Personal Finance

Anyone invested with this gopeer.ca

  • Last Updated:
  • Dec 31st, 2022 3:04 pm
Tags:
Sr. Member
Aug 25, 2005
716 posts
102 upvotes
Mississauga

Anyone invested with this gopeer.ca

This is a newly licensed peer to peer lending company

Any thoughts ?

Anyone invested with them
11 replies
Deal Addict
User avatar
Jan 16, 2007
1941 posts
2354 upvotes
New Brunswick
If they are more strict on borrowing and risk assessment then they possibly have a chance. I gave Lending Loop a go just to see what the result would be, and it was essentially a disaster. Even amongst those that were rated highly most defaulted in my portfolio. I'll certainly be watching.
Banking: Alterna Bank (2.25%), Motive Financial (4.1%)
Investing: Qtrade Direct Investing
Spending: Scotia Amex Gold (6 pts/Sobeys, 5 pts/dining, 1 pts/rest), Scene Visa (1 pts)
Mobile: Eastlink 20GB Rollover ($39/mth)
Member
User avatar
May 27, 2017
344 posts
369 upvotes
Calgary, AB
Stay away from P2P Lending. It's way more risky than you thought.
TrueRFD
Deal Addict
User avatar
Jan 16, 2007
1941 posts
2354 upvotes
New Brunswick
Ain't that the truth. High risk is an understatement for it.
Banking: Alterna Bank (2.25%), Motive Financial (4.1%)
Investing: Qtrade Direct Investing
Spending: Scotia Amex Gold (6 pts/Sobeys, 5 pts/dining, 1 pts/rest), Scene Visa (1 pts)
Mobile: Eastlink 20GB Rollover ($39/mth)
Newbie
Sep 25, 2020
1 posts
It's a good opportunity for borrower and investor it's less risky that. Cryptocurrency and you can make good roi . Let see in future maybe he dies not accept all people I. Loan . Maybe it's strict we dont know
Deal Fanatic
Apr 16, 2007
8134 posts
3484 upvotes
Financial District B…
P2P or marketplace lending is nothing more than another name for subprime flake bad credit lending.

Where are all the P2P lenders that popped up 2/3 years ago? gone, changed names 3-4 times, they only attract and/or target marginal credit challenged individuals with huge default rates.

Alternative lending within the fintech sector is a bust. They prey upon desperate borrowers.
Last edited by mikeymike1 on Sep 26th, 2020 5:46 pm, edited 2 times in total.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Sr. Member
Feb 18, 2019
569 posts
795 upvotes
P2P lending is a great idea, and may be the way of the future, but IMO is too new and I wouldn't risk it. I think people who put money in Lending Loop would agree.
Minimum 7.5% APR, and up to 31.5%... Ask yourself who's taking out these loans, then throw in the economic uncertainty Corona Virus is creating...
Hard pass for me.
Deal Addict
User avatar
Mar 25, 2012
4206 posts
3257 upvotes
British Columbia
joshnet wrote: If they are more strict on borrowing and risk assessment then they possibly have a chance. I gave Lending Loop a go just to see what the result would be, and it was essentially a disaster. Even amongst those that were rated highly most defaulted in my portfolio. I'll certainly be watching.
Did you pick a specific loan, or loan(s), or use their Auto-Lend feature?

There is definitely a higher level of risk with investing in peer-to-peer lending, and it shouldn't ever be equated to fixed income investing (i.e., investment grade corporate or government bonds) and GICs. I also wouldn't recommend allocating a significant portion of one's overall portfolio to it, but if someone had an overall diversified investment portfolio of, say, $100,000, I wouldn't think an allocation of up to $5,000 in peer-to-peer lending would be unreasonable or inherently more risky than investing $5,000 in a publicly-traded REIT. (REIT investing != the same as real estate investing, and it should never be thought of as a conservative investing strategy because it isn't.)

Cheers,
Doug
Banking: Tangerine and EQ Bank
Credit Cards: American Express SimplyCash, Scotiabank Scene+ Visa, and Tangerine Money-Back World MasterCard
Savings: Tangerine, EQ Bank, and DYN6004/DYN3075
Investments: Scotia iTRADE | Pension: Municipal Pension Plan
Deal Addict
User avatar
Jan 16, 2007
1941 posts
2354 upvotes
New Brunswick
I tried both approaches, since my account predated auto lending if I recall. Almost all a write off.
Banking: Alterna Bank (2.25%), Motive Financial (4.1%)
Investing: Qtrade Direct Investing
Spending: Scotia Amex Gold (6 pts/Sobeys, 5 pts/dining, 1 pts/rest), Scene Visa (1 pts)
Mobile: Eastlink 20GB Rollover ($39/mth)
Deal Addict
User avatar
Mar 25, 2012
4206 posts
3257 upvotes
British Columbia
joshnet wrote: I tried both approaches, since my account predated auto lending if I recall. Almost all a write off.
Granted, you did say you tried Lending Loop, which is small business lending and a bit riskier than consumer lending, generally speaking. It may have also been early days prior to them refining their lending criteria, too. Likely also pre-COVID-19, too, when many small businesses had to endure, or try to, as best they could, the effects of a government-initiated shut down of the national economy.

Cheers,
Doug
Banking: Tangerine and EQ Bank
Credit Cards: American Express SimplyCash, Scotiabank Scene+ Visa, and Tangerine Money-Back World MasterCard
Savings: Tangerine, EQ Bank, and DYN6004/DYN3075
Investments: Scotia iTRADE | Pension: Municipal Pension Plan

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)