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Email this6:35 pm
September 24, 2018
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Gopeer is Canada's first consumer peer to peer lending platform.
It connects Canadians looking for a loan with Canadians looking to invest.
Supposedly returns 7.5% and higher...
But in the details, it does mention 1.5% admin fees...
Anyone have any experience with it ?
5:56 am
March 30, 2017
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maxb said
Gopeer is Canada's first consumer peer to peer lending platform.
It connects Canadians looking for a loan with Canadians looking to invest.
Supposedly returns 7.5% and higher...But in the details, it does mention 1.5% admin fees...
Anyone have any experience with it ?
I started lending loop about 3-4 years ago. My latest lending going to roll off in the next 12 months or so (there are tons of bankruptcies/default in limbo)
My net return is about 0-2% a year maybe ? Definitely not the % they claim it will be. Reason being there are tons of default / bankruptcies. I imagine covid definitely make it worse, but this is how u think of it:
A credit card charges 20% interest and the default rate is ~1%, only climbed to 10% during 2009 financial meltdown. These peer lending platform earns u way less, yet with a much much higher default in reality.
6:33 am
September 11, 2013
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How does this work, I loan money to people far away that I don't know - ? Specifically, who goes to shake down the people who don't repay?
7:42 am
October 21, 2013
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I can't imagine participating in this, but, just wondering, are these loans secured against anything whatsoever?
8:21 am
August 10, 2018
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Definitely not a good time to be lending unsecured to borrowers. Interest rates will rise soon, defaults will also be going up.
8:26 am
March 30, 2017
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Loonie said
I can't imagine participating in this, but, just wondering, are these loans secured against anything whatsoever?
The loan may or may not be secured. For lending loop, some of the loans are secured with inventory or guarantor, but still default with little value left to be paid back to investor. What I find is the good loans will get paid out sooner, while the bad loans default and u never see ur money again. So a good 7% 3y loan u only really collect 7% until they pay back full amount, I have seen it paid back without 6 months. The borrower can pay it back in full anytime.
12:46 pm
November 8, 2018
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Bill said
How does this work, I loan money to people far away that I don't know - ? Specifically, who goes to shake down the people who don't repay?
I thought this is how banks operate or, as in It's a Wonderful Life, "Savings and Loans."
What's old is new again?
2:21 pm
January 12, 2019
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maxb said
Gopeer is Canada's first consumer peer to peer lending platform.
It connects Canadians looking for a loan with Canadians looking to invest.
Supposedly returns 7.5% and higher...But in the details, it does mention 1.5% admin fees...
Anyone have any experience with it ?
My parents lost a Boat Load O' Money through a similar operation a number of years ago ... this is Highly Risky Stuff ❗
I wouldn't suggest this to my worst enemy.
-
Dean
" Live Long, Healthy ... And Prosper! "
3:41 pm
September 11, 2013
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Checked out their site, they have Chloe the dog as Chief Wellness Officer and portray themselves as for social justice, etc and vs big banks, etc. The usual cliched template. Sounds like a good place for me to borrow money, they don't look very scary (just in case I don't repay).
4:12 pm
January 12, 2019
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.
This is Chloe, their 'Chief Wellness Officer' . . .
.
Their other officers only have two legs ➡ https://gopeer.ca/about-us/
LOL 
Dean
" Live Long, Healthy ... And Prosper! "
5:54 am
March 30, 2017
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This is the real life portfolio performance since 2018. About $3-4k was invested into maybe 30-40 loans, with none of the loans selected worse than this particular peer-to-peer lending site's own "risk assessment'. As you can see, its NOT worth it. Some of the loans defaulted "prior' to covid as well.
6:19 am
February 7, 2019
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Kinda makes Big Bank savings @ 0.1% look attractive ...
| CGO |
2:07 pm
April 6, 2013
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It is a sign that the interest rates on the loans are too low for the risk involved.
A regular bank may charge 18%. But, the peer-to-peer lender offers funds for 8% and borrower accepts!
Lender doesn't care because the loaned money is not its money. Lender cares more about originating the loan to collect the loan fee.
2:47 pm
February 7, 2019
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I do not understand how Cdn HISA/CDIC chasers go for this kind of high-risk low-return peer-to-peer stuff.
BTW ... I just heard of a few condos available for quick flips in Russia. Room 6 at Motel 8 on Route 76. Cash only bids of roughed-up 20's in paper bags only ...
| CGO |
5:16 am
March 30, 2017
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Norman1 said
It is a sign that the interest rates on the loans are too low for the risk involved.A regular bank may charge 18%. But, the peer-to-peer lender offers funds for 8% and borrower accepts!
Lender doesn't care because the loaned money is not its money. Lender cares more about originating the loan to collect the loan fee.
even at 18%, it prob does not cover the actual risk. These are companies that are unable to borrow from banks, so 18% is prob the starting point. And yes the 'highest credit rating' are typical 6-10% on these platforms. Except one can imagine their credit department is may be a bunch of monkeys throwing darts to determine which company's credit worthiness 🙂
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