{"id":740986,"date":"2018-07-09T02:30:10","date_gmt":"2018-07-09T06:30:10","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=740986"},"modified":"2025-05-23T11:26:53","modified_gmt":"2025-05-23T15:26:53","slug":"peer-to-peer-lending","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/peer-to-peer-lending","title":{"rendered":"Peer-to-peer lending in Canada"},"content":{"rendered":"<p>Peer-to-peer loans offer an alternative approach to borrowing and investing. P2P lenders operate online marketplaces that connect borrowers searching for loans with investors looking to earn a competitive rate of interest.<\/p><p>In this guide, we\u2019ll show you how peer-to-peer loans in Canada work if you\u2019re a borrower or an investor, plus take a look at the loan process on popular peer-to-peer lending platforms.<\/p><ul class=\"list-1\"><li><a href=\"#borrowers\">Jump to peer-to-peer loans for borrowers<\/a><\/li><li><a href=\"#investors\">Jump to peer-to-peer lending for investors<\/a><\/li><\/ul><h3 id=\"borrowers\">Peer-to-peer loans: How they work for borrowers<\/h3><p>Peer-to-peer loans let you borrow money directly from average Canadian investors, without the need for a bank. It\u2019s quick and easy to apply for a loan online, and P2P lenders often have less strict eligibility requirements than traditional lenders like banks and credit unions.<\/p><h3>What is peer-to-peer lending?<\/h3><p>Peer-to-peer lending in Canada involves borrowing money from anonymous lenders through an online platform. The platform connects you to average Canadian investors \u2013 just like you or me \u2013 who want to earn money on interest by loaning out their savings. From there, lenders can review your application and decide how much financing they might want to offer you. Sometimes, they\u2019ll give you a portion of what you need and other times, they may give you the full amount.<\/p><p>Once you receive your financing, you repay your loan with interest through the P2P platform (along with an origination fee in some cases).<\/p><h3>Peer-to-peer lenders in Canada<\/h3><p>Let\u2019s take a closer look at three popular peer-to-peer lending platforms in Canada and what they have to offer.<\/p><p><a href=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone wp-image-1048548 \" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg\" alt=\"Gopeer logo\" width=\"221\" height=\"123\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=663 663w\" sizes=\"(max-width: 663px) 100vw, 663px\" loading=\"lazy\"><\/a><\/p><h4><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/gopeer-personal-loans-review\">goPeer<\/a><\/h4><ul><li><strong>Types of loans:<\/strong> Unsecured personal loans<\/li><li><strong>How it works:<\/strong> You can apply online for a goPeer personal loan within minutes. Loans are available in all provinces, and there are no restrictions on how you use the funds. Once you\u2019ve applied for a loan, loan offers are sent to your goPeer dashboard. Choose the offer that suits your needs and the money will then be deposited into your bank account.<\/li><li><strong>Interest rates:<\/strong> 8.99% - 34.99%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan amounts:<\/strong> $1,000 \u2013 $35,000<\/li><li><strong>Loan terms:<\/strong> 36 or 60 months<\/li><li><strong>Turnaround time:<\/strong> Approval within 24 hours, funding usually takes a few days<\/li><li><strong>Eligibility:<\/strong> You must:<ul><li>Have a credit score of 700 or higher<\/li><li>Have a regular source of income of $35,000 per year or more (min. $40,000 is recommended)<\/li><li>Have a Canadian bank account<\/li><li>Have been a Canadian resident for at least three years<\/li><li>Have at least five years of credit history<\/li><\/ul><\/li><\/ul><p style=\"text-align: center;\"><section class=\"hero-rates__cta\">\r\n                            <div class=\"has-margin-top-small\">\r\n\t\t\t\t\t  <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/gopeer-personal-loans-review\" rel=\"nofollow\" class=\"luna-button luna-button--primary luna-button--ghost luna-button--cta has-margin-bottom-xsmall\">\r\n\t\t\t\t\t\tRead review\r\n                              <\/a><\/div>\r\n\t\t\t\t  <\/section><\/p><hr><h4><\/h4><p><img decoding=\"async\" class=\"alignnone wp-image-905437\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg\" alt=\"reddit logo\" width=\"225\" height=\"125\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=675 675w\" sizes=\"(max-width: 675px) 100vw, 675px\" loading=\"lazy\"><\/p><h4>Reddit<\/h4><ul><li><strong>Types of loans:<\/strong> Short-term personal loans<\/li><li><strong>How it works<\/strong>: \/r\/Borrow is a subreddit where Reddit members can offer short-term loans to other members. If you meet the eligibility criteria, you can post a loan request to the subreddit. You\u2019ll need to list your location, the amount you want to borrow, when you\u2019ll repay it by and the payment method. Other members can then perform their own vetting process \u2014 for example, they may ask you to private message them details such as your driver\u2019s licence, address and social media handles, then review your account history \u2014 before deciding whether to offer you a loan.