In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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goPeer Personal Loan
3.0
★★★★★
Finder score
APR Range
8.99% - 34.99%
Loan Amount
$1,000 - $35,000
Loan Term
36 or 60 months
Min. Credit Score
600

Our verdict

Sick of haggling with banks for a loan? Borrow from individual investors with Canada's first regulated peer-to-peer (P2P) consumer lending platform.

Skip the banks and get a loan from other Canadians through goPeer's innovative P2P lending platform. Apply online in minutes and find out within 24 hours if you have any loan offers. Have strong credit? You might score a better interest rate than you'd get from a traditional lender. But if your credit is less-than-good, you'll need to look elsewhere.

Best for: Good credit borrowers looking for competitive rates outside of banks

Pros

  • Borrow up to $35,000
  • Borrow from a network of 13,600+ investors
  • Easy online application (responses within 24 hours)
  • No upfront payment
  • Available in all provinces

Cons

  • 600+ credit score required
  • Potentially high rates for low credit
  • Origination fee (variable)

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

Overview: What is goPeer?

goPeer is an online platform where people can give and receive personal loans from each other, which is known as peer-to-peer (P2P) lending. Founded in 2019, the Toronto-based company aims to provide competitive rates for borrowers and attractive returns for investors funding loans.

Is goPeer legit?

Yes. As a lending business, goPeer is federally regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). As an investment business, it’s registered to operate in every province under the name Peer Securities Corporation.

goPeer has been featured in major Canadian media outlets like Yahoo! Money and the Toronto Star. In 2020, the company won first place in York University’s LaunchYU Accelerator program and was recognized as an Emerging Lender by the Canadian Lenders Association in 2021.

As of June 2024, goPeer has over 13,600 investors and has reviewed over $538 million in loans.

Rates, fees and features of goPeer personal loans

FeatureDetails
Loan amount$1,000 – $35,000
Loan typeUnsecured
Loan term36 months or 60 months
Interest rate8.99% - 34.99%
FeesOrigination fee varies
No application or prepayment fees
Serviced provincesAll provinces
Basic eligibility criteriaRecommended income of $35,000/year, min. credit score 600

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What we like about goPeer personal loans

goPeer offers a great alternative to borrowing from banks and traditional lenders. Some of the platform’s standout features include:
  • 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.
  • Fast online application. Apply for a goPeer Personal Loan completely online in 10 minutes or less and expect to receive an instant quote followed up by loan offers within one business day.
  • Borrow from other Canadians. What’s neat about P2P lending is that your loan is provided by fellow Canadians. The interest you pay on your loan goes directly to your peers, not a big bank.
  • Loans up to $35,000. The amount you can borrow from goPeer starts at $1,000 and goes up to $35,000. Use funds however you need to.
  • No early repayment fees. Pay off your goPeer Personal Loan aheas of schedule without penalty.
  • 15-day grace period. If life takes an unexpected turn, you have up to 15 days to make a repayment without incurring a late fee or hurting your credit score.
  • Prequalify without hurting your credit score. Find out what you could be eligible to receive without triggering a hard credit check.

What to watch out for

Despite the pros of using goPeer to get a loan, there are some cons to keep in mind.

  • Not for bad credit. goPeer only accepts borrowers whose finances are in good shape. Rates can creep up to 34.99% if your credit isn’t strong.
  • No in-person service. Because goPeer operate entirely online, you can’t visit a store for in-person assistance. But you can get support via phone, email or online contact form.
  • Origination fee. The APR includes a one-time origination fee. goPeer grades borrowers A+ to E based on their credit history and calculates rate and fees accordingly.
  • No mobile app. You won’t be able to manage your loan on the go, as goPeer only offers a desktop app.

Summary of goPeer reviews

FeatureDetails
BBB accreditedNo
BBB ratingC
BBB customer reviews(none yet)
Trustpilot score2.6 out of 5 stars, based on 5 goPeer reviews
Google reviews4.5 out of 5 stars, based on 98 goPeer reviews

Information current as of Jun 5, 2024.

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Am I eligible for a goPeer personal loan?

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

  • Be the age of majority in your province (18 or 19)
  • Have a Canadian bank account
  • Reside in Canada for at least 3 years
  • Have a credit score of 600+
  • Earn at least $35,000 annually
  • Have a debt-to-income ratio under 35%
  • No bankruptcy within the past 12 months
  • Have 3+ trades on your credit file such as a credit card, line of credit, auto loan or mortgage

How to apply for a goPeer personal loan

It shouldn’t take longer than 10 minutes to apply for a goPeer Personal Loan. Here’s how it works:

  1. Visit the goPeer website.
  2. Select Get started, and indicate how much you want to borrow.
  3. Identify the purpose of your loan (debt consolidation, bills/expenses, home renovations, education, travel etc.)
  4. Provide your name, email and phone number to create a goPeer account. goPeer will send a verification link to your email to register your account.
  5. Fill out the questionnaire about your personal situation. You will need to provide more personal details like your date of birth, Social Insurance Number (SIN) and mailing address.
  6. goPeer will ask you to consent to a hard credit check, and you’ll answer a trio of questions about your financial history to verify your identity. Afterwards, submit your application.
  7. Log in to your goPeer dashboard to review your loan options. You might need to wait a day for offers to appear.

How does a goPeer loan cost?

Your interest rates will vary depending on factors like your credit score and loan term. That said, you can expect to pay anywhere from 8.99% to 34.99%.

Let’s say you get $5,000 personal loan from goPeer with a 15.9% rate on a 3 year term. Your monthly payment would be around $175. In total, you would pay back $6,319, of which $1,319 would be interest.

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