Time in business:
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goPeer is Canada’s first consumer peer to peer lending platform dedicated to helping everyday Canadians to lend and borrow from each other. goPeer replaces banks and traditional financial institutions to provide better rates to borrowers while creating a new investment opportunity available to all Canadians.
Smarter Loans Expert Review for goPeer
Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans
Our Take
goPeer stands out in the Canadian lending landscape as the country’s first consumer-focused peer-to-peer lending platform. Rather than lending its own capital, goPeer connects Canadians who want to borrow with Canadians who want to invest, creating a marketplace where consumer loans are funded directly by individual investors.
This model allows goPeer to offer competitive interest rates to borrowers while giving investors access to consumer credit as an alternative asset class. Loan amounts range from $1,000 to $25,000, with fixed terms of 36 or 60 months and no penalties for early repayment. For borrowers who meet the credit and income requirements, goPeer can be a compelling alternative to both banks and higher-cost non-prime lenders.
That said, goPeer is selective. It is not designed for borrowers with poor credit or unstable income, and approval standards are closer to near-prime lending than inclusive or payday-style products.
Who goPeer Works Best For
goPeer works best for Canadians with fair to good credit who want a straightforward personal loan with competitive rates and predictable payments. If your credit score is above 600, your debt-to-income ratio is under control, and you have a stable income, goPeer can offer pricing that is often meaningfully better than many alternative lenders.
It is also well suited for borrowers who value transparency and simplicity. Fixed terms, clear APR ranges, and no early repayment penalties make it easier to plan and budget over the life of the loan.
goPeer is not a good fit for borrowers with recent bankruptcies, high debt loads, or reliance on government income programs. It is also less suitable for those who need instant approval regardless of credit profile.
What We Like
The peer-to-peer structure is goPeer’s biggest strength. By cutting out traditional lending intermediaries, the platform aligns borrower and investor interests more directly. Borrowers benefit from competitive rates starting as low as 8% APR, while investors gain access to diversified consumer loan exposure.
We also like the fixed-term structure. Loans are offered over three or five years with no prepayment penalties, which gives borrowers flexibility to pay off their loan early without extra cost.
Transparency is another positive. Eligibility criteria are clearly defined, and borrowers know upfront whether they are likely to qualify before investing time in the application.
Where goPeer Could Improve
Accessibility is the main limitation. goPeer’s eligibility requirements are stricter than many online lenders, which means a significant portion of Canadians will not qualify. A minimum credit score, income threshold, and clean recent credit history narrow the applicant pool.
Approval speed, while reasonable, is not instant. Applications are typically reviewed within one business day, which may feel slow compared to lenders offering immediate decisions and same-day funding.
Finally, loan terms are fixed at 36 or 60 months. Borrowers looking for shorter repayment periods or revolving credit options will need to look elsewhere.
Is goPeer Right For You?
goPeer is an excellent option if you have solid credit, stable income, and want a personal loan with competitive rates and no early repayment penalties. It offers a refreshing alternative to both traditional banks and higher-cost non-prime lenders.
However, it is not designed as a fallback for credit-challenged borrowers or those needing guaranteed approval. goPeer works best when you already meet the financial fundamentals and are looking for fair pricing and predictable terms.
For Canadians who qualify, goPeer delivers on its promise of peer-powered lending that benefits both borrowers and investors.
Products Offered
AMOUNT
$1,000 to $25,000
INTEREST RATE
APR 8% - 33.92%
TERMS
36 months or 60 months
Consumer Peer to Peer Lending
Conditions & Rates
Interest rate 8% – 33.92%
Amount $1,000 – $25,000
Terms 36 months or 60 months
How it Works
goPeer connects Canadians looking for a loan with Canadians looking to invest.
As a goPeer borrower, you can get access to a personal loan quickly and easily.
As a goPeer investor, you invest in Canadian consumer loans, earn interest and monthly passive income – just like a bank!
- Diversify your portfolio
- Get monthly payments
- Help fellow Canadians
Eligibility Requirements
Who is eligible?
- Canadian resident 18 year of age or older
- Credit score over 600 / Equifax FICO 8 Score
- Annual income more than $15,000 – must not be on Employment insurance or CERB or any other government related programs.
- Debt-to-income ratio less than 35% – (Monthly debt payments / Monthly Gross Income)
- No bankruptcy in the last 12 months
- Canadian bank account or equivalent
- Canadian resident for at least 3 years
- Minimum of at least 3 trades on your credit file (credit cards, line of credit, auto loans, mortgage, etc.)
What you need to provide?
- Online application. Application response will be provided within one business day.
Repayment & Insurance
How fast can you get the money
- Within 24 hours
Funding method
- Direct Deposit
How does repayment work
- Flexible payment options
goPeer Videos
Contact information
hello@gopeer.ca- 111 Peter St, Toronto, ON M5V 2H1
Availability:
All ProvincesSupport Offered:
- Phone Support
- Email Support
- Social Media
- Help Centre
- Online Chat
Call Center:
Monday to Friday from 9:00AM to 5:00PMFrequently Asked Questions About goPeer
What is goPeer?
What does goPeer specialize in?
goPeer specializes in peer-to-peer lending. Borrowers may apply through goPeer and everyday Canadian investors may choose to invest and fund their loans.
What is the interest rate on a goPeer loan?
The APR range on a goPeer loan is between 8% - 33.92%.
What is the term length for a goPeer loan?
You have either 36 months or 60 months to pay back your loan from goPeer. You may pay off the loan earlier without any penalties.
Is goPeer Canadian?
goPeer is a 100% Canadian, Toronto-based organization that seeks to improve the financial opportunities to everyday Canadians. When you invest in a goPeer loan, you contribute to helping real people in Canada. Their innovative approach to lending focuses on financial wellness, empowering Canadians to help each other achieve their goals faster.
Is the information I share with goPeer secure?
At goPeer privacy and security is very important to them. They implemented a multi-layered approach to security, with strict constraints and controls in place for each layer to establish a fortified barrier. Among these layers they incorporated specialized security protocols including bank grade or better encryption of data at rest, in motion, and additional public-key (RSA-4096) encryption of sensitive information.
What does goPeer offer?
goPeer offers affordable personal loans to help you achieve your financial goals. A peer-to-peer funded loan can be a great for a variety of needs such as debt consolidation, paying off high interest credit cards, home improvement, unexpected costs, vehicle expenses, medical expense, major purchases and more.
What kind of loans does goPeer offer?
goPeer offers unsecured personal loans, installment Loans and debt consolidation.
How much can I borrow from goPeer?
You can borrow anywhere from $1,000 - $25,000 from goPeer.
How does goPeer collect repayments from borrowers?
Payment is arranged by direct debit, to be collected once a month. Flexible payment options are also available upon request. Your first repayment is usually scheduled to be debited one calendar month after you receive your loan. Borrowers are reminded in advanced of their upcoming repayments
What is goPeer's commitment?
goPeer is committed to the financial health of their members and strives to improve the Canadian lending market by offering swift, affordable loans.
Can I borrow if I’m not Canadian?
You need to be a Canadian resident for at least 3 years and own a Canadian bank account to borrow through goPeer.
goPeer Reviews
Avg. Rating: 5.0 (2 reviews)
goPeer is a great platfor...
“Great platform, very transparent...thank you goPeer!”
Awesome Experience
“This is the best loan experience I have ever had. I’m so happy I found out about GoPeer....I love the idea of my loan being funded by other Canadian investors.”
