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goPeer Review

Thursday, May 30th

2024 Canadian Personal Loan Reviews

goPeer Review 3 Star Rating

goPeer

3 Star Rating
  • Canada's first consumer peer-to-peer lending platform
  • "A+" rating from the BBB
  • Origination fees (ranging from 0.5% to 5%), contingent on your loan risk assessment, deducted directly from the loan proceeds
  • Loans varying from $1,000 to $35,000, with APRs spanning from 8.99% to 34.99%, depending on your credit profile
  • Minimum FICO score of 600 and DTI of <35% required

Meet goPeer, one of the freshest faces in the Canadian personal loan scene, making its debut in the fall of 2020. This company takes a unique approach, offering a peer-to-peer lending platform where everyday investors can opt to fund your loan instead of traditional investments like the stock market. The differences from standard personal loans are quite significant, so make sure you understand what you're doing before diving into goPeer for your funding needs.

Not for Canadians with truly bad credit

Be aware that this isn't a source of personal loans for Canadians with bad credit. goPeer requires borrowers to have a minimum FICO score of 600 and a debt-to-income ratio of less than 35%. Even then, we found comments from consumers who had applied and been declined despite having credit scores in the 700s, making it even less likely that the average person will get a loan here.

Loan funds can take several days or longer to be deposited

Another big area of difference is in how quickly you can get your money after you apply. This is no "within 24 hours of applying" kind of service: loans under $10,000 take approximately 3-5 days, while those exceeding this amount extend to 6-8 days.

Origination fees deducted from loan proceeds

Be mindful of origination fees ranging from 0.5% to 5%, contingent on your risk assessment score. These fees, in addition to your interest rate, are deducted directly from the loan amount. For instance, if your loan is $10,000 with a 1% fee, you'll only receive $9,900. It's a detail worth considering, especially if you're aiming for a specific loan amount.

Best Canadian Personal Loans

Live chat replaced by AI bot

In the past, we were able to use the live chat feature on the goPeer site to get answers to our questions. That feature is still there"sort of. It's now a bot (hello, AI world), and it didn't do too well on giving us basic information like "what provinces do you serve?" Instead, we were asked to provide an email address so that an agent could respond within a business day. This was during regular weekday business hours, so it was disappointing not to be connected to an actual person when we tried.

BBB improving but feedback is still limited overall

goPeer now has an "A+" rating from the Better Business Bureau, a half-grade improvement since our previous evaluation. There was only one complaint filed with the BBB in the last three years. But we still have a hard time finding comments from borrowers, positive or negative. Even on Trustpilot there were only six comments (with a middle-of-the-road rating of about 3 stars), and some of those came from goPeer investors.

Intriguing option, but may be a little risky

Should you entrust your finances to this peer-to-peer lending platform? The concept is undoubtedly intriguing, particularly in the Canadian landscape. If you love being a trendsetter, goPeer might offer an interesting borrowing experience. However, the novelty factor is balanced by the company's "youth" and overall lack of feedback from borrowers, and it raises the question of whether or not you're ready to put your proverbial eggs in the basket of a relatively new player.

Who Offers the Best Personal Loans in Canada?

In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.

Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.

The Best Canadian Personal Loans Compare Canadian Personal Loans Compare Canadian Personal Loan Reviews What are the best Canadian Personal Loans Best Canadian Personal Loan Reviews

Canadian Personal Loan FAQ

Sometimes referred to as "instalment loans" or "consumer loans" , personal loans involve borrowing a set amount of money and agreeing to pay it back in regular payments. These loans may be for a specific purchase, like a home renovation or car, or used to pay off debts with higher interest rates.
Yes, usually. During the quote and application process, you may be asked to specify the purpose of your personal loan - but that's not a binding commitment. That information is often used to give you alternative types of financing, like debt consolidation or an auto loan.
In Canada, most providers of personal loans offer amounts that range from $500 to $50,000. Your loan offers will depend on several factors, such as your credit history, your current income, your debt-to-income ratio and your employment history.
It helps. The higher your credit score, the less you'll probably pay in interest and fees, and the bigger the amount of the loan you'll qualify for. But, if you're not quite there yet, there are some lenders who specialize in personal loans for people with less-than-stellar credit.
Most of the time, yes, without penalty. That's good to know if you're applying for a loan with a lender that only offers longer-term funding (e.g. 3 or 5 years): as long as there's no prepayment penalty, you can pay it back as quickly as you like. Read the terms of your loan offer carefully before you sign, to determine if there will be any fees if you pay it back ahead of the loan period.
Beyond the interest charged on your loan, you might have an origination fee as well. The origination fee is often a percentage of your total loan amount, and may either be added to the total of your loan or subtracted from it before you receive the payout. For example, if your origination fee is 1% of a $1000 loan, that $10 may either give you a total borrowed amount of $1010, or you may only receive a payout of $990.
That depends on how quickly you can gather any required documents for the application and on the lender you select. Once your personal loan has been approved, some providers can have the funds in your account in as little as an hour, while others may take up to a week or more to get the money to you.
Absolutely. Most of the financial services you already know and trust make their loan application process easy to complete online. Plus, doing your research on the internet helps you find the personal loan with the best rate and terms for your situation, instead of just taking whatever your local bank may have to offer. As with all online transactions, however, be sure to choose a loan provider with a proven track record: a positive rating from the BBB and numerous customer reviews are two good signs that you can trust a given lender online.
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Continued from above...

A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.

Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.

Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.

As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:

  • Direct funding or referral platform. Will the provider directly fund your loan, or will they connect you with various lenders for comparison? If it's a referral service, who are their lending partners, and can they be relied upon?
  • Transparency. Does the service disclose upfront the average interest rates paid by borrowers? How hard is it to find out how much you can borrow? Are any fees clearly outlined?
  • Reputation. What do other borrowers say about the lender or referral platform? Are they rated and/or accredited by the BBB? Is the provider established and trustworthy?
  • Timeframe for receiving funds. How long will it take to get your loan funded? Some lenders can transfer money within an hour of your loan's approval, while others may have you waiting for a week or longer. Choose accordingly if you're trying to get money quickly.

For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!

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