<\/li><li><strong>Interest rates:<\/strong> Vary<\/li><li><strong>Loan amounts:<\/strong> Up to $1,000<\/li><li><strong>Loan terms:<\/strong> Vary<\/li><li><strong>Turnaround time:<\/strong> Varies<\/li><li><strong>Eligibility:<\/strong> Must have be a member of the subreddit for more than 90 days and have a minimum combined comment and post karma amount of 1,000<\/li><\/ul><hr><h3>How to take out a peer-to-peer loan in Canada<\/h3><p>Want to borrow through a P2P lending platform? You\u2019ll typically need to follow these simple steps:<\/p><ol><li><strong>Apply for a loan.<\/strong> Complete an online application with a reputable P2P platform and submit information about your credit score, income and financial situation.<\/li><li><strong>Wait for approval.<\/strong> The platform will assess your creditworthiness based on information such as your credit score and debt-to-income ratio.<\/li><li><strong>Get assigned an interest rate.<\/strong> You\u2019ll be assigned an appropriate interest rate (based on your credit) and then your loan request will go live.<\/li><li><strong>Start receiving loan offers.<\/strong> You\u2019ll receive loan offers from potential lenders. After looking at the offers, you\u2019ll need to decide which one is the best fit for you.<\/li><li><strong>Choose an offer and get paid.<\/strong> Once you\u2019ve accepted an offer, you\u2019ll get your money deposited into your bank account.<\/li><li><strong>Repay your loan.<\/strong> Start making regular repayments based on the terms of your loan contract.<\/li><\/ol><h4>Loan eligibility requirements<\/h4><p>To qualify for a peer-to-peer loan, you may need to meet the following eligibility requirements:<\/p><ul><li>Be at least 18 years old or the age of majority in your province or territory.<\/li><li>Be a Canadian citizen or a permanent resident with a valid Canadian address and two valid pieces of identification.<\/li><li>Show proof that you can pay off your loan by showing pay stubs, bank account statements and other relevant financial documents.<\/li><li>Have a credit score of at least 600 (and submit to a credit check).<\/li><\/ul><h3>Types of peer-to-peer loans<\/h3><p>You can access a wide range of loans through P2P lenders. Available options include:<\/p><ul><li><strong>Personal loans.<\/strong> There are <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/secured-loans-canada\">secured<\/a> and <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/unsecured-loans-canada\">unsecured loans<\/a> available, with minimum loan amounts starting at around $1,000.<\/li><li><strong>Debt consolidation loans.<\/strong> With a debt consolidation loan, you borrow a lump sum to pay off all your existing debts. This allows you to save on interest and also simplifies your repayment schedule. Find out the <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-consolidation-loans\/best-debt-consolidation-loans\">best debt consolidation loans in Canada.<\/a><\/li><li><strong>Car loans.<\/strong> Some P2P lenders allow you to take out a<a href=\"https:\/\/www.finder.com\/ca\/car-loans\"> car loan<\/a> to finance the purchase of a vehicle. If you\u2019re struggling to qualify for a loan from a traditional finance provider, you may be able to find more lenient eligibility criteria from a peer-to-peer lender.<\/li><li><strong>Business loans.<\/strong> P2P business loans can help you start or grow your business with low-interest financing (which can be hard to find from traditional lenders, especially for startups).<\/li><\/ul><h3>Choosing a peer-to-peer lender<\/h3><p>Consider the following factors when choosing a P2P lending platform:<\/p><ul><li><strong>Fees.<\/strong> Check what fees you\u2019ll need to pay to take out a loan, such as an origination fee. It\u2019s also worth reading the fine print to find out what charges apply if you miss a payment. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-fees\">Learn more about personal loan costs<\/a>.<\/li><li><strong>Interest rates.<\/strong> Find out what <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-interest-rates-canada\">personal loan rates<\/a> the platform offers and what factors it takes into account when determining the rate for your loan.<\/li><li><strong>Loan amounts.<\/strong> How much can you borrow through the platform? Is it enough to meet your needs?<\/li><li><strong>Loan terms.<\/strong> Does the platform offer short-term loans only, or will you have a longer period to pay back what you borrow? Some platforms offer terms of up to five years.