Français du Canada What is peer-to-peer lending?
Peer-to-peer Lending
lets you borrow or invest through one simple platform
Trusted by over 150,000 Canadians
HOW IT WORKS
goPeer pools investments to fund Canadians consumer loans.
Diversify Portfolio
Enjoy returns with low correlation to stocks and bonds, reducing volatility in your portfolio performance.
Earn Passive Income
Earn passive income daily from interest and principal repayments.
Unique Opportunity
Invest in unsecured personal loans and try something new with Canada's leading private credit platform
For Borrowers
Fair Repayment Terms
Instead of borrowing from big corporations, we let you borrow directly from everyday Canadians with fair interest rates and repayment terms.
Quick Application Process
Our advanced platform is designed for quick pre-qualification, allowing you to submit an application and receive a response within 24-48 hours!
Easy to Use
Our platform is simple for anyone and everyone to use. Borrow money safely and easily with goPeer.
Your Financial Freedom Pathway: Debt Reduction to Investment Growth
Our platform connects investors directly with borrowers, cutting out the middleman and providing fair access to high-yield investments and capital.
Whether you’re looking to borrow money for a personal loan or invest in private credit, goPeer is the platform you can trust.
The goPeer Platform
goPeer is Canada’s premier private credit platform, connecting investors seeking fixed income opportunities with borrowers needing access to capital.
Our advanced technology ensures a seamless experience for both investors and borrowers.
Join us today and transform the private credit landscape.
FEATURED ON
Borrowing FAQs
Borrowing eligibility requirements
Here are our minimum requirements to be approved for a loan on goPeer.
- Minimum 18 years of age or older
- Credit score of 600 (Equifax FICO 8 Score)
- Annual income of at least $35,000 (Employment insurance not accepted)
- A debt-to-income ratio of less than 35% (Monthly debt obligations / monthly gross income)
- No bankruptcy within the past 12 months
- Must have a Canadian bank account or equivalent
- Must be a Canadian resident for at least 3 years
- Must have at least 3 trades on your credit file (credit card, line of credit, auto loan, mortgage, etc.)
If you meet these requirements then please proceed to apply through our website. If unsure, you may still proceed to apply using our pre-qualification flow, which will verify your eligibility without impacting your credit score.
Will applying for a loan impact my credit score?
Applying for pre-qualification at goPeer will not impact your credit score. Pre-qualification is a soft credit inquiry that allows you to verify your eligibility, view your estimated rate, and get access to your FICO™ Score 8, which is the credit score used by 90% of lenders. This process helps you explore your loan options without affecting your credit.
If you decide to proceed with a full loan application, a hard credit check will be performed. While a hard inquiry may impact your credit score, the effect is usually minor and temporary. The slight dip in your score typically recovers over a short time, and should not discourage you from applying if you’re seriously considering a loan.
Why are your rates (APR) cheaper than other lenders? What’s the catch?
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.
How does goPeer make money? Does goPeer charge borrowers a fee?
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.
Is the information I share with goPeer secure?
At goPeer privacy and security is very important to us and is something that we take seriously. We operate a digital business within the financial services sector, necessitating increased consideration and scrutiny. Appropriately our platform has been built upon the principals of Security by Design, meaning that it has been designed from the foundation to be secure.
We implement a multi-layered approach to security, with strict constraints and controls in place for each layer to establish a fortified barrier. Among these layers we incorporate specialised security protocols including bank grade or better encryption of data at rest, in motion, and additional public-key (RSA-4096) encryption of sensitive information. The public-key encryption allows a system collecting sensitive data to encrypt and store it, but not retrieve or decrypt it, ensuring that no system or person, including staff, can decipher it, except for the intended system.
As a securities dealer and the first registered consumer peer-to-peer platform in Canada, we are subject to an annual third-party audit. goPeer has retained Stamped, Chartered Professional Accountant Inc. as it’s auditor.
Further details pertaining to the security and privacy of personal data is disclosed within our Privacy Policy.
Can the loan be repaid early?
