GoPeer’s team is “small and lean,” Caya said, with an average interest rate of around 16% on loans offered. For borrowers with better credit, meanwhile, the company is “highly competitive with banks” where unsecured term loans are concerned.
At present, the company does not directly offer mortgages, even if those offered rates make it an appealing choice for brokers to send their clients to where more mainstream or institutional lending is not available.
“The primary use case that we’re seeing is those mortgage brokers [that] refer us their clients that typically didn’t have the line of credit [options] a lot of people would have,” said Caya.
Rates that are competitive with or lower than those offered by many non-bank lenders mean brokers can provide alternative solutions – ultimately allowing them to close and obtain better…
