About lender
goPeer, headquartered in Toronto, is a prominent player in the Canadian peer-to-peer lending sector. This innovative financial institution facilitates lending transactions between creditworthy Canadians seeking personal loans and investors eager to diversify their portfolios by participating in peer lending. By leveraging the goPeer platform, borrowers gain access to a seamless loan application process, where they can apply for personal loans tailored to their financial needs and goals. Through robust credit and underwriting approval mechanisms, goPeer ensures that borrowers receive fair loan offers with competitive interest rates based on factors such as credit score, annual income, debt-to-income ratio, and other relevant criteria.
Features
- Peer-to-Peer Loan Platform. goPeer operates as a peer lending platform, connecting creditworthy borrowers with Canadian investors seeking to deploy their capital into a passive income asset class.
- Transparent Interest Rates. Borrowers receive competitive interest rates based on factors such as their credit score, annual income, and debt-to-income ratio, ensuring fair loan offers with clear repayment terms.
- Auto-Invest Feature. Investors can automatically invest in a diversified portfolio of loans through goPeer's auto-invest feature, spreading their risk across multiple borrowers and loan types.
- Transparent Fee Structure. goPeer maintains a transparent fee structure, minimizing hidden costs and transaction fees for both borrowers and investors, enhancing trust and confidence in the platform.
Pros and cons
Pros
Cons
Reliability
The company's commitment to customer satisfaction is evident through its provision of a 24-hour support line, ensuring assistance is readily available to clients whenever required. Additionally, goPeer's transparency is notable as it prominently showcases profiles of its leadership team on its website, fostering trust and accountability. Furthermore, goPeer's recognition in mainstream Canadian media outlets like Yahoo Finance and Mortgage Broker News, along with its partnerships with esteemed organizations such as York University and Western University’s Ivey Business School, underscore its credibility. With over 13,000 Canadian investors and a substantial volume of loan applications received, goPeer demonstrates its reliability as a trusted platform for borrowers and investors alike.
How to apply for a goPeer loan
-
Visit the goPeer Website. Open your web browser and navigate to the official goPeer website.
-
Click on "Borrow". Once on the homepage, locate the "Borrow" option in the navigation menu and click on it.
-
Select "Pre-Qualify". From the dropdown menu or options presented, select the "Pre-Qualify" option to begin the loan application process.
-
Click "Get Started". Upon selecting "Pre-Qualify," you'll be directed to a page where you can initiate the loan application process. Click on the "Get Started" button to proceed.
-
Specify Loan Amount and Purpose. You'll be prompted to indicate the amount you'd like to borrow and the purpose of your loan. Enter these details accurately as they will be used to tailor your loan offer.
-
Provide Personal Information. Next, you'll need to enter your name, phone number, and email address into the respective fields. Ensure the information provided is accurate and up-to-date.
-
Click "Continue". Once you've entered your personal information, click on the "Continue" button to progress to the next step of the application process.
Conditions
-
Loan Amount. Borrowers can apply for loans ranging from $1,000 to $35,000, providing flexibility to address various financial needs and circumstances.
-
Loan Type. All goPeer loans are unsecured, meaning borrowers are not required to provide collateral for loan approval. This simplifies the borrowing process and reduces the risk for borrowers.
-
Loan Term. Borrowers can choose between loan terms of 36 months or 60 months, allowing them to select a repayment schedule that aligns with their financial goals and budgetary constraints.
-
Interest Rate. goPeer offers competitive interest rates ranging from 8% to 34.99%, depending on factors such as the borrower's creditworthiness, loan amount, and chosen loan term. Borrowers can benefit from favorable rates based on their individual financial circumstances.
Requirements
-
Age. Applicants must be 18 years of age or older to qualify for a goPeer loan.
-
Credit Score. A minimum credit score of at least 600 is required for loan eligibility. This criterion ensures that borrowers demonstrate a satisfactory credit history and financial responsibility.
