goPeer offers online loans ranging from $5,000 to $250,000 with a term period of 5 to 20 years. The application process is simple and quick, with funds deposited directly into your account within a week. However, the loan conditions are stringent. Borrowers must be at least 18 years old, have a credit score of 700 or above, earn a minimum annual income of $40,000, and have a debt-to-income ratio of less than 35%. Additionally, they must have been a Canadian resident for at least 3 years, have a minimum of 3 trades on their credit report, have a verifiable Canadian bank account, and must not have declared bankruptcy in the last 12 months. For example, a $9,400 unsecured personal loan with an APR of 18.8%, a 5-year term, and bi-weekly payments of $104.80 results in a total payment of $14,194.49, including a fee of $4,794.49.
goPeer review
goPeer is a lending platform that offers online loans ranging from $5,000 to $250,000, with terms spanning from 5 to 20 years. This platform provides a convenient and swift application process, allowing potential borrowers to apply online in a matter of minutes. Once approved, funds are directly deposited into the borrower’s account within a week.
The loan terms are quite flexible, catering to a broad spectrum of financial needs. However, there are certain conditions that must be met by the borrowers. They must be at least 18 years old, possess a credit score of 700 or above, and have a minimum annual income of $40,000. Additionally, their debt-to-income ratio should be less than 35%. Borrowers must also have resided in Canada for at least three years, have a minimum of three trades on their credit report, and own a verifiable Canadian bank account. Also, they should not have declared bankruptcy in the past 12 months.
For instance, if a borrower takes a $9,400 unsecured personal loan at an APR of 18.8% with a 5-year term, the total payment would amount to $14,194.49. This would result in bi-weekly payments of $104.80, and the total fee would be $4,794.49.
In conclusion, goPeer offers a range of loan amounts and terms, making it a viable option for those seeking financial assistance. However, potential borrowers must meet specific criteria to qualify for a loan.
Table of repayments
| Amount | Fee | Total payment | Term |
| $9.400 | $4 794.49 | $14 194.49 | 5 years |
$9,400 unsecured personal loan at an APR of 18.8%, with a 5-year term and bi-weekly payments of $104.80 is $4,794.49.