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Rating by Finanso®

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About lender

goPeer is a Canadian company that connects various lenders and borrowers, working as a peer-to-peer lending platform. It is a leading peer-to-peer (P2P) lending platform dedicated to helping all Canadians to borrow and lend from each other online, confidentially, without banks and lengthy checks.

You could easily and quickly borrow or invest online. It's an alternative option for people who don't qualify for the traditional lending model and want to get out of debt faster than banks allow them to do.

You can borrow up to $25,000 on the same day and pay back your loan in 36 or 60 months with an interest rate from 8% to 33.92% per annum.

You could get an unsecured personal loan for any reason: significant purchases, medical expenses, auto repair or financing, home improvement, debt, or credit card consolidation.

goPeer loans often allow you to consolidate multiple types of debts at a lower rate than you might be paying on a credit card. Interest rates start from 8% annually and depend on your credit file assessment.

The company was established in Toronto by its nowadays Chief Executive Officer Marc-Antoine Caya and Chief Technology Officer Joseph Buaron in 2018.

Their business was established to modernize the archaic system where lending to individuals is beneficial only for large banks and financial institutions. The idea beyond is "Canadians helping Canadians." It means that investors help borrowers obtain affordable loans. As well, borrowers help investors achieve their investment goals.

Investors could diversify their investment portfolios, earn income from a fixed-income asset, and help other Canadians achieve their financial goals and solve their problems.

The minimum investment when you join the platform is $1,000, with the maximum investment:

  • $10,000 per year for non-eligible investors
  • Up to $30,000 per year or $100,000 if you receive advice from a portfolio manager for Eligible Investors
  • No maximum investment limit for Accredited Investor

All new goPeer investors are considered non-eligible investors.

Depending on your annual income (>$75,000), household income (>$125,000), or net assets (>$400,000), you may qualify as an eligible or accredited investor.

Contact goPeer with your CRA notice of assessment or other documentation showing your income or net worth to change your status.

These are the fees that investors should pay:

  • Servicing fee. A 1.5% annual fee is paid every month and is deducted from loan repayments.
  • Collection fee. 35% is charged for collecting bad loans.

It should be noted that the lending platform works with lenders and borrowers all over Canada.

Pros and cons

goPeer unsecured personal loans suit borrowers who aren't trustworthy enough for traditional lenders or have problems with debts and want to take a loan for debts consolidation, need to make an unexpected purchase, repair, or expenditure.

But look through this pros and cons review carefully to decide whether goPeer is your best solution.


  • Available in all Canadian provinces
  • 100% online services
  • Apply, pay and manage your loan through a personal account
  • Fast approval within 24 hours
  • Appropriate and competitive interest rates, starting from 8%
  • No hidden fees and prepayment penalties
  • Loans are paid out through the direct deposit
  • Loan offers to choose from
  • Customer service seems very helpful and friendly
  • No banks involved

Advantages are attractive, but try to think clearly and calculate all the payments and fees of the personal loans with goPeer.

There are some disadvantages you should know before borrowing.


  • Strict approval requirements
  • Origination fee (grows with the loan's amount)
  • Minimum credit score of 600 is needed
  • Conditions become worse with a weaker credit or finance
  • Stable source and amount of income are required
  • Loan funding takes some time

As you see, goPeer is an option mainly for borrowers who have a good credit score. In this case, you could get a loan at a competitive rate. Lending criteria on P2P platforms are stricter than most lenders have.

There are advantages and disadvantages of goPeer financial services, but it's important to remember that borrowing with an alternative lender should not become a regular thing.

Loan conditions

  1. The customers could borrow a maximum of $25,000 for 3 to 5 years.
  2. The annual interest rates vary from 8% to 33.92% and depend on your credit history and score.
  3. The original fee depends on the amount of the loan, the repayment term, and your personal credit profile.
  4. An interest rate is fixed, so your monthly rate will never increase. In addition, you can prepay your loan penalty-free.

Non-sufficient funds (NSF) fee is up to $50, and the late payments fee is $15 or 5.0% of the unpaid installment amount, which is more significant.

The rates depend on the credit history and banking information. Your entire past activity is considered in the approval of future loans. You should go through a new application, credit check, and bank account refreshment to refinance your loan.

Still, there is no guarantee that the new loan will be approved and has the same terms as it was.

Eligibility criteria for the refinancing options include:

  • a maximum of two active loans on the platform;
  • 6 months or more of having an active loan on goPeer;
  • loans in good standing and never late (15+days) within the past 12 months;
  • all loans do not exceed $25,000, no serious delinquency on goPeer;
  • meet the eligibility criteria for first-time borrowers.

Methods of a loan funding

During the application process, you fill out financial and bank information. Then, you submit the loan amount, and it's paid out by direct deposit to the bank account you have specified.

You can get the money within two business days of your loan being fully funded by the lender. But it can take up to 2 to 4 business days for the bank to clear the transaction.


What is goPeer?

goPeer is an alternative lending platform that offers financial services online in Canada. It works with lenders who want to invest and borrowers who need a personal loan. You could borrow up to $25,000 for any individual purpose with APR from 8% to 33.92% if you qualify.

Who owns goPeer?

The company is a private corporation established in Toronto by Chief Executive Officer Marc-Antoine Caya and Chief Technology Officer Joseph Buaron in 2018.

How do you qualify for goPeer?

It's easy for any Canadian credit user to get a peer-to-peer loan for different personal purposes. But you should satisfy some personal and financial requirements.

To qualify borrower should be 18 years or older and have:

  • Credit score of at least 600
  • Regular source of income over $15,000 annually (it must not be on Employment insurance or CERB).
  • No bankruptcy in the last 12 months.
  • Canadian bank account or equivalent
  • Debt-to-income ratio less than 35% - (Monthly debt payments / Monthly Gross Income)
  • Canadian residence for at least three years
  • Minimum of at least three trades on your credit file (credit cards, line of credit, auto loans, mortgage, etc.)

If you meet these requirements, you are welcome to apply! 

How much can you borrow from goPeer?

From $1,000 to $25,000, depending on your credit score and credit history.

Is goPeer a legitimate company?

Yes, it is. Its website states it is regulated under Canadian laws and has all the necessary licenses at its disposal. $90,398,273 loan applications received and a 15.9% average interest rate. 

Peer Securities is a member of the Ombudsman for Banking Services and Investments and a registered exempt market dealer in all Canadian provinces. 

goPeer is subject to the provincial laws of each jurisdiction in which it offers and funds loans. In addition, on a federal level, goPeer's lending operations are subject to specific statutes enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and other federal agencies.

Company documents

Privacy Policy
Rates & Fees
Terms of Use

We aspire to provide individuals with a better borrowing experience.

© goPeer

Calculate loan payments in goPeer

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goPeer calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 25.09.2022
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What to pay attention to when applying for a loan from goPeer

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes goPeer from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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