OFONIMEH JOHNSONgoPeer Review 2022: Are you searching for a Canadian platform for peer-to-peer lending and borrowing? I’ll list the characteristics of one such platform in my goPeer review so you may decide.
goPeer is a platform that is growing popularity among Canadians due to its status as the premier peer-to-peer (P2P) lending service, which makes it simple for individuals to obtain personal loans.
goPeer Review 2022
A peer-to-peer lending website called goPeer connects Canadian borrowers directly with other users who want to lend money or invest in consumer loans.
For borrowers, peer-to-peer (P2P) financing streamlines the loan application procedure. In contrast to the conventional loan paradigm, you can get better rates and money faster.
Investors benefit from diversifying their portfolios, earning income from a fixed income asset, and assisting their fellow Canadians in achieving their financial objectives.
The first regulated P2P lending platform for consumers in Canada is called goPeer. Peerform, Upstart, Prosper, and Lending Club are just a few of the companies in the US market.
This goPeer review discusses the platform’s functionality, how to invest in loan notes, fees, and the legitimacy of the company.
Understanding What Is Peer-To-Peer Lending
Have you ever needed to borrow money in order to obtain some assistance with organizing your finances?
Going to your bank, asking for a loan, and hope they feel charitable enough to approve your application are the standard steps involved in obtaining a personal loan.
If that doesn’t work out, you might use different loan comparison websites to locate additional lenders. You now have another route to get a loan thanks to the growth of goPeer.
You are not borrowing money from a financial institution when you take out a P2P loan. You are taking out a loan from a different consumer, yet one who may offer you better interest rates.
You are not need to deal with the onerous procedures of middlemen like banks.
By directly connecting lenders and potential borrowers, the P2P network lowers expenses and eliminates bottlenecks that could hold down the process.
The borrower’s credit rating may have an impact on the interest rate on a loan. Lenders can use peer-to-peer lending as an investment opportunity to make passive revenue from interest-bearing monthly repayments.
What is goPeer Lending All About?
Marc-Antoine Caya and Joseph Buaron founded the online lending platform goPeer in 2020.
It has a Toronto basis and serves both investors and debtors.
GoPeer has 4,305 investors and has received over $90 million in loan requests as of this writing.
What is P2P Lending?
The conventional course of action for obtaining a personal loan is to visit your bank and wait for them to approve your loan application.
A P2P lending platform like goPeer or online loan comparison websites could be used to test alternative lenders if that doesn’t work.
You can borrow money from your peers at reasonable rates with peer-to-peer lending.
The P2P platform connects potential borrowers and lenders directly, eliminating the need for a bank intermediary, which results in reduced costs and fewer bottlenecks.
Depending on the borrower’s creditworthiness, loan rates change.
P2P lending provides investors (lenders) with the chance to generate passive income through regular repayments that include interest collected.
How Does goPeer Work?
Here is how goPeer functions depending on whether you are an investor or a borrower:
goPeer Investing (Lenders)
GoPeer allows Canadians to diversify their investment portfolios and earn income that is far greater than what is currently offered on savings accounts.
Everybody is welcome on the platform (both non-eligible and eligible accredited investors).
GoPeer rates borrowers’ risk (from A+ to E) based on their earnings, debt loads, and credit histories.
As the chance of default rises, so does the interest rate. For instance, as of August 31, 2021, loans with Grade A+ paid an average interest rate of 7.8 percent, while loans with Grade E paid an average interest rate of 25 percent.
The platform requires a $1,000 minimum investment upon registration, with the following maximum thresholds for eligible and non-eligible investors:
• Non-eligible Investor: $10,000 annual investment cap
• Eligible Investor: You may invest up to $30,000 annually, or $100,000 if you seek a portfolio manager’s counsel.
• Accredited Investor: There is no upper investment cap.
Every new goPeer investment is regarded as being ineligible.
You can be considered an eligible or accredited investor if your net worth is greater than $400,000, your annual income is greater than $75,000, or your household income exceeds $125,000.
Contact goPeer and provide a copy of your CRA notice of assessment or other proof of your income or net worth in order to modify your status.
goPeer Investment Methodology
To improve earnings and reduce risk, you can spend as little as $10 per loan note and diversify across several loans.
Register here and fund your account to get started.
To view the numerous loans and their characteristics, such as their purpose, interest rate, period, loan grade, and other details, visit the marketplace.
Based on your risk tolerance and your evaluation of the borrower, choose the loans you want to invest in.
From your dashboard, you can simply keep track of your investments with quick glances at their performance, returns, outstanding principle, and more.
