Peerform is open to accredited investors in all 50 states and they have two product offerings just like Lending Club and Prosper: whole loans and fractional loans. Whole loan investors have a minimum investment of $250K, although if you are investing in loans with a $10,000 average (as stated by Rapaport) then most investors will want to put in more than $250K I imagine in order to create a diversified portfolio.
Since then Peerform has been making slow but steady progress. They have a long way to go having just re-launched in April of this year but they are starting to build a track record. When I spoke with CEO Mikael Rapaport and Chairman Gregg Schoenberg this past week they were happy to provide an update on Peerform’s progress.
Peerform, a P2P lending platform, targets those “who really need a loan, the best chance to get the money they need to help improve their lives.” By utilizing a variety of technologies, such as Peerform’s unique algorithm, Peerform is able to ascertain “creditworthiness” and lend to borrowers who have a Credit Score as low as 600 (and above).
Development for Peerform, a personal loan marketplace, explained that, “Marketplace platforms are already complying with all the consumer lending rules and regulations in order to market, underwrite, and service the loans. These rules include the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, and the Fair Debt Collection Practices Act, to name just a few. In addition to regulations on the borrower side, there are regulations for the investors who act as the lenders. Platforms accepting Accredited Investors must adhere to proper due diligence through KYC, OFAC rules and AML compliance.”