goPeer Review (April 2024) – Pros, Cons, Features, & Pricing

Are you looking for a comprehensive goPeer review? You have come to the right place since the following guide strives to educate you on what there is to know about goPeer. goPeer Started in 2018 and has grown into popularity for its P2P consumer loan service. By opting for goPeer, you can enjoy loan limits of up to $35,000.

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Last Updated: Apr 17, 2024


  • See your money grow and invest in businesses
  • Get a loan for your business from an investor
  • Connects Canadian investors and businesses to grow together

Sign up and access low business loan rates, or invest in a Canadian business - Claim this offer

Moreover, they have a 15-day grace period if you miss payments. However, you must have a 600+ credit score to qualify for any loan.

And with that, let us dive into our goPeer review so you can learn more about the platform.

What makes goPeer a good option?

goPeer is the first regulated peer-to-peer lending platform in Canada. Therefore, investors and borrowers can rest assured of dealing with a legitimate financial institution. Here are reasons you should choose goPeer as an investor or borrower.

gopeer peer to peer lending - comparewis

Why Choose goPeer as an Investor?

You are always on the hunt to diversify your income and find opportunities as an investor. Luckily, you can get your dreams realized by choosing to invest through goPeer.

The platform allows you to generate recurring income by funding its vast list of certified borrowers. Moreover, goPeer has a vetting process that grades borrowers according to their delinquency risk. The grading ranges from A+ to E.

It is also essential that our goPeer review mentions that the platform has an Auto-Invest feature. This automatic investing feature lets you invest in loan offers you are interested in.

The other notable attribute for investors is that you can invest a minimum of $10 in loan offers. This action lets you spread your investments to several loans.

Why Choose goPeer as a Borrower

Getting a loan is the only choice when met with financial obligations to cover within a short time. However, of the various ways you can get the funds, you want the fast option, and goPeer should be your solution.

By choosing goPeer, you can secure loans ranging from $1,000 to $35,000 for 3 or 5 year terms. The repayment terms are flexible, and you can repay within 36-60 months or earlier.

When you opt-in to goPeer, you are assigned a grade from A+ to E, which shows your delinquency risk. This rating comes after assessing your FICO credit rating and annual income, among other factors.

By getting an A+, you can get unsecured loans with interest rates as low as 8.99%. However, you risk an interest rate increment if assigned a lower grade, with grade E interest rate standing at 25%.

The loan gets deposited into your bank account within no time, allowing you to fulfil your obligations. Of the significant number of loans taken from the platform, debt consolidation is the primary reason. Other reasons include home renovations, travel, huge purchases, medical expenditures, and auto repairs/financing.

Pros and cons of goPeer

Before engaging with any financial institution, you’ll look at its pros and cons first. Luckily, our goPeer review touches on the platform’s pros and cons.

The pros of goPeer

No Collateral Needed

When considering taking a loan through most typical loan institutions, you must consider providing an asset as collateral. This collateral is the security to cover your loan if you default on payments.

However, goPeer requires no collateral to take on a loan. You will rest assured of taking the loan and meeting your needs without worrying about putting your assets at stake.

Flexible Loan Repayment Terms

When you take a loan from goPeer, you can choose to service your loan for 3 or 5 years. This long repayment term reduces your monthly contributions and allows you a comfortable repayment period.

Moreover, if you default on the payments, you are given a 15-day grace period to organize your finances. You do not have to worry about accumulating extra fees in penalties when you miss the due date.

Lower Interest Rates

goPeer’s interest rates average 8.99% to 34.99%. Moreover, the interest you pay back the loan depends on your credit rating.

This is unlike other lenders that charge fixed interest rates, no matter how good your credit score, debt to income ratio or other creditworthy aspects stand. This is good news for you if you hold an excellent FICO rating.

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Faster Loan Processing Time

goPeer cuts down the long waits and delays brought about by document sourcing and processing. When you apply for a loan, you will usually get a response about the loan status within 24 hours.

Moreover, loan amounts less than $10,000 take 3-5 days to hit your bank account. Loans above the 10,000 mark may take 6-8 days, much faster than the typical loan services’ approval and disbursement rates.

