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goPeer Personal Loan review

Apply for a personal loan of up to $25,000 with goPeer, Canada’s first consumer P2P lending platform with interest rates as low as 8% if you have good credit.

goPeer connects Canadians looking for a loan with Canadians looking to invest. Borrowers can use their personal loan for a variety of reasons, including debt consolidation, home improvement, unexpected costs and medical bills.

8.00% - 31.00%

Interest Rate


Max. Loan Amount


Min. Credit Score


Product NamegoPeer Personal Loan
Benefit DescriptionMin. credit score: 600
Interest Rate8.00% - 31.00%
Min. Loan Amount$1,000
Max. Loan Amount$25,000
Loan Term36 - 60 months
Turnaround TimeReceive a response within 24 hours of your loan application
More Info
goPeer is Canada’s first regulated consumer peer-to-peer lending platform, disrupting the traditional lending model by connecting creditworthy Canadians looking for a personal loan with everyday Canadians looking to invest. The application process is done completely online, with borrowers receiving a decision on their loan application within 24 hours. Terms run for either 36 months or 60 months, but goPeer notes that borrowers can make early repayments without any penalties.

30-second take

  • Consider goPeer if you’re searching for the lowest interest rates and your finances are strong. If your finances are in great shape, goPeer says it can offer better rates than the competition.
  • Pick something else if you prefer to work with a conventional lender with a bricks-and-mortar location. goPeer is a P2P platform that is online-only.
  • Keep in mind, you must have a good credit history to be eligible for a goPeer Personal Loan, so steer away if you’re looking for a bad credit loan.

What makes goPeer Personal Loans unique?

goPeer is unique as it is Canada’s first consumer peer-to-peer lending platform offering personal loans to Canadians. It joins the ranks of online-only lenders, so the entire application and loan approvals process are done online from the comfort of your home. goPeer strives to offer the most competitive interest rates to Canadians with good to excellent credit. It also emphasizes its speed: You can apply for a loan within 10 minutes online, receive an instant quote and receive loan offers within one business day. The interest on your loan is paid directly to the people who lent to you too.

What are the benefits of a goPeer Personal Loan?

goPeer is a niche alternative lending platform so if you’re thinking about taking out a personal loan, it has a number of great features, including:
  • Competitive interest rates. If your finances are strong, you may be able to score an interest rate that’s even lower than what the banks can offer.
  • An online-only application process with a quick turnaround on loan decisions. Borrowers can apply for a goPeer Personal Loan completely online via an easy-to-use application form. You can expect to receive an instant quote followed up by loan offers within a single business day. Once your loan is processed, your account and loan repayments are managed completely online too.
  • Borrowing from fellow Canadians looking to invest. What’s neat about P2P lending is that your loan is provided by fellow Canadians who are interested in investing and helping out their peers. The interest you pay on your loan goes directly to your peers instead of into the hands of a big bank or financial institution.
  • Loan amount of up to $25,000. The amount you can borrow from goPeer starts at $1,000 and goes up to $25,000. There are no restrictions on how you can use the funds, so you can spend the money on anything you want.
  • Lengthy terms. You’ll be able to lock in a term starting at 36 months or 60 months to help bring your monthly payments down. Only extend the life of your loan if you need to.
  • Option to pay off the loan earlier. If your budget allows, you can even pay off your goPeer Personal Loan earlier without facing any prepayment penalties.
  • 15-day grace period. If you experience an unexpected event, you can take up to 15 days to make your repayment without facing penalty or impacting your credit score.
  • Use the loan for many purposes. You can get a goPeer Personal Loan to consolidate debt, improve your home, purchase or repair a car, cover medical expenses and more.

What to watch out for

With any loan you take, you should always pay attention to the potential red flags. Here’s what to keep in mind with a goPeer Personal Loan:

  • Steep interest rates. While interest rates start at 8% they can creep up to 31% if your credit isn’t in great shape.
  • No in-person customer service. Because goPeer is an online-only lender, you won’t have a bricks-and-mortar storefront to visit for any in-person assistance. However, it does emphasize its great customer service over the phone and via email.
  • One-time origination fee. Borrowers need to pay a one-time origination fee for their loan, that’s worked into their APR. When you apply for a goPeer Personal Loan, the loan offer you receive is assigned a grade ranging from A to E, based on your credit history. An A grade, for example, comes with a fee of 0.5% while an E grade comes with an origination fee of 5%. A full range of origination fees and interest rates is available on its website.
  • Other fees and charges. A goPeer Personal Loan has a string of other fees to watch out for too, including unsuccessful payment fees, late payment fees and cheque processing fees. A full list of charges and fees is available on its website.
  • Eligibility criteria. While other online lenders offer bad credit loans, goPeer only considers borrowers whose finances are in good shape. Only apply for a goPeer Personal Loan if you can meet its requirements.

