goPeer

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goPeer is a Canadian lending platform that helps everyday Canadians lend and borrow from each other. They are the first of their kind in Canada and take an innovative approach to lending. Their mission is to empower Canadians to help each other achieve their goals faster. goPeer offers better rates to borrowers than traditional lenders and offers Canadian investors access to a new passive income asset class.

  • TIME IN BUSINESS: Since 2018
  • # OF CUSTOMERS: Over 1,500

(844) 960-3090

hello@gopeer.ca 111 Peter St, Toronto, ON M5V 2H1
Call Center: 24 hours a day, 7 days a week
Support Offered:
  • Email
  • Call Centre
  • Social Media
  • Email Inquiry Form
  • Online Chat
Availability: Everywhere in Canada

Products Offered

Below are all the products offered by this company.

Borrower

Borrow money from Canadians through peer to peer lending.

Loan Amount:

Loan amounts range from $1,000 to $25,000, with rates (APR) between 7.5% to 31.5% depending on goPeer’s assessment of your credit profile.

Cost:

goPeer charges borrowers with one single origination fee, and the amount of which is dependent on how much you would like to borrow and goPeer’s assessment of your credit profile. There are no early repayment fees or hidden costs for taking out a peer to peer loan on goPeer.

Borrower Eligibility:

  • Have an income
  • Have a minimum credit score of at least 600
  • Have not recently filed for bankruptcy
  • Minimum credit history of 36 months
  • Have a verifiable Canadian bank account
  • Five or fewer credit inquiries in the last 6 months
  • Debt-to-income ratio (excluding mortgage and the requested loan amount) of below 35%

Investor

As a goPeer investor, you invest in consumer loans. Only people who have passed goPeer’s rigorous credit assessment process can borrow through goPeer.

Cost:

  • Invest as little as $10 per loan and diversify your investments across multiple borrowers.
  • Investors are assessed a 1.5% annual servicing fee (0.125% monthly) that’s deducted from loan repayments, so you only pay when you earn
  • No management, brokerage account, or transaction fees
  • No charges to deposit, transfer or withdraw funds

Benefits:

  • Borrowers make fixed monthly repayments with interest, which are deposited directly into your goPeer account.
  • Earn solid returns
  • Diversify your portfolio
  • Receive reoccurring cash flow

 

Frequently Asked Questions About goPeer

What is goPeer?

goPeer is a Canadian lending platform that helps everyday Canadians lend and borrow from each other. They are the first of their kind in Canada and take an innovative approach to lending.

What is goPeer's mission?

goPeer's mission is to empower Canadians to help each other achieve their goals faster.

What's a benefit to using goPeer?

goPeer is able to offer better rates to borrowers than traditional lenders while allowing everyday Canadian investors to access a previously inaccessible asset class.

What does goPeer do?

goPeer helps everyday Canadians to achieve financial freedom through peer to peer lending.

Who uses goPeer?

goPeer is used by people in need of a loan, and Canadian investors that want to access a new passive income asset class. The loans offered through goPeer offer an attractive yield, have a low correlation to other asset classes, and most importantly they are accessible to everyone – not just the big guys.

Is go Peer safe?

goPeer was founded in 2018 and since then has helped over 1,500 customers. They are Canada's first consumer P2P lending platform and have been featured by and partnered with Yahoo Finance, Ivey Business School, and York University. If you invest using goPeer, your funds are held in trust at a chartered Canadian bank, and it's good to note that goPeer uses advanced data security and privacy protection.

How can I get a loan on goPeer?

First, apply online for a peer to peer loan from the comfort of your home on goPeer's website. Then, get a response within 24 hours on your loan application. After that, select a loan offer that’s right for you (if you're approved) and the funds will be deposited into your bank account via direct deposit.

How much does goPeer cost?

goPeer charges borrowers with one single origination fee, the amount of which is dependent on how much you would like to borrow and goPeer's assessment of your credit profile. There are no early repayment fees or hidden costs for taking out a peer to peer loan on goPeer.

What are peer to peer loans for?

A peer to peer personal loan is great to pay for a variety of needs such as home improvement, unexpected costs, vehicle expenses, a medical expense, major purchases, and more. You can also use a peer to peer personal loan to consolidate debts.

Am I eligible to borrow on goPeer?

To be eligible to borrow on goPeer, you need to be 18+ years old, have a good credit history, have a regular source of income, hold a Canadian bank account or equivalent, and have been a Canadian resident for a minimum of 3 years.

Do investors on goPeer know who I am?

Borrowing through goPeer is anonymous. Investors will never know your identity. They only have access to the details on the loan and the associated credit risk metrics.

How much can I borrow from goPeer?

Loan amounts from goPeer range from $1,000 to $25,000, with rates (APR) between 7.5% to 31.5% depending on goPeer's assessment of your credit profile.

What's the term length on a goPeer loan?

goPeer offers unsecured personal loans in Canada (different lending rules may apply depending on your province) with terms of 36 or 60 months.

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