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

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About lender

Lending Mate provides a lifeline for individuals facing credit constraints in Canada. Sometimes with the assistance of a guarantor, Lending Mate offers a quick and simple online application process, enabling Canadians to access up to $10,000 in financing. Their flexible policies ensure that customers feel like part of the family, providing peace of mind in times of financial need.

Lending Mate

Features

  • No Credit Check. Lending Mate understands that past financial missteps shouldn't hinder one's ability to secure a loan, offering a solution without the burden of a credit check.

  • Loans up to $10,000. With Lending Mate, individuals can access loans of up to $10,000, providing substantial financial assistance to address various needs.

  • All Loans Are Unsecured. Lending Mate offers unsecured loans, eliminating the need for collateral and providing financial support without added risk.

  • Quick Application Process. Lending Mate simplifies the borrowing experience with a quick and straightforward application process, ensuring that individuals can swiftly obtain the funds they need.

Pros and cons

Pros

No Hidden Fees. Lending Mate ensures transparency by not charging hidden fees for late payments, letters, or early debt settlement. This transparency fosters trust and reliability in their service.

No Collateral Required. Unlike traditional lenders, Lending Mate doesn't demand collateral for approval. This feature provides accessibility to individuals who may not have assets to secure their loans.

Guarantor as Insurance. Having a guarantor serves as a safety net, especially in dire situations where payments cannot be made. This adds a layer of security for both the borrower and the lender, ensuring that obligations are met even when faced with unforeseen circumstances.

Cons

Relatively High-Interest Rates. While Lending Mate offers solutions for individuals with bad credit, the interest rates may be relatively high compared to standard loans. This aspect could result in higher overall costs for borrowers.

Limited Availability. Lending Mate's services are not available in all provinces/territories. Currently, they operate in Ontario, and British Columbia only, limiting accessibility for individuals residing elsewhere.

Regional Rate Variations. Rates may differ depending on the borrower's province of residence. This could potentially lead to confusion or dissatisfaction among borrowers who expected uniform terms across regions.

Reliability

Lending Mate's reliability can be gauged by its verification on Trustpilot, a reputable platform for customer reviews and ratings. Being verified by Trustpilot indicates that Lending Mate has undergone a thorough review process and has been deemed trustworthy by a credible third-party source. This verification adds credibility to Lending Mate's reputation and provides assurance to potential customers regarding the reliability of its services.

How to apply for a Lending Mate loan

Please note that currently, Lending Mate does not accept applications from Canada. However, to apply for a loan, you would typically follow the steps outlined below by visiting their website and completing the online application process.

  1. Visit the Website. Begin by visiting the Lending Mate website through your preferred web browser.

  2. Click "Apply Now". Once on the website, locate and click on the "Apply Now" button prominently displayed on the homepage.

  3. Fill Out the Application. You will be directed to the loan application page. Fill out the application form with accurate information, including personal details, employment information, and financial details.

  4. Review and Submit. After completing the application, take a moment to review all the information you've provided to ensure accuracy. Once satisfied, submit the application electronically through the website.

Conditions

  • Loan Range. Borrowers can access loans ranging from $2,000 to $10,000, providing flexibility to address various financial needs.

  • Interest Rate. Lending Mate loans come with an interest rate ranging from 34.9% to 43%. It's important for borrowers to consider this rate when evaluating the overall cost of borrowing.

  • Terms (Months). The repayment terms for Lending Mate loans range from 12 to 60 months, allowing borrowers to choose a timeframe that aligns with their financial situation and preferences.

Requirements

Requirements for borrowers

  1. Canadian Residency. Borrowers must be Canadian residents to qualify for a loan with Lending Mate.

  2. Age. Borrowers must be aged between 19 and 75 years old to be eligible for a loan.

  3. No Active Bankruptcy or Consumer Proposal. Applicants should not have any active bankruptcy or consumer proposal on their financial records.

  4. Guarantor's Trust. Lending Mate doesn't solely rely on credit scores. Instead, borrowers need a friend or family member who trusts them and is willing to act as a guarantor.

Requirements for guarantors

  1. Canadian Residency. Guarantors must also be Canadian residents to support the loan application.

  2. Age. Like borrowers, guarantors should be aged between 19 and 75 years old.

  3. Source of Income. Guarantors need to demonstrate a reliable source of income to support the loan agreement.

  4. Good Credit History. Guarantors should have a positive credit history, indicating their ability to manage financial obligations responsibly.