Am I eligible for a goPeer Personal Loan?

To be eligible for a goPeer Personal Loan, you’ll need to meet the following requirements:

  • The age of majority in your province (18 or 19 depending on the province).
  • Canadian resident for a minimum of 3 years.
  • A good credit history with a score over 600.
  • Proof of a regular source of income. Your annual income must be more than $15,000 (recommended minimum is $40,000), and it must not be employment insurance or CERB.
  • No bankruptcy in the last 12 months.
  • Minimum of 3 credit accounts (“trade lines”) on your credit file (e.g. credit cards, line of credit, car loans, mortgage)
  • Debt-to-income (DTI) ratio less than 35%.
  • A valid email address, mailing address, phone number and bank account.

Compare personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
Go to site
More Info
An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
Go to site
More Info
An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
Go to site
More Info
An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500

Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
Go to site
More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
Go to site
More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
Go to site
More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.

Compare up to 4 providers

If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

    How do I apply?

    You can apply for a goPeer Personal Loan on your desktop or mobile phone. The whole application process shouldn’t take more than 10 minutes to complete:

    1. Click the green ‘Go to site’ button to be securely redirected to the application form.
    2. Using a sliding scale, identify how much you would like to borrow from $1,000 up to $25,000.
    3. Identify the purpose of your loan, with categories that include credit refinancing, debt consolidation, bills and expenses, home renovations, car financing, education, travel, healthcare, business, emergency and wedding.
    4. Provide your full name and email address to create a goPeer account. goPeer will send a verification link to your email to register your account.
    5. Once you’ve logged in, fill out the questionnaire which includes questions about whether you rent or own your home, how much you pay for your rent or mortgage, how much you allocate to debt repayments, the industry you work in, your job title and employment status (part-time, full-time, self-employed), and how much your annual income is.
    6. You will need to plug in personal details, including your full name, date of birth, phone number, social insurance number, and mailing address. Click “Finish”.
    7. goPeer will ask if you consent to a hard credit check and you will answer a trio of questions about your financial history to verify your identity. Once that’s completed, your loan application is submitted.
    8. Log in to your goPeer dashboard to look at loan offers provided to you.

    Is a goPeer Personal Loan legitimate?

    It is. goPeer is a Canadian startup with its headquarters in the heart of downtown Toronto. It has a 24-hour support line for clients (1-844-960-3090) and an email support line ( It also lists its leadership team’s profiles prominently on its website. goPeer has been featured in mainstream Canadian media, including Yahoo Finance, and Mortgage Broker News, and has partnered with organizations such as York University and Western University’s Ivey Business School.

    goPeer is subject to the provincial laws of each jurisdiction in which it offers and funds loans. On a federal level, goPeer‘s lending operations are subject to specific statutes enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), as well as other federal agencies.goPeer says that to date, it has 2,327 Canadian investors with over $32.8 million requested in loan applications. The average interest rate on a goPeer Personal Loan is 16.7%.

    I got the goPeer Personal Loan, now what?

    goPeer says that borrowers typically receive loan offers within one business day. Once you choose a loan offer that suits your needs, you can sign your loan contract electronically and your funds are sent to your bank account via direct deposit.

    Keep in mind that your loan contract will outline the details of your loan terms, interest rates and repayment plan. Payment is arranged by direct debit, to be collected once a month. Your first repayment is usually scheduled to be debited one calendar month after you accept your loan. goPeer will remind you two days prior of your upcoming repayment so you can make sure you have the funds available in your bank account.

    goPeer‘s terms are either 36 months or 60 months but you are eligible to pay off your loan early without any penalties at all. This is worth keeping in mind if you are trying to get out of the red faster!

    Bottom line

    goPeer is an innovative way to borrow money because instead of getting a loan from a big bank or financial institution, your funds are provided by fellow Canadians. The interest you pay on your loan is given to them directly, which is a nice touch too. If you have a great credit score, you may even be able to command interest rates that are as low as 8%.goPeer is a worthy candidate if you’re looking for a non-traditional way to secure a personal loan. But as always, do your homework and comparison shop between lenders to make sure you’re securing the best interest rates, terms and conditions on your loan.

    You can also consider the wider range of personal loan options available to you.

    Frequently asked questions

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