Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply For goPeer

Advertiser Disclosure

goPeer offers a range of personal loans through its peer-to-peer (P2P) lending platform, serving as an intermediary connecting borrowers and investors. These loans cater to various financial needs, including debt consolidation, car loans, and more, with loan amounts typically ranging from $1,000 to $35,000. Borrowers can access competitive interest rates and flexible repayment terms, allowing them to tailor their loan to their specific financial circumstances. By leveraging goPeer's platform, borrowers gain access to funding quickly, while investors have the opportunity to diversify their portfolios and earn returns through lending activities.

How to apply for a goPeer loan

  1. Visit the goPeer Website. Open your web browser and navigate to the official goPeer website.

  2. Click on "Borrow". Once on the homepage, locate the "Borrow" option in the navigation menu and click on it.

  3. Select "Pre-Qualify". From the dropdown menu or options presented, select the "Pre-Qualify" option to begin the loan application process.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

Reasons for rejection

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Additional resources

Sources

FAQ

How long does it take to get approved by goPeer?

The approval process for goPeer loans typically takes a few business days. Once the borrower submits their application and meets the eligibility criteria, goPeer assesses their creditworthiness and other factors to determine loan approval.

How quickly funds can be received?

Funds from goPeer loans can be received within a few business days after the loan application is approved and finalized. This quick turnaround time allows borrowers to access the funds they need promptly for various purposes.

How trustworthy is goPeer?

goPeer is a trustworthy company that operates as a registered lender in Canada. It adheres to Canadian laws and regulations governing peer-to-peer lending and operates transparently through its online platform, providing borrowers and investors with opportunities to engage in lending transactions securely and responsibly.

Does goPeer verify income?

Yes, goPeer verifies income as part of the loan application process. Borrowers are required to provide accurate information about their income to demonstrate their ability to repay the loan.

Does goPeer hurt your credit score?

Applying for a goPeer loan may result in a hard inquiry on your credit report, which could temporarily lower your credit score. However, responsibly managing a goPeer loan and making timely repayments can have a positive impact on your credit score over time.

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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