Repayment of loan
When you receive different loan offers, you decide which conditions are preferable.
The terms are up to 60 months. After the money is deposited into your account, the repayment period will start. After that, payments are arranged automatically, by direct debit, from your account.
A Direct Debit is an instruction from you to your bank which authorizes the lender to collect the amounts of money from your account. You have already agreed with the amount and terms of collection in the application form.
The money is deducted automatically. So you won't miss regular payments.
Your first repayment usually goes one calendar month after accepting your loan and is debited every month.
If you want to pay early or manage your loan, use your borrower dashboard at the official website. There aren't any hidden costs or prepayment penalties.
goPeer charges an origination fee, whose sum depends on the amount of the loan, the repayment term, and your personal credit profile. It could be up to 5%.
Calculate the desired amount in advance. Notice: if you need it for a big purchase, an origination fee could be perceptible.
For example, if you apply for a loan of $7,000 and your fees are 1%, you will only receive $6,930.
The origination fee is deducted from your loan proceeds, and there is no fee or upfront payment of any kind if you do not receive a loan.
Conditions of loan extension
goPeer will send you a reminder two days before your payment.
If you couldn't make the repayment on time, try to pay within 15 business days. In this case, no fee will be charged until the 16th day, when the commission is assessed directly to an investor to compensate for the delay.
You can pay online through your borrower dashboard. If you can't make it immediately, you will receive notification of the missed payment and the date to resubmit it. If this date is not suitable, you can contact the team and amend the new date.
Late payments are fined: $15 or 5.0% of the unpaid installment amount. goPeer does not charge any administration fees on loans.
If your bank rejects an automatic payment, an Unsuccessful Payment Fee of $25 is charged to cover the cost goPeer incurs on the transaction.
This could happen if there's not enough money in your bank account to cover your loan payment, your bank account has been closed, or the account is suspended or inaccessible.
An automatic payment will be processed up to two additional times; if returned unpaid, it is subject to an Unsuccessful Payment Fee.
Stopping payments is disadvantageous because the unsuccessful payment fee is more than the late payment fee. And multiple stop payments give your loan file a poor score which affects your chances of approval for future loans.
goPeer is ready to help with a sustainable plan of repayment in any situation: you could email at hello@gopeer.ca or call on +1 (844) 960-3090
Early payoff
You can make all the repayments early or pay an entire loan for free, and there are no prepayment penalties. All these functions can be managed online through your dashboard.
If you want to make additional payments to clear your loan quicker, log into your borrower dashboard and deposit any amount from your bank account.
The amount paid will be deducted from the total balance of your loan. Once the payment has cleared, your term will automatically reduce.
Paying off your debt early is an excellent opportunity to relieve a financial burden and forget your monthly payments for good.
