Once you have accepted a loan offer from goPeer, your loan will immediately be posted anonymously for funding on our platform, where your Canadian peers will have the opportunity to pool their funds and lend money to you anonymously.
The time it takes for a loan to fund is dependent on numerous factors, including the loan amount and other characteristics. It is not uncommon for a loan to fund within a few days, and commonly within approximately one week, however larger loans do take longer. While rare, if the full amount is not funded within 30 days, then the funding term will automatically be extended by an additional 15 days. Anytime following the initial 30-day funding period, you may accept the partially funded amount or wait until the 45 days has lapsed.
Once your loan is fully funded (or accepted partially funded), the funds are released to your bank account after a short delay caused by two factors:
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Regulatory hold (2 business days): Canadian securities regulations require goPeer to hold investor funds for two full business days after the loan is funded. This ensures investor protection during the mandatory “cool-off” period.
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Bank transfer time (1-3 business days): After the hold period, goPeer sends your funds via Electronic Funds Transfer (EFT), the same secure network used by all Canadian banks.
In total, most borrowers receive their loan funds within 3-5 business days after the loan is fully funded.
We understand this delay is not ideal and continue to explore faster, compliant options.