{"id":166,"date":"2020-12-01T12:19:38","date_gmt":"2020-12-01T19:19:38","guid":{"rendered":"https:\/\/leonardhendricks.com\/?p=166"},"modified":"2023-10-09T08:32:46","modified_gmt":"2023-10-09T14:32:46","slug":"gopeer","status":"publish","type":"post","link":"https:\/\/leonardhendricks.com\/index.php\/2020\/12\/01\/gopeer\/","title":{"rendered":"goPeer P2P lending"},"content":{"rendered":"\n

While looking at savings possibilities, one area that was always of interest was Consumer P2P lending (Person to Person) lending. This is where a lot of banks make considerable money, and certainly the rates people pay to credit cards and payday lenders is exorbitant. Personally I support trying to help people achieve financial health, and if you are paying 20% interest that isn’t going to be easy. <\/p>\n\n\n\n

While Lending Club<\/a> is quite popular in the US, there hasn’t been a similar service available in Canada until recently. goPeer<\/a> is one such company, and advertises itself as the Lending Club of Canada. <\/p>\n\n\n\n

Along with Lending Loop goPeer is federally regulated which means anyone can invest up to $10,000 per year in similar platforms. If you want to invest more than that a year you need to go through the accreditation process with goPeer.<\/p>\n\n\n\n

Experience<\/h2>\n\n\n\n

The Investor sign up experience was pretty straight forward. Once again they use Plaid<\/a> like with EQBank<\/a> for linking accounts. There wasn’t an easy way to add non-Plaid working accounts and you can only add one<\/strong> account so pick one you can get money in and out of easily. Standard know your customer questions and you are ready to go.<\/p>\n\n\n\n

Once the account is setup, you will have the ability to invest in consumer loans. The market place provides a fairly robust list of loans available. You can click on each one and read more about them like what the loan is for, applicant location, credit score, income, etc. <\/p>\n\n\n\n

After the first few times clicking around, it gets pretty boring unless you plan is to invest large amounts. If you are investing the minimum $10 the time to review the applicant is costing more than the $10. So I turned on the auto-invest feature and selected the loan grades I was interested in (decided anything above a D) and the amount per loan ($30 for now). <\/p>\n\n\n\n

Results so far<\/h2>\n\n\n\n

There are lots of people saying they have seen pretty high delinquency and write offs which would really impact returns. So I am quite interested in seeing how that plays out.<\/p>\n\n\n\n

The marketplace seems to have a pretty robust set of loans so money is being invested reasonable quickly even at $30 a loan. Much better than Lending Loop. <\/p>\n\n\n\n

After a little over a month I have invested in 17 loans, have 14 more pending (waiting for full funding and completion). The portfolio page provides a good detailed overview of what you have in place, and has a nice summary chart you can click on slices to drill down on.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Referral<\/h2>\n\n\n\n

Why not use my EQBank referral code<\/a>? We both get $30 if you invest $1000 or make your first payment. I have to pay for my blog hosting somehow \ud83d\ude42<\/p>\n","protected":false},"excerpt":{"rendered":"

Review of goPeer the first consumer person to person lending platform in Canada.<\/p>\n","protected":false},"author":1,"featured_media":168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[27,28,30,29],"class_list":["post-166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gopeer","tag-consumer-lending","tag-gopeer","tag-lending-club","tag-p2p-lending"],"_links":{"self":[{"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/posts\/166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/comments?post=166"}],"version-history":[{"count":2,"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/posts\/166\/revisions"}],"predecessor-version":[{"id":185,"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/posts\/166\/revisions\/185"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/media\/168"}],"wp:attachment":[{"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/media?parent=166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/categories?post=166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leonardhendricks.com\/index.php\/wp-json\/wp\/v2\/tags?post=166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}