-
Annual Income. Applicants must have a regular annual income exceeding $35,000 to demonstrate their ability to repay the loan amount. This income threshold helps ensure that borrowers have the financial capacity to meet their loan obligations.
-
Canadian Bank Account. Borrowers must possess a Canadian bank account to facilitate loan disbursements and repayments. Having a local bank account streamlines the financial transactions associated with goPeer loans.
-
Residency Status. Applicants must have been a Canadian resident for at least 3 years to qualify for a goPeer loan. This requirement ensures that borrowers have a stable residency status in Canada, enhancing their eligibility for loan approval.
Ways to receive the money
You will receive the borrowed amount from goPeer through direct deposit into your bank account. Once your loan application is approved and finalized, goPeer investor will transfer the funds directly into the bank account you provided during the application process. This convenient method ensures that you receive the borrowed amount swiftly and securely, allowing you to access the funds for your intended purposes without delay.
Products
goPeer offers a range of products through its online peer-to-peer (P2P) platform, catering to both borrowers and investors. For borrowers, goPeer provides access to personal loans tailored to various financial needs, including debt consolidation, consumer credit, car loans, and more. These personal loans are available through an intuitive online platform, allowing borrowers to conveniently apply for funding and manage their loan accounts.
On the other hand, goPeer's platform also serves as an avenue for investors seeking opportunities to diversify their portfolios and generate returns through P2P lending. By investing in loans originated through goPeer, investors can participate in the Canadian consumer credit market while earning competitive returns on their investments. This online P2P platform facilitates direct interaction between borrowers and investors, enabling individuals to choose goPeer as their preferred platform for borrowing or investing based on their financial goals and preferences.
Reasons you may be denied a goPeer loan
- Creditworthiness. If your credit score does not meet the minimum threshold required by goPeer, you may be denied a loan. Lenders typically assess the borrower's creditworthiness to determine the risk of default.
- Income Requirements. If your annual income falls below the minimum threshold specified by goPeer, you may not qualify for a loan. Lenders evaluate the borrower's income to ensure they have the financial capacity to repay the loan.
- Debt-to-Income Ratio. If your debt-to-income ratio exceeds the acceptable limit set by goPeer, you may be denied a loan. Lenders assess the borrower's ability to manage additional debt responsibly based on their existing financial obligations.
- Residency Status. If you do not meet the residency requirements outlined by goPeer, you may be ineligible for a loan. Borrowers are typically required to be Canadian residents and reside in specific Canadian provinces to qualify for a goPeer loan.
- Incomplete Application. If your loan application is incomplete or contains inaccuracies, it may be rejected by goPeer. Lenders rely on accurate and comprehensive information to assess the borrower's eligibility and make informed lending decisions.
How to repay a goPeer loan
- Payment Setup. Payment is arranged by direct debit, to be collected automatically on a bi-weekly, semi-monthly, or monthly cycle. Initially, payment cycles are set automatically to align with the borrower's payroll.
- Payment Reminder. Two days prior to the processing of each payment, borrowers will receive a reminder by email.
- Accessing the goPeer Portal. Borrowers can access the goPeer portal to manage their loan repayment.
- Review Repayment Schedule. Within the goPeer portal, borrowers can review their full repayment schedule, which outlines the dates and amounts of each scheduled payment.
- Request Cycle Change. Borrowers have the flexibility to request a change in payment cycle at any time, without charge. This allows borrowers to align their payment schedule with their financial circumstances.
- Payment Options. Through the goPeer portal, borrowers can also request payment deferrals, update their banking information, or complete missed or additional one-time payments.
Editorial opinion
Important
How to Choose a Lender
- Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
- Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
- Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
- Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).
Methodology
At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
- goPeer Online Banking
- How to Apply for goPeer Loan
- How to PayOff goPeer Debt
- goPeer Personal Loans for December 2024
- goPeer Customer Reviews
