goPeer

There are a lot of reasons why you should use goPeer. Some examples include:

1. Access to its 'Borrow' feature which includes competitive fixed rates that are affordable and accessible which means you know what you're paying for and can prepay at any time to prevent future interest.
2. Access to its investment account that is designed for investors. This account is free and can get you investing within five minutes.

Becoming a goPeer member is free and easy to access. They charge an origination fee that will be taken from your loan proceeds which means there is no fee if you don't get approved for a fee. For borrowers, they charge an unsuccessful payment fee of $25 to cover the cost of the transaction and a late payment fee of $15 to be paid to the investors. For investors, they charge a servicing fee of 1.5% annually, and a collection fee of up to 35% to cover collection costs.

To get started with goPeer, go on their website and open an account. Their requirements for borrowers include:

• You must be of 18 years of age or older
• Have a credit score of over 600
• Have a Canadian bank account or equivalent
• Must be a Canadian resident for at least 3 years.

• Net income (before tax) $75,000 or more in the previous two years.
• Net income, alone or with a spouse of  $125,000 in the previous two years.
• Net assets, alone or with a spouse of $400,000 and more.

As part of the Peer Securities Corporation, goPeer has security measures to ensure the safety and security of all personal information. They commit to strict regulations related to providing funds and loans which are enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), as well as other federal agencies.