Peer-to-peer lending

Borrow up to $25,000

  • Get a quote within 1 minute
  • Loan terms of 3 or 5 years
  • Prepay anytime with no penalty

Low rate (APR) personal loan from:

7.5%

Example: $1,000 unsecured loan borrowed for 36 months at 12.5% (APR); monthly payment: $32.62; total repayment with interest: $1,174.22.

goPeer offers unsecured personal loans in Canada (different lending rules may apply depending on your province) with terms of 36 or 60 months. Loan amounts range from $1,000 to $25,000, with rates (APR) between 7.5% to 31.5% depending on our assessment of your credit profile. 

Everything you need to know about applying

1 app

Application

The application takes no longer than 5 minutes.


Get an indicative quote with no obligation.​

2decision

Decision

We will give you a response immediately or within 24 hours

3funding

Funding

Investors will have the opportunity to fund your loan. This is anonymous.​​

4money

Money

The money will be in your account once the loan is funded.

Are you eligible to borrow on goPeer?

  • You are 18 or over
  • You have a good credit history
  • You have a regular source of income
  • You hold a Canadian bank account or equivalent
  • You have been a Canadian resident for a minimum of 3 years

Frequently Asked Questions

General

As a peer-to-peer lender, our criteria for lending are different from traditional lenders. It is our investors’ money that is being lent, and we take seriously the need to be as responsible as possible in our lending decisions. This means our lending criteria are higher than most lenders.

Once you have applied and accepted the terms of the loan, a loan request will be posted on our platform and investors will have the opportunity to lend you money. The funds will be transferred into your account as soon as the loan is funded by investors. This usually takes a few days.

If all the information you provided is accurate, you could be given an instant decision. Otherwise, if we require additional information our team will contact you requesting the necessary information. Once the information is received, we aim to provide a decision within 1 working day.

The three main considerations for applications being declined or approved are the affordability of the loan, your credit score and past credit history.

Of course you can! There is no fee or prepayment penalty for doing so. If you would like to make additional payments, to clear your loan quicker, log into your borrower dashboard and deposit any amount from your bank account.

The amount paid will be deducted from the total balance of your loan. Once the payment has cleared, your term will automatically reduce.

The origination fee allows us to cover our costs. This allows us to create, maintain and service your account throughout your journey with us. The origination fee is built into the APR (Annual Percentage Rate) along with your fixed annual interest therefore there are no hidden charges.

The general risk of borrowing with us is the same as the risk of borrowing from any other lender. You will need to consider if the repayments are affordable for you on a monthly basis. You will also need to ensure you have a plan in place should your employment circumstances change.

How goPeer works

Borrowing through goPeer is anonymous. Investors will never know your identity, they only have access to details on the loan and the associated credit risk metrics.

The main reason our rates are cheaper than the rates offered by the competition is that we are a peer-to-peer lending company.

Banks use deposits from savers to lend to borrowers and charge high APRs, keeping the profits for themselves.

With us, you get to cut out the banks and borrow directly from fellow Canadians. Most of them are ordinary people wanting to get better interest rates than if they were to put their money in a savings account and so they are happy to accept lower APRs than the banks would charge. As we are internet based, we also don’t have the same overheads as banks do with multiple branches, so this helps keep the costs down.

goPeer charges borrowers an origination fee, the amount of which is dependent on how much you would like to borrow, the repayment term and your personal credit profile. There is nothing to pay up front, the origination fee is deducted from the proceeds of the loan.

When you apply for a loan, we will tell you the fee that applies; it is also included in your APR so that there’s no surprise. No hidden fees. Click here for more details on our rates and fees.

Our quotes carry no obligation for the Borrower. If you register for a quote, we’ll ask you a few questions so we can tell you how much you can borrow with goPeer and your likely APR.

This process is completely free and without obligation – Borrowers only pay a fee if they decide to take out a loan. The origination fee is deducted from the proceed of the loan, there is nothing to pay upfront.

Many Canadians choose to borrow through goPeer as our APR rates are often much cheaper, we have no early repayment fees and accounts are easy to manage online. Add that to the speed of our application process (instant quote available online, and 1 day to receive a credit decision), and it’s a winner. The interest on the loan is paid directly to the people who lent to you, so you’re giving back to investors, not to big banks. Not to mention our lovely customer service team, who are available at the end of the phone to help you with any questions you may have.

Our borrowers are individuals living in Canada. To borrow with goPeer you need to be at least 18 years old, have a good credit history and a regular income.

From the point of your application being approved, you can log in to your account at any point up to 2 weeks to accept your loan online.

goPeer offers a secure paperless application process, to apply for a no obligation quote simply:

    • Choose how much you wish to borrow and for how long. We offer loans from $1,000 – $25,000 over 3 or 5 years.
    • Receive an immediate personalized quote.
    • If you wish to apply for a loan, we’ll ask a few more questions.
    • Once approved, your loan will be posted on the platform for investors to invest in your loan. Funds will be in your bank account within 2 business days of the loan being fully funded.

Payments

Yes, you can pay off all or part of your loan early at any time and there are no early repayment fees. You can make additional payments or repay your loan off in full; all these functions can be managed online through your dashboard.

First, do not panic, things happen we understand. You can make your payment online through your borrower dashboard. If you are unable to make your payment immediately, you will receive notification of the missed payment and a date when we will resubmit for the payment. If this date is not suitable please contact our team and we can amend the date for you. Our team can help.

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.

We get it! Despite our best intentions, life can sometimes throw a curveball. Don’t worry, we’re here to help. Please connect with our team of trained professionals who will listen and work with you to identify a suitable plan.

Legal

goPeer is currently seeking registration as an exempt market dealer with the Ontario Securities Commission and with the appropriate regulators across all Canadian provinces.

At goPeer we put our customers’ best interests first. We recognize that a great customer service is not just about the good times, it’s about how we help you when things don’t go as planned. That’s why if we make a mistake, we promise we’ll go out of our way to make it right. If you are unhappy with any aspect of our service and would like us to look into your concerns further, please do not hesitate to get in contact Click here to see how.

No, we do not sell any insurance.

It is extremely unlikely that goPeer will go into administration, but we of course have to plan for all contingencies. If goPeer were to fail (or close to new business for whatever reason), we have a plan in place to ensure that our lenders’ loans are repaid according to the schedule. In the unlikely event that goPeer goes into administration, the contracts with borrower are still legally valid and will not change. Borrowers will have to make payments to lenders as usual.

In line with Canadian securities law requirements, goPeer has a policy to identify and manage any conflicts of interest that arise as a result of business activities. We actively monitor for and identify conflicts of interest to ensure mitigation of any risk of customer detriment that may result. Our policy is to always act in the best interests of our customers and uphold the highest moral and ethical standards at all times.