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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

LendingMate

Finanso.Multilogin™

About lender

Lendingmate was made as a non-bank financial company which provides loans for borrowers with a bad credit history or personal financial issues. Thousands of people in Canada have already borrowed the money they wouldn't be able to get without LendingMate guarantor loan service.

It is based in Toronto, Canada and works for the residents of British Columbia and Ontario. The loan from $2,000 to $10,000 could be borrowed for 12 to 60 months with an interest rate of 43% annually.

Pros and cons

Use this Lendingmate review to decide whether Lendingmate guarantor loans are suitable for your personal finance situation.

Pros

  • Suits for borrowers with bad credit or financial problems

  • Suits for self-employed borrowers

  • Online service and calculator at the website

  • No hidden or extra fees, fees for late payments or early debts repayments

  • Fast application approval

  • Easy to borrow, easy to apply online

However, there are a number of reasons why LendingMate may not be the best option to help your personal finances.

Cons

  • High interest rates

  • Must have a reliable guarantor

  • Dependence on a guarantor

  • Works only for British Columbia or Ontario

  • A limited amount of money affordable for a loan

There are advantages and disadvantages in any service. If you qualify for a bank loan you can borrow money for a longer period with a lower interest rate. Lendingmate is made to help when personal finance and credit score are far from ideal.

Loan conditions

At the lender website you can apply for a loan if you find a guarantor. A borrower qualifies for a LendingMate guarantor loan if he is a Canadian resident, aged 19-75 and has no active bankruptcy or consumer proposal. A guarantor should be aged 19-75, live in Canada, have a good credit score and better be a homeowner.

When your personal loan is settled you could get another one, but make sure to repeat the process. A borrower and a guarantor should be approved.

A guarantor can't take a loan from LendingMate. You can be on one guarantor loan at a time. However, a guarantor is free to borrow from the other lenders as long as he is able to pay his credit, and afford making repayment for a loan if you can't, and has enough money for a normal living. Also it's not allowed to be a guarantor to more than one person. Only when the loan is paid back it's possible to go through the application process for a guarantor loan with another person.

Methods of loan funding

The guarantor can transfer the money from his bank account or take out the cash and give it to the borrower.

If the application is approved, the borrower could get money within 24 hours after the guarantor is accepted, most of the loans are paid out within 48 hours. It's your responsibility to reach an agreement with the guarantor how he is going to give the money to you.

Take a notice: LendingMate never asks you for money before a loan is paid out, never asks the password from your bank account or any other accounts. The lender claims there are some cases of fraud with the company name. If you think you are being defrauded, please email at hello@lendingmate.ca.

FAQ

What is LendingMate?

LendingMate is a company in Canada which offers fast guarantor loans up to $10,000 without any bank history or with the bad credit at the individual conditions to the residents of Ontario and British Columbia. The lender approves over 90% of loan applications.

Who owns LendingMate?

It is owned by LendingMate Finance Inc., a financial institution based in Toronto and it's a part of Business Support Services industry.

How do you qualify for LendingMate?

You should be a Canadian resident age from 19 to 75 with no active bankruptcy or active consumer proposal and have a guarantor — a family member or a friend — who is ready to be your lend mate with a good credit score.

How much can you borrow from LendingMate?

You can borrow from LendingMate from $2,000 to $10,000

Is LendingMate a legitimate company?

Yes, it is. There is no any argument that LendingMate isn't legit. Their business model is safe, and based on the idea that everyone could get bad credit loans if they have a guarantor.

Company documents

Privacy Policy
Terms of use

Guarantor loans aren't a new concept, it's how banks used to lend before computer credit scoring took over. It's quite common for mortgage companies to still ask for guarantors today.

© LendingMate

Calculate loan payments in LendingMate

LendingMate calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from LendingMate

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes LendingMate from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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