<\/li><li><strong>Eligibility requirements.<\/strong> Before you apply, make sure to check the minimum eligibility requirements you\u2019ll need to meet (e.g., credit score, monthly income) to qualify for a loan.<\/li><\/ul><h3>Pros and cons of peer-to-peer loans for borrowers<\/h3><p>Thinking of borrowing through a peer-to-peer lender? Make sure you consider the pros and cons first.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h4>Pros<\/h4><ul class=\"list-1\"><li><strong>Easy to apply.<\/strong> You can usually apply for a peer-to-peer loan in minutes online and get approved for financing on the same day.<\/li><li><strong>Competitive rates.<\/strong> You can often access competitive interest rates through a peer-to-peer lending marketplace. In fact, it\u2019s possible to get lower rates than you would get from a traditional lender.<\/li><li><strong>Lenient eligibility criteria.<\/strong> If you\u2019d struggle to qualify for a loan from a bank, P2P lenders sometimes have slightly more relaxed loan eligibility requirements. In some cases, they won\u2019t just consider your credit score but also a range of other factors when assessing your application.<\/li><li><strong>No prepayment penalty.<\/strong> In most cases, you won\u2019t be charged a fee if you decide to repay your loan early.<\/li><li><strong>Don\u2019t need to deal with a bank.<\/strong> When you take out a peer-to-peer loan, you can help grow the savings of a Canadian investor instead of the big banks.<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h4>Cons<\/h4><ul class=\"list-12\"><li><strong>Fees.<\/strong> Be aware that you may have to pay a loan origination fee or set-up fee when you sign up with a P2P platform as a finder\u2019s fee for matching you with a lender.<\/li><li><strong>Hard to qualify with bad credit.<\/strong> If you have bad credit, you may need to look elsewhere for a loan. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-bad-credit-personal-loans\">Learn more about the best bad credit loans<\/a>.<\/li><li><strong>There are faster ways to get cash.<\/strong> It may take multiple days for you to be matched with a lender and receive your funds, which is less than ideal if you <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/emergency-loans\">need an emergency loan<\/a>.<\/li><li><strong>Fewer regulations.<\/strong> Peer-to-peer lending in Canada is a relatively new industry, which means it\u2019s not subject to the same regulatory oversight as traditional lending institutions.<\/li><\/ul><\/div><\/div><h3>What are some alternatives to a peer-to-peer loan?<\/h3><p>There are a few other types of loans you may be interested in pursuing if P2P lending doesn\u2019t seem like the best fit for you:<\/p><ul><li><strong>Personal loans.<\/strong> Personal loans are traditional installment loans that you can borrow from banks or online lenders. Compare the best personal loans in Canada.<\/li><li><strong>Bad credit loans.<\/strong> Bad credit loans are offered to people who have bad credit, but they typically come with very high interest rates. Compare the <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-bad-credit-personal-loans\">best bad credit personal loans<\/a>.<\/li><li><strong>Credit cards.<\/strong> If all else fails, you may be able to put your expenses on a <a href=\"https:\/\/www.finder.com\/ca\/credit-cards\/low-interest-credit-cards\">low-interest credit card<\/a> in the short term.<\/li><li><strong>Borrowing from family or friends.<\/strong> If you\u2019re struggling to get financing from a traditional lender, it could help to turn to your friends and family for financial assistance.<\/li><\/ul><h3 id=\"investors\">Peer-to-peer lending: How it works for investors<\/h3><p>If you\u2019re an investor, peer-to-peer lending offers an alternative way to earn interest on your savings. You\u2019ll typically be able to earn higher rates than you would on a savings account from your bank, and it can also help you diversify your investment portfolio.<\/p><p>However, you\u2019ll need to also accept the risk of borrowers defaulting on their loans, and find out what protective measures the P2P platform has in place for investors.<\/p><h3>How to become a peer-to-peer lender<\/h3><p>If you\u2019d like to earn investment returns by offering peer-to-peer loans to other Canadians, here\u2019s what you need to do.<\/p><ol><li><strong>Choose a platform.<\/strong> Compare peer-to-peer lending platforms to find one that\u2019s right for you. Be sure to consider factors such as potential returns, fees and how the platform screens borrowers, as well as what happens if a borrower defaults on their loan.<\/li><li><strong>Create an account.<\/strong> The next step is to sign up as an investor on your chosen platform. You\u2019ll need to provide your personal information, contact details and proof of ID, while you may also be asked about your investment objectives.