Your account will be credited with monthly repayments, which you may then either withdraw or reinvest in other loans.
goPeer Auto-Lending
Using predetermined criteria, the “Auto-Invest” tool on goPeer automatically invests your money.
This streamlines the procedure and eliminates the necessity for account login each time you wish to invest in a loan.
For lenders and investors, go to goPeer.
Benefits of goPeer P2P Investing
• Receive consistent monthly cashflow from repayments.
If you want to diversify your portfolio beyond just stocks and bonds, alternative investments can help.
• Controlled platform
• Money is kept in Canadian banks.
GoPeer screens potential borrowers and manages account collections.
• The Auto-Invest function makes DIY investing less difficult.
• Get a respectable return on your investments while supporting Canadians
Downsides of goPeer P2P Investing
Your overall return is reduced by a servicing charge of 1.5 percent. If borrowers do not pay and collections is triggered, the collection charge is up to 35 percent of the amount collected net of legal fees and expenditures.
P2P investing carries some risk.
Last but not least, after you agree to a loan, you must keep the acquired Notes until they mature. You cannot sell Your Notes to other investors on a secondary market.
goPeer Lending (Borrowers)
Borrowers who use the goPeer lending platform can apply for unsecured personal loans. A $1,000 to $25,000 loan with a 36 or 60-month term is available.
The interest rate on your loan can range from 8 percent to 31.50 percent based on your credit rating (i.e., credit score, credit history, etc.).
GoPeer loans can be applied for a variety of things, such as debt consolidation, house improvements, car repairs, auto finance, significant purchases, and more.
Visit the website to submit your application online if you want to get a loan.
If your application is accepted, you will receive a response within 24 hours and offers will appear on your dashboard.
The funds are deposited into your bank account when you choose a loan offer.
How to Be Eligible for goPeer Lending
Here is how to Qualify for Peer-to-Peer Lending
In order to be qualified for a goPeer loan, you must be:
• Must be at least 18 years old.
• Have a credit rating of at least 600.
• Make at least $15,000 annually
• Have a debt-to-income ratio that is lower than 35%
• Have not filed for bankruptcy within the last 12 months
• Possess a bank account in Canada
• Been a citizen of Canada for at least three years.
• Have three or more credit lines, such as a line of credit, credit card, mortgage, auto loan, etc., shown on your credit record.
You are not penalized if you pay off your loan early.
goPeer Interest Rates
Fees assessed to Borrowers
All loans have a reasonable fixed rate, so your monthly payment won’t ever go up.
Additionally, you can prepay your loan at any time to avoid paying interest in the future. There is no cost or penalty for early payment.
When you use goPeer to apply for a personal loan, the loan offer you receive is given a grade from A+ to E along with an associated interest rate, origination fee, and annual percentage rate (“APR”).
An APR provides you with a yearly breakdown of the cost of borrowing money. It can assist you in swiftly making apples-to-apples comparisons between various loans or credit cards.
The interest rate and origination fee are both included in the goPeer personal loan’s APR.
The origination charge is subtracted from your loan proceeds; if you are not approved for a loan, there is no fee. We’ll never demand a deposit of any type.
Borrower APR Table
| 36-month term | 60-month term | |||||
|---|---|---|---|---|---|---|
| Grade | Rate | Origination fee | APR | Rate | Origination fee | APR |
| A+ | 7.2% – 8.2% | 0.5% | 7.5% – 8.5% | 7.5% – 8.5% | 3.0% | 8.8% – 9.8% |
| A | 7.8% – 8.8% | 1.0% | 8.5% – 9.5% | 8.1% – 9.1% | 4.0% | 9.8% – 10.8% |
| A- | 9.0% – 10.0% | 1.5% | 10.0% – 11.0% | 9.4% – 10.4% | 5.0% | 11.5% – 12.5% |
| B+ | 10.3% – 11.3% | 2.5% | 12.0% – 13.0% | 11.3% – 12.3% | 5.0% | 13.5% – 14.5% |
| B | 11.4% – 12.4% | 3.0% | 13.5% – 14.5% | 12.8% – 13.8% | 5.0% | 15.0% – 16.0% |
| B- | 12.6% – 13.6% | 3.5% | 15.0% – 16.0% | 14.3% – 15.3% | 5.0% | 16.5% – 17.5% |
| C+ | 15.0% – 16.0% | 5.0% | 18.5% – 19.5% | 18.2% – 19.2% | 5.0% | 20.5% – 21.5% |
| C | 16.0% – 17.0% | 5.0% | 19.5% – 20.5% | 19.2% – 20.1% | 5.0% | 21.5% – 22.5% |
| C- | 17.0% – 17.9% | 5.0% | 20.5% – 21.5% | 20.1% – 21.1% | 5.0% | 22.5% – 23.5% |
| D+ | 18.4% – 19.4% | 5.0% | 22.0% – 23.0% | 22.6% – 23.6% | 5.0% | 25.0% – 26.0% |
| D | 20.9% – 21.9% | 5.0% | 24.5% – 25.5% | 25.0% – 26.0% | 5.0% | 27.5% – 28.5% |
| E | 23.8% – 24.8% | 5.0% | 27.5% – 28.5% | 28.0% – 28.9% | 5.0% | 30.5% – 31.5% |
More info @ https://gopeer.ca/fees/
Pros of a goPeer Personal Loan
Below are the advantages of goPeer personal loans
• Competitive interest rates: The APR on goPeer starts at 8%, which is much lower than the absurd rates payday lenders charge.