  5. No Active Bankruptcy or Consumer Proposal. Similar to borrowers, guarantors should not have any active bankruptcy or consumer proposal on their financial records.

Ways to receive the money

Once your loan application is approved by Lending Mate, the borrowed amount will be disbursed into your guarantor's bank account for added security measures against fraud. This process ensures that the guarantor is aware of the loan transaction and can verify the transfer of funds.

Subsequently, your guarantor has the option to transfer the money directly to you or withdraw the funds as cash, depending on your preferred method of receiving the borrowed amount. This flexibility allows for convenient access to the loaned funds, facilitating the timely utilization of the financial assistance provided by Lending Mate.

Products

The primary product offered by Lending Mate is guarantor loans, which provide individuals with access to financing of up to $10,000. These loans are secured with the support of a guarantor, allowing borrowers to overcome credit constraints and secure the funds they need. With Lending Mate's guarantor loans, individuals can address various financial needs, ranging from debt consolidation to unexpected expenses, with the assurance of having a trusted guarantor to support their application.

Reasons you may be denied a Lending Mate loan

  1. Ineligibility of Guarantor. If your chosen guarantor does not meet the criteria set by Lending Mate, such as having a good credit history or stable income, your loan application may be denied.

  2. Financial Instability. Lending Mate may deny your loan application if they assess that you do not have the financial stability to repay the loan, based on factors such as irregular income or excessive financial commitments.

  3. Active Bankruptcy or Consumer Proposal. If you have an ongoing bankruptcy or consumer proposal, you may be deemed ineligible for a loan with Lending Mate, as it poses a risk to their lending practices.

  4. Age Restrictions. If you do not fall within the age range specified by Lending Mate (19-75 years old), your loan application may be denied, as they have set these criteria to ensure responsible borrowing and repayment.

How to repay a Lending Mate loan

  1. Monthly Direct Debit. Upon disbursing the loan amount, Lending Mate sets up a monthly direct debit for repayment. This ensures that your loan payments are made consistently and on time. Additionally, Lending Mate collects your debit card details as a backup in case the direct debit fails, providing a safety net to prevent your loan from falling behind.

  2. No Extra Charges. Lending Mate adheres to a transparent and customer-friendly policy by promising not to charge any fees for making extra payments or settling your loan early. This means that you can make additional payments towards your loan or pay off the entire balance ahead of schedule without incurring any additional costs. In fact, this proactive approach to repayment can save you money in the long run, as you'll only repay the principal amount borrowed along with the accrued interest for the duration of the loan.

Editorial opinion

Lending Mate offers a unique solution for individuals facing financial challenges, particularly those with less-than-ideal credit histories. By providing access to loans of up to $10,000 with the support of a guarantor, Lending Mate extends a lifeline to people who may have been turned away by traditional lenders. While the interest rates may be relatively high, reflecting the higher risk associated with lending to individuals with poor credit, Lending Mate's transparent approach and commitment to not charging extra fees for early repayment or additional payments can provide borrowers with a sense of relief. Additionally, the requirement for a guarantor underscores the importance of personal accountability and support within the borrowing process. Overall, Lending Mate serves as a valuable option for those in need, offering a pathway to financial assistance in a responsible and accessible way.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

Sources

FAQ

What is Lending Mate?

Lending Mate is a lending company that offers loans to credit-constrained individuals in Canada, with the assistance of a guarantor.

How quickly the funds can be received?

Once approved, funds from Lending Mate can typically be received within a few business days, providing quick access to financial assistance.

How do you qualify for Lending Mate?

To qualify for a loan with Lending Mate, you need to be a Canadian resident aged 19-75, have no active bankruptcy or consumer proposal, and have a trusted friend or family member willing to act as your guarantor.

How much can you borrow from Lending Mate?

Lending Mate offers loans ranging from $2,000 to $10,000, providing flexibility to address various financial needs.

Is Lending Mate a legitimate company?

Yes, Lending Mate is a legitimate company that operates within the legal framework of Canadian lending regulations, providing financial services to individuals in need of assistance.

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 Finance Inc.
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LendingMate
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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.

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