Jurisdiction Availability

goPeer is available to all Canadian residents despite their demographic location. You can rest assured of getting the same service as any Canadian.

All you need to do is sign up on goPeer’s website (there is no goPeer app available at the moment.) and choose whether you want to invest or borrow. Provide your details and start enjoying their services.

The cons of goPeer

Strict Eligibility Criteria

The first of the cons we’ll be covering in the goPeer review is the service’s eligibility criteria. Loans on the goPeer platform depend on your credit score. Ideally, the recommended credit score to have is 600 and above.

And even if you qualify with the lowest grade, your chances of securing a loan are low. Investors term low grades as high-risk opportunities and decline to accept your loan offers.

Extra Fees

When you take on a loan with goPeer, you cover an origination fee of 0.5% up to 5%, depending on your grade. The cheque processing fee amounts to $7, and there is also a 5% fee on late payment after the 15-day grace period.

On the investor’s side, you will cover a debt collection fee of up to 35% on bad loans. These are the loans a borrower defaults on paying, warranting action from the goPeer debt collection party. A 1.5% service fee is also payable annually, deducted from your investments during repayments.

Negative Credit Score Impact

As with any loan, you must repay the agreed amount in full. However, if you default on the loan for any reason, you risk facing negative consequences.

Such a negative consequence involves lowering your credit score. This action lowers your chances of securing a loan on the platform or elsewhere. Moreover, building your credit score again is challenging and takes time.

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No Physical Location

goPeer is a fully online service with no brick-and-mortar offices. This means all the processes and questions must go through the online platform.

This can be demeaning for new investors and borrowers looking to understand the company through face-to-face interaction. However, goPeer states their email and phone call support is effective.

Relatively New

goPeer is relatively new to the Canadian market, having started operations in 2018. It has not gained the complete foundation of being a trusted financial institution.

Moreover, it has no physical offices and carries out its operations online. While it has had no scandals, it still needs to work on having a physical office for quality and trust guarantees.

goPeer products and services


Despite goPeer’s recent launch, the platform has seen over 90.4 million loan applications. This shows the widespread acceptance people have of this start-up company.

Many opt for loans through goPeer for the ease and convenience it brings. Moreover, with high credit scores, you can enjoy interests as low as 8%, a rate you cannot get anywhere else.


Being a peer-to-peer platform, goPeer allows you to invest your money in alternative ways other than bank savings. Moreover, through the platform’s strict borrower assessment, you can be sure to invest your money correctly.

According to goPeer, you can earn gross returns ranging from 7.5% to 28%. Also, note that no withdrawal, deposit, or transfer fees are involved, so your profits flow as they are.

All you need to start investing is to deposit a minimum of $1000 into your account. And you do not have to worry about how your cash is spent since you control the spending.

gopeer team - comparewise

goPeer product and service quality

A finance institution review cannot be complete without touching on the quality of services users can expect. This is what our goPeer review researcher found out about the platform.


As a financial institution, goPeer’s legitimacy is essential. Fortunately, the platform is registered under several provincial and federal boards.

Among them is the Québec’s Office de la Protection du Consommateur and Ontario Services Commission (OSC),  among other bodies.

goPeer follows lending regulations laid out by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It also has a subsidiary, Peer Securities Commission, registered as an exempt market dealer among the Canadian provinces.


Upon applying for a loan on goPeer, you can expect to know the loan application status within one day. Therefore, you do not have to undergo prolonged days of uncertainty while your financial obligations rack up.

The platform also allows you to set or postpone loan repayment schedules. And with the 15-day grace period, you can be sure of having no pressure to make payments.

Quality Customer Service

When choosing a financial platform, the quality of customer support is essential. With goPeer, you can expect fast responses to any questions you have.

Moreover, the platform has outlined its contact number and email address on its website. According to goPeer, its lines of communication are open 24/7.

gopeer review website-comparewise

How to get started with goPeer

This goPeer review will take you step by step through the process of getting started with goPeer. The joining process is relatively straightforward, and you can become a user quickly. As a borrower, you will need to pass the following requirements.