• Unsecured loans: You can obtain a loan without providing any security.
• Quick online application: You can submit your loan application entirely online from the convenience of your home, and you’ll receive a response the next day.
• Alternative solution: This loan offers a different way to obtain a loan without having to pay high rates if you haven’t had much luck with your bank.
• Prepayments are permitted: There are no early repayment penalties if you pay back all or part of your loan early.
Cons of goPeer Personal Loan
Below are GoPeer Personal Loan drawbacks
GoPeer exclusively lends money to creditworthy people, and in order to be eligible, one must have a decent to good credit score.
For every loan, an origination fee is charged. It might range from 1% to 5% depending on your risk profile.
There may be additional charges, such as late payment costs, check processing fees, and failed payment fees.
Despite the fact that interest rates can be as low as 8%, the typical rate is higher at 16.7%.
Go to goPeer (Borrowers).
goPeer Fees and Charges
The following fee is paid by borrowers (if applicable):
• Fee for origination (up to 5 percent depending on loan grade).
• Fee for unsuccessful payments. If you don’t have enough money in your account, a $25 fee is assessed.
• Late payment cost: You will be assessed a late payment fee of $15 or 5% of the unpaid installment (whichever is greater) if you fail to make a required payment within the allotted 15-day grace period.
• Processing charge for cheque payments: Each cheque payment carries a $7 processing charge.
Additionally, borrowers pay interest on loans with APRs as high as 31.5 percent.
Investors pay the following fees:
• Servicing fee: This monthly (1/12th) charge of 1.5 percent per year is subtracted from loan payments. If the interest rate on the loan is 15%, for instance, you would receive 13.5 percent after deducting goPeer’s 1.5 percent service charge.
• Collection fee: A cost of up to 35% is charged for delinquent loans that enter collection.
Is goPeer Legit and Safe?
GoPeer is a reputable Canadian company that provides financial technologies.
The Financial Transactions and Reports Analysis Centre of Canada has set guidelines for its lending activities (FINTRAC).
Additionally, Peer Securities Corporation, its solely-owned subsidiary, is authorized to conduct business in the exempt market in the following jurisdictions: Alberta, British Columbia, New Brunswick, Manitoba, Saskatchewan, Nova Scotia, Québec, Ontario, Prince Edward Island, Newfoundland and Labrador.
Your personal information is protected by encryption on the platform.
How to Apply for goPeer Loans
- Easy and convenient online application. Apply online for a peer to peer loan from the comfort of your home.
- Receive a quick response. Get a response within 24 hrs on your loan application.
- Get your money fast.
- Committed to full transparency.
It seems this application portal is not working https://gopeer.ca/borrow/. You can visit https://gopeer.ca/ to apply
My Verdict on goPeer Review
The goPeer platform is great for both borrowers and lenders.
If you need a loan and have decent credit, there’s a strong chance that the platform will let you apply for a personal loan at a reasonable rate.
GoPeer offers a respectable return for investors looking for alternative investment opportunities.
As with all other investments, make sure you conduct adequate research and make investments in line with your risk tolerance and investment goals.
FAQs on goPeer Review 2022
See some of the Frequently asked questions on goPeer Review 2022 below and their various answers.
How much money can I borrow through goPeer?
The interest you pay on your loan goes directly to your peers instead of into the hands of a big bank or financial institution. Loans up to $25,000. The amount you can borrow from goPeer starts at $1,000 and goes up to $25,000.
Can I apply for a loan with goPeer if I have bad credit?
Borrowers with bad credit or no credit can apply. Fill out one application with this broker and get pre-approved by different lenders in 5 minutes. Apply in less than 10 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours.
Is GoPeer tutor legit?
GoPeer has an overall rating of 4.8 out of 5, based on over 49 reviews left anonymously by employees. 100% of employees would recommend working at GoPeer to a friend and 100% have a positive outlook for the business. This rating has improved by 5% over the last 12 months.