<\/li><li><strong>Deposit money into your account.<\/strong> Now it\u2019s time to deposit the money you\u2019d like to invest into your P2P platform account.<\/li><li><strong>Browse the marketplace.<\/strong> Browse the P2P platform\u2019s marketplace to find a loan you\u2019d like to invest in. Loans are often graded based on the borrower\u2019s level of risk, and you\u2019ll be able to review information such as their income, employment and credit score. You can also check the loan amount, term and interest rate.<\/li><li><strong>Choose the loan(s) you want to invest in.<\/strong> Select the loan you\u2019d like to fund and the amount you\u2019d like to invest. It\u2019s often possible to fund only a small portion of the loan, as little as $10 in some cases, while some P2P platforms offer auto-investment services that select suitable loans for you based on your risk tolerance.<\/li><li><strong>Earn income.<\/strong> As the borrower makes repayments towards the principal and interest on their loan, you receive the money directly into your account. The P2P platform will typically charge a fee that is automatically deducted from your income.<\/li><\/ol><h3>Pros and cons of peer-to-peer lending for investors<\/h3><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h4>Pros<\/h4><ul class=\"list-1\"><li><strong>Get a higher interest rate. <\/strong>You can earn a higher interest rate by investing in a P2P loan than if you put your money in a traditional savings account with your bank.<\/li><li><strong>Low minimum investment.<\/strong> While investment minimums vary depending on the platform you choose, it\u2019s possible to start investing in P2P loans with a relatively small amount of money.<\/li><li><strong>Diversify your portfolio.<\/strong> Peer-to-peer lending allows you to access a unique type of investment. And because it\u2019s possible to fund a portion rather than the full amount of a loan, you can spread your risk around across multiple loans.<\/li><li><strong>Auto invest.<\/strong> Some platforms offer plans that automatically select loans for you to invest in based on your investment objectives and appetite for risk.<\/li><li><strong>Easy.<\/strong> It\u2019s quick and easy to create an account and start investing in P2P loans online.<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h4>Cons<\/h4><ul class=\"list-12\"><li><strong>Fees apply. <\/strong>You\u2019ll typically need to pay a fee to the P2P lending platform, which will affect the total returns you earn on your investments.<\/li><li><strong>Borrowers may default. <\/strong>There\u2019s always the risk that a borrower may default on the loan and you will lose money. Make sure you\u2019re aware of what steps the P2P platform will take to recoup your losses should this occur.<\/li><li><strong>Limited protection. <\/strong>P2P lenders aren\u2019t as regulated as traditional lenders, so investors can\u2019t enjoy the peace of mind of protection from Canada Deposit Insurance Corporation or the Canadian Investor Protection Fund.<\/li><li><strong>Interest rate risk. <\/strong>If interest rates rise after you invest in a loan, you could be locked into an under-performing investment. But if interest rates fall, the borrower might repay their loan early, resulting in lower returns.<\/li><\/ul><\/div><\/div><h3>Is peer-to-peer lending safe?<\/h3><p>The key to safe peer-to-peer lending is making sure you deal with a reputable platform. Peer-to-peer loan platforms in Canada like goPeer are regulated by the Canadian Securities Administrators (CSA), so use the CSA\u2019s <a href=\"https:\/\/www.securities-administrators.ca\/registration\/are-they-registered\/\" target=\"_blank\" rel=\"noopener\">Are They Registered? tool<\/a> to check whether a peer-to-peer lending platform is legitimate.<\/p><p>Of course, like any type of investment, peer-to-peer lending comes with a range of risks. The peer-to-peer lending sector is also less strictly regulated than the traditional banking sector, so you may not enjoy the same protections as you would when putting your money in a savings account.<\/p><p>One of the biggest risks to be aware of is that a borrower could default on their loan and you could lose your money. That\u2019s why it\u2019s important to understand how your P2P platform assesses a borrower\u2019s risk, and what steps the platform will take to help recover your money in the case of a default.<\/p><p>There are a few other steps you can take to ensure that your money is safe, such as:<\/p><ul><li>Making sure the platform keeps all client money in a segregated account.<\/li><li>Reading independent platform reviews from other peer-to-peer investors.<\/li><li>Checking any statistics the lending platform provides about loan defaults.