  • Declared no bankruptcy within the past year.
  • A regular income exceeding $15,000 annually.
  • Have a debt-to-income ratio of less than 35%.
  • Have a credit score averaging above 600.
  • Have stayed in Canada for three years and above.
  • Have an active bank account.
  • Be of 18 years and above.

The joining process is as follows:

  1. Head over to their website, click the “Borrow” button, and tap on the “Apply Today” option on the page
  2. Indicate the amount you wish to borrow, ranging from $1,000 to 25,000.
  3. Select the loan purpose from a variety of options goPeer has on the platform. For instance, credit refinancing, debt consolidation, education, and travel, among others.
  4. Fill in your name and email address to create a goPeer account. Note that goPeer uses the email address provided to send a verification link confirming and registering your new account.
  5. goPeer provides you with a questionnaire to fill out. Details you will put on the questionnaire include personal contact details, proof of address, a government-issued ID, and social insurance number, among other details.
  6. Tap on the “Finish” button.
  7. You will be asked for consent to do a hard credit check into your credit history and answer questions confirming your identity. After that, submit your loan request.
  8. Log into your account typically after 24 hours to see your loan application status.

The joining process for an investor or lender is somehow different since you are putting money into your goPeer account. To qualify as an investor, you need to pass the following criteria.

  • Be a Canadian resident.
  • Hold an active Canadian bank account.

You will need to fulfil the following requirements to achieve accredited investor status. This is the highest rank and gives unlimited freedom to the number of investments you can make.

  • Have a net income averaging $75,000 before tax within the past 24 months.
  • Have a net asset value averaging $400,000 either with your spouse or alone.
  • Have a net income of $125,000 within the past 24 months with your spouse or alone.

To get started as an investor, you must follow the following process.

  1. Head to goPeer’s website, select “Invest,” and click on “Start Investing.”
  1. Provide your full name and email address to create an account.
  2. You will receive an email prompting you to confirm your registration via the email address provided.
  3. Log into your account and fill in the questionnaire provided. Here you will fill in your details and proof of address and provide a government-issued Identification document, among other details.
  4. Fund your account with a minimum of $1,000.
  5. Go through the available investment opportunities and invest in what you like.

When you join goPeer as an investor, you are limited to three investment tiers, namely:

TierInvestment Threshold Annually ($)
Eligible30,000 up to 100,000 following an expert’s advice.

After you’re a client with goPeer it’s super easy to access your account. Go to the goPeer login page and enter your credentials to access the online platform.

gopeer investing - comparewise

Alternatives to goPeer

If goPeer does not fit your needs, there are alternatives worth checking out. Alternatives you can explore in this goPeer review include:


  • Automatic, flexible payment methods
  • 6 months to 5 years loan periods
  • Maximum loan amount of $35,000

Personal loans through Mogo are typically flexible, with terms ranging from six months to five years - Claim this offer


The first alternative we’ll be mentioning in our goPeer review is Mogo. This platform started in 2003 and is a financial institution offering more than personal loans. Apart from getting personal loans, you can take on mortgages, bitcoin trading, credit monitoring, and more services.

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Their loan ranges from $500 to $15,000, with an average APR ranging from 29.99% to 47%. The repayment period starts from 12 to 60 months.

It is, however, essential to note that their loans are not available to residents of all the Canadian provinces. With Mogo, you get a 100-day test period. If you are unsatisfied, you can repay the principal amount with no interest fees.

Lending Mate

  • Fast, Flexible & Straightforward
  • Borrow Up To $10,000
  • Guarantor Loans, No Credit Checks

Guarantor loans in Ontario and BC of up to $10,000 - Claim this offer

Lending Mate

Another lending institution worth checking is Lending Mate. This platform offers loans if you have a guarantor willing to make repayments if you default.

lendingmate - borrow up to 10000 within 24 hours - 468x60 - comparewise

It is a good option for anyone looking to take on a loan but with a low or poor credit score. Unfortunately, this platform serves only British Columbia, Ontario, and Quebec residents.

