved 2024-03-25.
  2. ^ a b Renton, Peter (2014-05-14). "Peerform Making a Comeback With a New Underwriting Model". Fintech Nexus. Retrieved 2024-03-25.
  3. ^ Renton, Peter (2017-08-31). "Peerform is Back With an Interesting New Investment Partner Random Forest Capital". Lend Academy. Retrieved 2020-09-03.
  4. ^ a b Chiles, Ryan (2014-10-08). "Lending Club Besting P2P Borrowing Peers Ahead of IPO". Time. Retrieved 2024-03-25.
  5. ^ Hobey, Erin (2016-11-15). "Brief: Versara Lending Acquires P2P Marketplace Lender Peerform". Crowdfund Insider. Retrieved 2020-09-03.
  6. ^ Renton, Peter (2011-03-25). "New P2P Lender to Take on Lending Club and Prosper". Fintech Nexus. Retrieved 2024-03-25.
  7. ^ a b Renton, Peter (2014-12-26). "An Update on Peerform". Fintech Nexus. Retrieved 2024-03-25.
  8. ^ "Looking Glass Investments | Partners". Archived from the original on 2015-01-21. Retrieved 2015-01-14.
  9. ^ "Peer-to-Peer Lending Platforms in the US: Market Research Report". www.ibisworld.com.{{cite web}}: CS1 maint: deprecated archival service (link)
  10. ^ a b "Peerform - Peer to Peer Loans | Marketplace Lending | Personal Loans". www.peerform.com. Retrieved 2024-03-25.
  11. ^ Hobey, Erin (2014-10-28). "P2P Lending Platform Peerform's Gregg Schoenberg: "You Are Creditworthy"". Crowdfund Insider.
  12. ^ Adams, Laura (2024-03-21). "Money Girl". Quick and Dirty Tips. Retrieved 2024-03-25.
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