goPeer Reviews 140

Reply from goPeer

Updated Nov 15, 2024

Hi there,

Thank you for your feedback. We’re sorry to hear that your experience with the application process didn’t meet your expectations.

To clarify, the express bank connection option is a secure service provided by Flinks, a trusted subsidiary of National Bank, designed to simplify and expedite the process by verifying your income and banking information in just minutes. However, we completely understand that not everyone is comfortable using this option.

For this reason, we also offer a manual bank connection option from the same screen as the express option, where you can securely upload your ID and banking statements without sharing your online banking credentials.

We value your concerns and would be happy to answer any additional questions or provide further assistance to help make the process more comfortable for you. Please feel free to reach out to our team anytime.

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Thank you for the update, and I'm sorry to hear that. Can you please give it another shot? If the manual bank connection still isn't working, can you please take a screen shot and send a description of what's happening to "hello@gopeer.ca"? We should be able to resolve this!

Reply from goPeer

Nov 14, 2024

Thank you for sharing your feedback and for being a valued member of the goPeer community for the past three years! We're thrilled to hear that you see goPeer as a great investment alternative and would recommend us to others.

We understand that managing risks is an important aspect of investing, and we’re continuously working to provide tools and resources to help our investors make informed decisions. Your trust and support mean a lot to us, and we’re committed to improving our platform to serve you better.

If you have any suggestions or further insights to share, please don’t hesitate to reach out. Thank you again for your review and for being part of our journey!

Reply from goPeer

Oct 4, 2024

Hi there! Those are all strong factors in your favour for obtaining a low rate and higher loan amount. An easy first step would be to complete a quick pre-qualification, which is not a complete assessment, but will provide an estimate, and will not impact your credit score. Another bonus is that following pre-qualification we will share your FICO® Score 8 with you, provided by Equifax; there are lots of different scores out there, however this is the score used by 90% of lenders.

Following that, our team can also dive a bit further with you by email or phone to help better estimate the results, if you would like to do so before formally applying for a loan.

Regarding the amount, if we are unable to approve you for 30k, then you should still apply for that amount, and the team, if unable to approve that amount, may still provide an offer for a lower amount. When deciding the amount there are many factors considered, but the most important is your financial capacity to repay.

Reply from goPeer

Aug 22, 2024

Hi Ryan! We're sorry to see you were declined and disappointed with the outcome. Your application was eight months ago, nevertheless, looking back at the circumstances, you did have a good credit score, however at the time you were unemployed, and had just recently taken out a large high interest loan from another provider, which are among many of the factors that we consider when assessing risk.

Assuming you have maintained the same or better credit score, and are now employed, then your chance today of approval should be very high, and our interest rate may beat that of CIBC. Please don't hesitate to reach out or apply again if interested.

Reply from goPeer

Aug 8, 2024

Dear Ms Garcia,

Thank you for your feedback. We understand your frustration and appreciate the opportunity to address your concerns.

Firstly, we'd like to highlight that with an investment in 150 loans, your portfolio has experienced only one charge-off, which occurred due to an unforeseen circumstance: the borrower became insolvent following a disability, as noted in the loan comments. While this is unfortunate, it underscores the importance of the measures we take to ensure borrowers have robust credit histories.

Additionally, we acknowledge that you currently have three loans that are late on payment. Please rest assured that our collections team is actively working with these borrowers to resolve their payment issues. Our goal is always to minimize disruptions and recover any late payments as efficiently as possible.

Despite these challenges, your overall net annualized return stands at a strong 11.7%. This demonstrates the resilience and performance of your investment portfolio, even when accounting for the occasional default or late payment. We strive to manage risk while delivering competitive returns to our investors.

We are continuously working to enhance our processes and ensure that both borrowers and investors have a positive experience. We value your trust and are committed to addressing any issues promptly.

Thank you for your understanding and for being a valued investor.

Sincerely,
goPeer Team

Reply from goPeer

Apr 18, 2024

Hello AB, we regret that your loan application couldn't be approved. Our commitment to offering competitive rates in Canada among non-bank lenders necessitates adherence to stringent lending standards. However, we're keen to discuss your application in detail and offer valuable insights to enhance your credit profile. To connect please call us at 1 (844) 960-3090.

Reply from goPeer

Nov 15, 2023

Hi Daniel, thank you for taking the time to provide us with your feedback. We deeply regret that you have expressed dissatisfaction with our services. We would like to address your concerns and clarify a few points.

We offer a diverse range of interest rates, spanning from 8.99% to 34.99%. These rates are deliberately structured to be competitive and notably lower than those offered by traditional non-bank lenders. However, this competitive advantage does necessitate a more selective approach to applicant qualifications. To ensure responsible lending practices, we do require our applicants to meet certain criteria, such as having a minimum FICO credit score of 600 and maintaining a debt-to-income ratio of less than 35%.

At goPeer, we take great pride in our commitment to transparency. As evidence of this commitment, we make detailed loan information and statistics readily available on our website for public viewing. You can explore this data by visiting the following link: https://gopeer.ca/statistics/.

We would also like to emphasize our dedication to safeguarding your data. Your personal information remains confidential and is never sold to third parties. If you ever wish to close your account and have your data removed from our system, you have the option to request this at any time.

Once again, we apologize for any inconvenience you may have experienced, and we genuinely appreciate your feedback as it helps us improve our services. If you have any further questions or concerns, please don't hesitate to contact our customer support team, who will be more than happy to assist you.

Reply from goPeer

Sep 19, 2023

Hi Neil,

We genuinely regret that your experience did not meet expectations. Our commitment is to continuous improvement, especially in terms of communication with our valued investors.

Being a registered securities dealer, we must stress that we never promise large returns. It's a frequent misconception about investing in consumer credit through peer-to-peer platforms. While goPeer offers a competitive average annualized return of around 10% IRR, it's primarily seen as a method for diversification and passive income, not a rapid wealth-generating avenue.

We prioritize setting realistic expectations through transparency. Our website provides detailed statistics and showcases average returns prominently. Additionally, we send out educational newsletters to keep our investors informed.

It's important to note that while 96% of goPeer investors see positive returns, some may face losses. To enhance potential gains, we suggest diversifying across a vast array of loans. Loan defaults, although unfortunate, are a part of the lending landscape, emphasizing the importance of diversification.

Your feedback regarding due diligence is noted. We take a comprehensive approach to vetting loan applicants, with many unfortunately not qualifying. Our rigorous process not only reviews self-reported information and credit history but also involves examining banking data and verification calls. Still, defaults can occur, even with highly rated loans. These instances drive our commitment to refining our vetting process further.

While defaults are initially recognized as a full loss of capital, recoveries often ensue, which might improve net returns over time. If you're open to it, our licensed representatives would be more than happy to discuss your portfolio in detail and address any concerns.

Thank you for your feedback and for giving us an opportunity to clarify.