About goPeer

goPeer, based in Toronto, is a peer-to-peer lending platform that connects people who need loans with those looking to invest. They aim to offer a unique borrowing experience for Canadians, where you can choose to be either a “lender” or a “borrower.” Investors serve as the lenders by funding all or part of the loans that borrowers need. It’s a win-win: investors earn a return from the interest on the loans, and borrowers get access to the funds they require.

There are many reasons to choose goPeer, but it’s important to consider whether their lending platform fits your needs. On the plus side, you can borrow for any expense, and they offer competitive interest rates ranging from 8.99% to 33.92% APR.

Their loans are unsecured, meaning no collateral is needed, and there are no prepayment penalties or hidden fees. You can get instant quotes online, receive a credit decision within one day if all information is provided, and loan funding can be completed in just two business days, which is faster than many other lending platforms.

goPeer FAQs

When will my loan be deposited after the funding period ends?

goPeer transfers the funds to your bank right after your loan is funded or accepted. However, it may take 2-4 business days for your bank to process the transaction.

Why do I have to pay an origination fee?

The origination fee helps cover operating costs, allowing to create, maintain, and manage customer accounts. This fee is included in the APR (Annual Percentage Rate) along with your fixed annual interest, so there are no hidden charges.

What should I do if my application gets rejected?

The key factors goPeer considers when approving or declining an application are loan affordability, credit score, and credit history. If your request can’t be approved you’ll be notified.

Can I apply if I have a poor credit score?

As a peer-to-peer lender, lending criteria is different from traditional lenders. Since goPeer are using investors’ money, they take responsibility seriously, which means lending standards are stricter than those of most other lenders.

goPeer Products

Personal Loan

Loan Amount

• $1,000-$35,000

Rates & Term Length

• Interest Rate: 8.99% to 33.92% APR
• Payment Schedule: 36 – 60 months

Service Details

• Loan Processing Time: Up to 24 hours or next business day
• Money Transfer Method: Direct Deposit
• Repayment Method: Automatic debit

Eligibility

• Over 18 years of age 
• Must be Canadian citizen & minimum 3 months of residency 
• permanent resident
• Over 600 credit score 
• Must have steady income over $15,000 yearly
• No bankruptcy on file in the last 12 months

Required Documentation

• Government-issued ID
• Proof of income