goPeer Reviews, Ratings And Fees January 2023

Based on 2
Customer Reviews
111 Peter Street
Toronto, Ontario
M5V 2H1
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Who Is goPeer

goPeer is a Toronto-based peer-to-peer lending company. goPeer helps creditworthy people get the loan they need through people looking to invest. They aspire to create a different borrowing experience for Canadians where you can be the “lender” or the “borrower”. The investors act as the lender by funding all or a fraction of the loan borrowers are looking for. goPeer is a win-win situation where the people that invest gain a profit from the interest paid on the principal amount from the borrowers and the borrowers get the money they need.

How Does goPeer Work?

The goPeer borrowing process works in 4 simple steps:

  • Create an account & apply – Using the latest security technology, goPeer has a convenient peer-to-peer loan application process that can be completed entirely online. Just create your account and fill out the appropriate information. 
  • Wait for a response – Typically, goPeer will respond to your application within 24 hours. If you’ve been approved, check your goPeer dashboard, where you should receive any loan offers and can decide which one you prefer. 
  • Collect your loan – Peer-to-peer lending means that investors can fund your loan anonymously. After choosing your loan offer, any money you’re approved for will be sent to your bank account by direct deposit within 2 business days. 
  • Repay your loan – The length of your loan term depends on the offer you pick. Luckily, goPeer only charges one origination fee (the amount is based on how much money you borrow) and no hidden costs or prepayment penalties.

What Expenses Can You Use goPeer For?

Remember, goPeer is a peer-to-peer lending service that works for the everyday Canadian borrower. Since the loan will appear as cash in your bank account, you can use it to pay for just about anything, including but not limited to:

  • Consolidating debts and bills (credit cards, utilities, etc.) 
  • Financing a large purchase (new appliance, travel costs, etc.) 
  • Covering medical expenses (elective surgeries, medications, etc.)
  • Making home repairs and improvements (new roof, renovations, etc.) 
  • Funding auto repairs and maintenance (timing belt, accidents, etc.)

Despite the benefits of goPeer lending, keep in mind that a peer-to-peer loan is a serious debt that you must handle responsibly. Only use the money you borrow to finance expenses that are truly important and can’t be paid for by other methods 

What Do You Need to Qualify For a Loan With goPeer?

As mentioned, one of the main advantages of the goPeer lending process is that it’s designed to meet the needs of the everyday Canadian credit user. That said, there are a few personal and financial requirements that you’ll encounter when you apply for any type of peer-to-peer loan. In order to qualify for a loan with goPeer, you must:

  • Be at least 18 years of age 
  • Have a regular source of income (minimum annual income of $40,000)
  • Have a solid credit history (at least 36 months long)
  • Have a minimum of 3 trades on your credit report (ex: credit card, mortgage and car loan)
  • Have a minimum credit score of 700
  • Have experienced 5 or fewer credit inquiries during the past 6 months  
  • Have a verifiable Canadian bank account (or equivalent)
  • Have been a Canadian resident for 3 years at least
  • Have not declared bankruptcy in the last 12 months
  • Have a debt-to-income ratio of less than 35% (excluding your loan amount and mortgage debt). Meaning your monthly debt payments divided by your monthly gross income should be less than 35%.

During the application process, the following documents may be required or inspected:

  • Government Photo ID (driver’s license or other proof of identification)
  • Your credit report and credit score
  • Your latest bank statements (or other proof of income)
  • A recent utility bill (or other proof of address) 
  • A pre-authorized debit form or VOID cheque (for deposits and payments) 

Pros and Cons of goPeer

There are plenty of reasons to choose goPeer. Then again, there are some situations where their lending platform may not be exactly what you’re looking for. So, before applying for a peer-to-peer loan with goPeer, be sure to weigh these pros and cons:


  • You can borrow from them for whatever expenses you need covered
  • They charge competitive interest rates of 7.5% – 31.5% APR
  • Their loans are unsecured (no collateral is required for approval)
  • No prepayment penalties or hidden fees are involved
  • Quotes are instantly available online
  • Only 1 day to receive a credit decision (if all information is provided)
  • Loan funding can be faster than other lending platforms (2 business days)


  • Tougher approval requirements than other lenders (decent credit, etc.)
  • An origination fee will apply (the more you borrow, the larger the fee is)
  • Late, incomplete or missed payments may be subject to penalties
  • Defaulted payments may also damage your credit 
  • Getting approved with weaker finances and/or credit can lead to higher interest rates, lower loan amounts and shorter repayment terms

goPeer - FAQs

How much money can I borrow through goPeer?

At goPeer, consumers can apply for unsecured loans of $1,000 – $25,000. They charge interest rates of 7.5% – 31.5% and offer repayment terms of 36 – 60 months. If you are going to apply for a peer-to-peer loan through goPeer, make sure to create a budget beforehand and confirm that you have enough savings to cover your payments (including interest and your origination fee), even if a financial emergency arises.

How fast can my peer-to-peer loan get funded?

Once your goPeer application is accepted, you should receive an instant loan quote on your account dashboard. However, it can take a few extra days for the entire transaction to be completed. Here’s how the goPeer borrowing process normally goes: 
  • It can take 1 business day (24-hours) to get fully approved for your loan
  • goPeer may need several days to get funding from the right investors 
  • When confirmed, it can take up to 2 business days to receive any funds
As soon as your goPeer loan gets deposited into your bank account, your repayment term will begin. Don’t forget that you’re allowed to make early payments, penalty-free. This can reduce the time you’re in debt and how much interest you’ll pay for your loan.

Can I apply for a loan with goPeer if I have bad credit?

One of the unfortunate drawbacks of goPeer is that they have higher approval standards than a lot of other lending platforms in Canada. Generally speaking, you must have a decent credit score of at least 700 to 900, as well as a solid payment history in order to qualify, especially if you want a favourable loan, interest rate and term.  Although you can technically apply with a bad credit score of 300 – 699, there’s a significant chance that your application will be denied because you present too much risk of defaulting on your loan. If you do somehow manage to get approved, it may only be for a small amount of money, a high-interest rate and a shorter, less affordable term. 


Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Personal Loan

$1,000 - $25,000
Interest Rate
7.5% - 31.5% APR
Term (Months)
36 - 60
Funding Time
  • Varies
Funding Method
  • Funds are directly transferred to your bank account
Repayment Options
  • Monthly payments - direct debits
  • Must be 18+ years old
  • Have a credit score of 700+
  • Have a minimum annual income of $40,000
  • Have a debt-to-income ratio of less than 35%
  • Must be a Canadian resident for at least 3 years
  • Have a minimum of 3 trades on your credit report
  • Have a verifiable Canadian bank account 
  • Have not declared bankruptcy in the last 12 months
  • Government Photo ID
  • Your latest bank statements (or other proof of income)
  • A recent utility bill
  • A pre-authorized debit form or VOID cheque

Reviews & Ratings

See what others have to say about goPeer

Frist loan I ever took and it went very well and quick. If I’m ever asked about which company one should use to get a loan, I will most likely r... read more

- Pierre (November 17, 2022)

One of the better loan experiences I’ve had, they are nice to work with the process isn’t as confusing as you might think it would be.

- John (April 21, 2020)


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