How does a GoPeer work?
goPeer charges borrowers with one single origination fee, the amount of which is dependent on how much you would like to borrow. There are no early repayment fees or hidden costs for taking out a peer to peer loan on goPeer.
Does GoPeer have an app?
The GoPeer App makes it easy for parents and students to instantly connect with expert tutors for online lessons. For tutors, the app simplifies communication, scheduling, and logistics for all your tutoring activity.
How can I lend money?
- Tell your friend or relative you’ll think about it.
- Look at your finances before making a loan.
- Get everything in writing.
- Consider setting the debt payment plan on autopay.
- Understand the legal and tax consequences.
- Consider whether to charge interest.
- Learn to say no next time.
Who invested in GoPeer?
This achievement comes on the heels of a $1.25M pre-seed funding round. The raise, which was completed in the summer of 2021, was led by Bulldog Capital Partners and Random Occurrence, and included an investment from the Ontario Centre of Innovation (OCI).
How much funding has GoPeer raised to date?
- Last Funding Type: Seed
- Contact Email: admin@gopeer.org
- Legal Name: GoPeer, Inc
- Founded Date: May 16, 2017
How do you get paid on GoPeer?
As long as a lesson is booked through the GoPeer website, a payment will automatically go through 12-hours after the session end time. At this time, your tutor is automatically paid. Learn how to book a lesson.
How does a GoPeer work?
goPeer charges borrowers with one single origination fee, the amount of which is dependent on how much you would like to borrow. There are no early repayment fees or hidden costs for taking out a peer to peer loan on goPeer.
Is GoPeer free?
What is the free trial and membership? You will NOT be charged to start a free trial and you can cancel it anytime if it’s not the perfect fit (a valid payment method is required to start a free trial).
How much is a go tutor?
How much does GoStudent online tutoring cost? The price of tutoring varies between $36.50 and $50.00 per lesson, depending on the type and duration of the learning plan. For example, the cost of math tutoring will be lower if you purchase a package with several lessons included.
How good is GoPeer?
The goPeer platform is great for both borrowers and lenders. If you need a loan and have decent credit, there’s a strong chance that the platform will let you apply for a personal loan at a reasonable rate. GoPeer offers a respectable return for investors looking for alternative investment opportunities.
Can you make money on GoPeer?
How does goPeer make money? Investors are assessed a 1.5% annual servicing fee (0.125% monthly) deducted from loan repayments, so you only pay when you earn. No management, brokerage account, or transaction fees. No charges to deposit, transfer or withdraw funds.
Is peer to peer lending safe?
So, is peer-to-peer lending safe? Like any investment, it does put your capital at risk. However, given the predictability of the repayments from borrowers and other safeguards in P2P, other forms of investment are often risker.
Is there a lending club in Canada?
Is Lending Club available in Canada? No, currently Lending Club is NOT available to Canadians.
Is goPeer good?
goPeer is an excellent platform for both borrowers and lenders. If you have good credit and need a loan, the chances are that you can get a personal loan at a competitive rate on the platform. If you are an investor looking for alternative places to invest, you can earn a decent return on goPeer.
What is P2P Lending Canada?
Peer-to-peer lending in Canada lets you borrow money from average investors. This type of financing is growing in popularity because it is easier to qualify for and still comes with fairly low interest rates. Find out more about how P2P loans work and learn whether this type of financing could be a good fit for you.
Is peer-to-peer lending legal in Canada?
Canadian regulators have given the greenlight for the country’s first peer-to-peer lending platform for consumer loans. The Canadian Securities Administrator has given goPeer permission to operate in Ontario and Québec, enabling the startup to take on traditional banks in the lending market.
What is the best peer-to-peer lending site?
| Lending site | Best for | Terms |
|---|---|---|
| LendingClub | Fair credit | 3 to 5 years |
| SoLo Funds | Emergency expenses | Up to 15 days |
| Funding Circle | Small business loans | 3 to 120 months |
| Kiva | Startups | 1 to 3 years |
What is the meaning of peer-to-peer lending?
Peer-to-peer lending (P2P) is a way for people to lend money to individuals or businesses. You – as the lender – receive interest and you get your money back when the loan is repaid.
How do you do peer-to-peer lending?
- Open an account with a P2P lender and pay some money in by debit card or direct transfer.
- Set the interest rate you’d like to receive or agree one of the rates that’s on offer.
- Lend an amount of money for a fixed period of time – for example, three or five years.
That has been goPeer Review 2022: How to Apply for goPeer Loans and Interest Rate Canadian Loan. If this article has been of help to you, why not share it with friends on social media through any of the sharing buttons below?
LMA Team.
OFONIMEH JOHNSON