Yes, borrowers can repay their loans early without a prepayment penalty. Extra payments can be made conveniently through the goPeer self-serve platform.
Investing FAQs
What happens if a borrower is late on their payments or defaults on their loan?
goPeer’s collections and recoveries team pursues every single late or defaulted loan to recover as much as possible. We use a variety of methods and technologies that analyze the specific financial situation of each borrower to maximize your recovery.
When a loan defaults and a full recovery becomes less likely, then the loan will be charged-off, and your account will show a total loss of principal on the affected Note. We will however continue to pursue recoveries, so it’s worth remembering that the amount lost on recent defaults may improve over time.
goPeer takes delinquencies and charge-offs very seriously, we invest considerable time to understand and learn from each one, including routine analyses of the data to continuously learn, improve and optimize our underwriting model.
How is goPeer prepared for an economic downturn?
goPeer closely monitors external macroeconomic conditions in addition to the performance of loans. Where signs indicate worsening conditions, we will make credit strategy changes to favour investor yield for new loans.
In addition, we regularly perform stress tests to simulate what could happen to investor returns during difficult periods, for example during an economic downturn. This is just one of many steps we’ve taken as part of a comprehensive, data-driven approach to risk management at goPeer.
What is the minimum investment amount?
There is no minimum investment on the platform, however the Notes issued must be purchased in $10 increments. We do however recommend an initial deposit of at least $1,000 to allow for a diversified portfolio, for example by investing $10 across 100 different loans.
Is the information I share with goPeer secure?
At goPeer privacy and security is very important to us and is something that we take seriously. We operate a digital business within the financial services sector, necessitating increased consideration and scrutiny. Appropriately our platform has been built upon the principals of Security by Design, meaning that it has been designed from the foundation to be secure.
We implement a multi-layered approach to security, with strict constraints and controls in place for each layer to establish a fortified barrier. Among these layers we incorporate specialised security protocols including bank grade or better encryption of data at rest, in motion, and additional public-key (RSA-4096) encryption of sensitive information. The public-key encryption allows a system collecting sensitive data to encrypt and store it, but not retrieve or decrypt it, ensuring that no system or person, including staff, can decipher it, except for the intended system.
As a securities dealer and the first registered consumer peer-to-peer platform in Canada, we are subject to an annual third-party audit. goPeer has retained Stamped, Chartered Professional Accountant Inc. as it’s auditor.
Further details pertaining to the security and privacy of personal data is disclosed within our Privacy Policy.
Can I invest if I’m not Canadian?
You need to be living in Canada and have a Canadian bank account to be able to invest through goPeer.
*Disclaimer
This material contains certain tables and other statistical analyses that have been prepared by goPeer. Actual figures may differ. Numerous assumptions have been used in preparing this statistical information, which may or may not be reflected in the material. The statistical information should not be construed as legal, tax, investment, financial, or accounting advice. The Information is provided as of the dates shown and is subject to updating and revision, and may change materially without notice. Subject to applicable regulations, no person is under any obligation to update or revise the information. The information may contain various forward-looking statements, which are statements that are not historical facts and that reflect goPeer’s beliefs and expectations with respect to future events and financial and operational performance. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond the control of goPeer and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. Nothing contained within the information is or should be relied upon as a warranty, promise, or representation, express or implied, as to the future performance of any loans. Any historical information contained in this statistical information is not indicative of future performance.
Please note:
Past performance is not a guide to future returns, and your capital is at risk when investing through goPeer. As you are investing to your own individual portfolio of loans, your actual return and the actual bad debt you experience may be higher or lower than projected net returns. Please reach out to a Dealing Representative registered with Peer Securities Corporation (operating as goPeer) if you have any questions.
Calgary (Head Office)
500 4th Ave SW, Suite 2500
Calgary, Alberta T2P 2V6
Toronto
111 Peter Street, Suite 700
Toronto, ON
M5V 2H1
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Peer Securities is a member of the Ombudsman for Banking Services and Investments,
and a registered exempt market dealer in all Canadian provinces. NRD #65410