<\/li><li>Staying up to date with economic developments (e.g., inflation, interest rate rises) that may affect a borrower\u2019s ability to repay a loan.<\/li><li>If investing through a platform like Reddit, doing your due diligence to research a borrower\u2019s financial situation before lending them money.<\/li><\/ul><h3>Peer-to-peer investing platforms in Canada<\/h3><p><a href=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone wp-image-1048548 \" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg\" alt=\"Gopeer logo\" width=\"221\" height=\"123\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/06\/Gopeer_supplied_300x167.jpg?fit=663 663w\" sizes=\"(max-width: 663px) 100vw, 663px\" loading=\"lazy\"><\/a><\/p><h4><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/gopeer-personal-loans-review\">goPeer<\/a><\/h4><ul><li><strong>Types of loans:<\/strong> Unsecured personal loans<\/li><li><strong>How to invest:<\/strong> If you\u2019d like to invest, you can sign up for a free goPeer account by providing your name, contact details and information about your investment goals. You can then browse the marketplace to find loans that match your investment goals, review the borrower\u2019s details and decide how much you want to invest. The borrower then makes fixed monthly repayments on the principal and interest that are deposited into your account.<\/li><li><strong>Fees:<\/strong> 1.5% annual servicing fee (0.125% monthly)<\/li><li><strong>Minimum investment:<\/strong> $10 per loan<\/li><li><strong>Eligibility criteria:<\/strong> Must be a Canadian resident<\/li><li><strong>Auto invest feature:<\/strong> Yes<\/li><\/ul><hr><p><img decoding=\"async\" class=\"alignnone wp-image-905437\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg\" alt=\"reddit logo\" width=\"216\" height=\"120\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/03\/redditlogo_Supplied_450x250.jpg?fit=648 648w\" sizes=\"(max-width: 648px) 100vw, 648px\" loading=\"lazy\"><\/p><h4>Reddit<\/h4><ul><li><strong>Types of loans:<\/strong> Short-term personal loans<\/li><li><strong>How to invest:<\/strong> Once you meet the eligibility requirements, you can browse requests for loans on the \/r\/Borrow subreddit. When you find a loan you\u2019d like to fund, it\u2019s up to you to perform your own vetting process, such as contacting the borrower via private message to request their personal details and account history. Once you and the borrower reach agreement on the loan, you send them the money (often via PayPal). The borrower then repays the principal plus any fee on or before the agreed date.<\/li><li><strong>Fees:<\/strong> N\/A<\/li><li><strong>Minimum investment:<\/strong> N\/A<\/li><li><strong>Eligibility criteria:<\/strong> Must be a member of the subreddit for more than 90 days and have a minimum combined comment and post karma amount of 1,000<\/li><li><strong>Auto invest feature:<\/strong> No<\/li><\/ul><hr><h3>How to choose a peer-to-peer lending platform as an investor<\/h3><p>Consider the following factors when choosing a P2P loans platform:<\/p><ul><li><strong>Rates.<\/strong> Check out what sort of yield you can earn by loaning money through the platform. It\u2019s also important to find out how interest rates are set, and what level of risk you\u2019ll need to accept to get the rate you want.<\/li><li><strong>Fees.<\/strong> The lending platform will usually charge a fee on every loan you fund. Check the fee amount and work out how it will impact your returns.<\/li><li><strong>How borrowers are graded.<\/strong> What is the platform\u2019s process for assessing the creditworthiness of borrowers? What factors does it consider when assigning borrowers a risk rating?<\/li><li><strong>Repayments.<\/strong> Next, check what loan terms are available through the platform \u2014 how long will it take to receive a return on your investment?<\/li><li><strong>What happens in the case of a default.<\/strong> Check what steps the platform will follow to try to recover your funds if a borrower can\u2019t keep up with repayments.<\/li><li><strong>Legitimacy.<\/strong> Is the platform registered with the Canadian Securities Administrators? What do other investors have to say about it on independent review sites? What sort of track record does the platform have in terms of loan defaults and late repayments?<\/li><\/ul><h3>Bottom line<\/h3><p>Peer-to-peer lending can help borrowers access competitive loan interest rates, and help investors diversify their portfolios. However, make sure you\u2019re aware of all the risks involved before deciding whether peer-to-peer lending is right for you.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Am I eligible for a peer-to-peer loan?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Eligibility requirements vary between platforms. However, you generally need to be 18 years or older, in regular employment and exceed minimum income requirements. P2P lending platforms also commonly have minimum credit score requirements.