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goPeer is a Canadian-based platform that provides personal loans to people in Canada. They aim to ensure Canadians have access to financial opportunities and available investments. By being a part of goPeer, you can continue to change the balance of power from large finance companies to everyday individuals.
One of the benefits you can access from goPeer is its ‘Borrow‘ feature. It includes competitive fixed rates that are affordable and accessible, which means you know what you’re paying for and can prepay at any time to prevent future interest.
Since they are a peer-to-peer lending business and have no obligation to pay overheads, their rates are cheaper than other financial institutions.
Their repayment is organised through a direct debit, collected each month after your loan is approved. You get a reminder of upcoming payments two days beforehand, which means you can stay on top of your payments each time.
You can access a quote to have a rough idea of how much you can borrow and what their payment requirements are. This process doesn’t cost anything and doesn’t require any obligation. The origination fee will be taken from your loan proceeds which means there is no fee if you don’t get approved for a price.
The second benefit you can access from goPeer is its investment account designed for investors. This account is free and can get you investing within five minutes. It works by allowing you to put your investment objectives to get personalised recommendations. Once this is all approved, you can transfer funds and start investing.
As an investor on their platform, you invest on interest on goPeer loans. As borrowers repay their loans, you earn 100% of your pro-rata share of the principal and interest (after service costs).
You get access to the investor portal, which shows your portfolio, returns and much more. Additionally, you can get monthly account statements regarding investment information such as portfolio holdings, payment history, and unpaid principal balance.
Alberta, British Columbia, Canada, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Online, Ontario, Prince Edward Island, Quebec, Saskatchewan, Yukon
Since 2018
Finance
English
goPeer is a Canadian-based platform that provides personal loans to people in Canada. Their aim is to ensure Canadians have access to financial opportunities and available investments. By being a part of goPeer, you can continue to change the balance of power from large finance companies to everyday individuals.
There are a lot of reasons why you should use goPeer. Some examples include:
Becoming a goPeer member is free and easy to access.
They charge an origination fee that will be taken from your loan proceeds which means there is no fee if you don’t get approved for a fee.
For borrowers, they charge an unsuccessful payment fee of $25 to cover the cost of the transaction and a late payment fee of $15 to be paid to the investors.
For investors, they charge a servicing fee of 1.5% annually, and a collection fee of up to 35% to cover collection costs.
To get started with goPeer, go on their website and open an account.
Their requirements for borrowers include:
Their requirements for an eligible investor include one of the following:
As part of the Peer Securities Corporation, goPeer has security measures to ensure the safety and security of all personal information. They commit to strict regulations related to providing funds and loans which are enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), as well as other federal agencies.
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