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Find A LendergoPeer: Overview
goPeer is an Alberta-based private credit marketplace that connects Canadian borrowers and investors through an innovative peer-to-peer lending platform. goPeer helps creditworthy people get the loans 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 who 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:
Pre-qualify & apply – Pre-qualify in just minutes to validate your qualification for a goPeer loan, without impacting your credit score. Then click to submit your application for a loan, using a modern, secure and fully digital application.
Wait for a response – goPeer will respond with the approval result to your application within 1-2 business days. If you’ve been approved, check your email or the goPeer dashboard, where you can review and accept your loan offer.
Collect your loan – Peer-to-peer lending means that investors can fund your loan anonymously. Once funded, the money will be sent to your bank account by direct deposit.
Repay your loan – The length of your loan term depends on the offer you select, and the payment cycle is automatically aligned with your payroll. You may also make extra payments or repay your loan early using the self-serve platform, with no added fees or 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’s loan offers, keep in mind that a loan is a debt that you must handle responsibly. Only use the money you borrow to finance expenses that are appropriate and use the funds responsibly.
What Do You Need To Qualify For A Loan With goPeer?
One of the main advantages of the goPeer is that it’s designed to meet the needs of the everyday Canadian. That said, there are a few personal and financial requirements that you’ll encounter when you apply for any type of loan. 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 $35,000)
- Have a solid credit history (at least 36 months long)
- Have a minimum of 3 trades on your credit report (ex: credit card, mortgage or car loan)
- Have a minimum FICO® Score of 600
- 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 a minimum of 3 years
- Have not declared bankruptcy in the past 12 months
- Have a debt-to-income ratio of less than 35% (excluding your loan amount and mortgage debt). This means 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:
- Your credit report and credit score
- Your latest bank statements, if express verification fails (or other proof of income)
- Government Photo ID, if automatic verification fails
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:
Pros
- You can borrow from them for whatever expenses you need covered
- They charge competitive interest rates of 8.99% – 34.99 APR
- Their loans are unsecured (no collateral is required for approval)
- No prepayment penalties or hidden fees are involved
- Instantly pre-qualify online with no impact on your credit score
- Only 1-2 days to receive a credit decision
- Loan funding can be faster than other lending platforms
Cons
- Tougher approval requirements than other lenders (decent credit, etc.)
- An origination fee will apply (the more you borrow, the larger the fee is, but this is included in the APR)
- Late 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?
How fast can my peer-to-peer loan get funded?
- It can take 1-2 business days to receive an approval response for your loan
- It may take a few days, or up to a few weeks for your loan to be fully funded by goPeer investors, depending on the amount and interest rate of your loan
- When funding is completed, it can take up to 2 business days to receive the funds