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Can I get a peer-to-peer loan for bad credit?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>It can be difficult to get peer-to-peer loans for bad credit since many P2P platforms require you to meet a minimum credit score to qualify. For example, some platforms may need you to have a minimum score of 550, while others will expect at least 600 to 650. This is to protect the lenders on the site from borrowers defaulting on their loans.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Will my peer-to-peer loan have multiple investors?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>This depends on a few factors including how much money you need to borrow as well as who wants to invest. Investors tend to spread their money across different loans in order to limit their losses. That said, you could end up getting a single investor interested in funding your entire loan in some cases.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">How often do I have to make repayments on a peer-to-peer loan?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>As with other kinds of loans, you typically have to make repayments every month. If you prefer to make weekly or bi-weekly payments, you may be able to arrange this with the lender before you sign the loan contract.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Learn more about P2P loans \u2013 how they work and where you can get started.<\/p>\n","protected":false},"author":516,"featured_media":741837,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[407],"tags":[],"asset_tag":[],"class_list":["post-740986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Peer-to-Peer Lending in Canada | Borrowers &amp; Investors | Finder CA<\/title>\n<meta name=\"description\" content=\"How does peer-to-peer lending in Canada work for borrowers and investors? 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However, you generally need to be 18 years or older, in regular employment and exceed minimum income requirements. P2P lending platforms also commonly have minimum credit score requirements.\r"}},{"@type":"Question","name":"Can I get a peer-to-peer loan for bad credit?","acceptedAnswer":{"@type":"Answer","text":"\rIt can be difficult to get peer-to-peer loans for bad credit since many P2P platforms require you to meet a minimum credit score to qualify. For example, some platforms may need you to have a minimum score of 550, while others will expect at least 600 to 650. This is to protect the lenders on the site from borrowers defaulting on their loans.\r"}},{"@type":"Question","name":"Will my peer-to-peer loan have multiple investors?","acceptedAnswer":{"@type":"Answer","text":"\rThis depends on a few factors including how much money you need to borrow as well as who wants to invest. Investors tend to spread their money across different loans in order to limit their losses. 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If you prefer to make weekly or bi-weekly payments, you may be able to arrange this with the lender before you sign the loan contract.\r"}}]}]},"article_modified_time":"2024-08-30T11:15:00+00:00"},"custom_fields":{"show_author_box":["yes"],"_content_type":["niche-content\/information\/how-to"],"_masthead_variant":["{\"id\":\"standard-image\",\"showFeaturedImage\":false,\"presetId\":\"\",\"shouldUsePrimaryCTAFieldName\":false,\"shouldUseSecondaryCTAFieldName\":false,\"primaryCTA\":null,\"secondaryCTA\":null,\"widgetShortcode\":\"\",\"widgetHeading\":\"\",\"widgetStats\":\"\",\"hasPrioritizedWidget\":false,\"hasMaximizedWidget\":false,\"shouldUseOverrideCTALabel\":false,\"overrideCTA\":null,\"cleanTopPicks\":\"\",\"tilesMenuId\":\"\"}"],"_masthead_subheading":["{\"text\":\"Your guide to peer-to-peer loans in Canada and how they work &mdash; for lenders and borrowers.\"}"],"custom_post_template":["single-masthead-two-column.php"]},"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/740986"}],"collection":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/users\/516"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/comments?post=740986"}],"version-history":[{"count":12,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/740986\/revisions"}],"predecessor-version":[{"id":1059001,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/740986\/revisions\/1059001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media\/741837"}],"wp:attachment":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media?parent=740986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/categories?post=740986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/tags?post=740986"},{"taxonomy":"asset_tag","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/asset_tag?post=740986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}