You can get loans at Lending Mate ranging from $2,000 to $10,000. Their annual interest rates are significantly higher than other lending alternatives and stand at 34.90% to 43%.

Loan Connect

  • Canada's Premier Personal Loan Search Engine
  • Get pre-approved for up to $50,000 in 5 minutes
  • Get funds on the same day

Search Canada's Lenders to Find Your Best Loan Rates - Get started now

Loan Connect

Another lending alternative making our goPeer review comparison is Loan Connect. This platform works as a search engine and connects you with various lenders who can offer you a loan.

LoanConnect - Searching for a loan - 728x90 - comparewise1

You can get loan quotes of up to $50,000 from Loan Connect without committing to their terms or even providing your details. Fortunately, this platform serves residents from all the Canadian provinces, so you do not have to worry about your demographic location.

Evaluating the platform’s service quality is somewhat challenging since it connects you with other loan lenders like Mogo, LendDirect, Lending Mate, and Fairstone. You expect various loan offers with a wide range of APRs ranging from 5.75% to 46.96% and repayment terms averaging 6 to 60 months.


  • Personal loans for Canadians
  • 240+ branch locations across Canada
  • Get a quote and qualify in minutes

Personal loans from $500-$50,000 - Get started now


Another loan alternative to goPeer is Fairstone. This financial institution started operations in 1923 and has served Canadians with more than personal loans. You can also get debt consolidation and equity loans.

Fairstone review 3 - comparewise

The loan limit starts at $500 to $50,000 with an APR of 19.99% to 39.99%. The repayment period starts at six months and can extend to 120 months.

Unlike goPeer, Fairstone has over 200 physical branches spread nationwide. While the loan application process takes place online, you must visit one of the branches to finalize the process.

goPeer review conclusion

As a Canadian investor or borrower, choosing the right financial institution is essential. goPeer being a P2P lending institution, offers the right opportunity to you to invest and finance your financial obligations.

This goPeer review highlights all that you need to know about the platform and other lending alternatives if needed. It is now up to you to make an informed decision on whether goPeer is convenient for you.

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FAQs about goPeer

How can I receive the best interest rate on my loan at goPeer?

Interest rates on the loans at goPeer depend on your credit score rating. A better credit score rating translates to a better and low-interest rate of up to 8.99%.

Do the investors see my details when I apply for a goPeer loan?

No, goPeer has a strict privacy protection measure. When you apply for a loan, investors will only see your loan details, the amount, and credit score grade.

What happens if I do not accept the loan offers due to insufficient amounts?

goPeer gives you 30 days after listing the loan application. Suppose the period ends and you have not received the desired amount. In that case, you can cancel, accept the funded amount, or extend the listing to 45 days.

How does goPeer make its profits?

goPeer charges its borrowers an origination fee of up to 5%. The platform also has an annual 1.5% service fee on the investors' return. If a borrower defaults, it will cost the investor a 35% debt collection fee.

What is the maximum amount I can get from goPeer?

The maximum amount you can apply for on the goPeer platform is $35,000. Depending on your creditworthiness, you will be charged interest rates ranging from 8.99% to 34.99%.

How fast can the money hit my bank account?

Since goPeer is a P2P lending platform, it may take a few days to get the right investors to fund your loan amount. Loans below $10,000 can take three to five days, while any amount above that can take up to eight days.

Can anyone take out a loan on goPeer?

No, goPeer has a strict borrower assessment protocol that limits anyone with a credit score below 600. Moreover, you must be a Canadian resident, above 18 years old, and have valid government-issued documentation.

Can I pay my loan earlier than the agreed date?

Yes, goPeer allows early payments and does not charge any extra fee. Moreover, their loan repayment terms are flexible, and you can reschedule according to your liking.

What is the benefit of the Auto-Invest feature?

goPeer's auto-invest feature allows you to automatically invest in opportunities you may be interested in. Moreover, you do not have to log in to your account to make such investments.

Is goPeer a legit platform?

Yes, goPeer is a legitimate platform registered with various authority bodies such as the Ontario Service Commission. Its lending practices are also compliant with the FINTRAC regulations.

October 6, 2022
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