Indeed, 48 per cent of us have lost sleep over finances, and 36 per cent have experienced mental health challenges over it, according to FP Canada’s 2023 Financial Stress Index. And Statistics Canada says around one in four people are unable to cover an unexpected expense of $500.
“It’s kind of like a dating app for debt,” says Cindy Marques, a certified financial planner and director at Open Access Limited, referring to how P2P platforms match investors with borrowers based on criteria such as the size of the loan and interest rate suited to the borrower’s credit history. While Lending Loop offers loans to small businesses, goPeer serves individuals looking for an unsecured loan between $1,000 and $35,000 with terms ranging between one to five years. Marc-Antoine Caya, CEO of goPeer, says around 60 per cent of borrowers come to the platform for help with debt and credit consolidation.