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LendingMate's pay off



Paying off your personal loans at LendingMate is simple and convenient. The lender sets up a monthly direct debit which the borrower should cover.

A Direct Debit is an instruction from you to your bank which authorizes the company to collect the amounts of money from your account. You have already agreed with the amounts, the terms, and the dates of collection in the application form.

The money is deducted automatically with no hidden fees. You don't have to worry about missing regular important payments. Just avoid the late payments.

During the application process, you choose the amount and the terms of a guarantor loan, but the interest rate is fixed — 43%per annum — and rather high. It's higher than when you borrow from banks and most of the other lenders. The lender also offers loans to Canadian residents with a bad credit history, but a high-interest rate is one of the common conditions of the process.

A repayment period depends on what you have chosen in the application form. Calculate all the payments you have to make (there are no hidden fees), think about personal finances, don't ever forget about high-interest rates, and, try to settle your loan earlier.

For example, if you borrow $8,000 over 36 months, repaying $398.93 a month, the total repayment will be $14,361.48. But if you borrow $8,000 over 48 months, your monthly repayment will be only $47,42 lower ($351.51), but total repayment will increase up to $16,872. 48.

Lendingmate collects your debit card details to have a backup if the direct debit failed, to ensure the loan payments.

Conditions of loan extension

Despite attempts to make an early settlement, there are situations when it's impossible to repay the loan. The lender emphasizes that a borrower has a fixed date every month to pay off a guarantor loan.

If you don't make a payment on time the account is falling into arrears. With an extension of the payment period, the cost of the loan increases every day because interest is calculated daily. It could become too high for you to cover credit. So it's restricted to change the date of your payment in the lending mate account.

Do you need to extend your loan or have a short-term problem with making the next payment? Contact the collections department by phone at (844) 505-4576 or email at

Early payoff

LendingMate claims that it will never charge you for making extra payments or early settlement of your personal loan. Customers could make repayments earlier and pay only the money they have borrowed and the accrued interest.

The company offers customers the guarantor loans with a high-interest rate but provides conditions helping take off the financial burden and paying pay off your debt efficiently. A borrower could save the money by making repayments early: it's required to pay interest only for the time you have the loan, and the company calculates your interest daily.

For example, if you borrow $5,000 over 36 months, but repay the entire loan in 12 months, you'd only pay interest for 12 months.

In addition to the monthly repayments LendingMate lets you make free — not charged — extra payments, there aren't any early settlement fees. Nevertheless, it should fit your personal finance and the aim you pursue.


How do I make a payment on LendingMate?

When the lender pays out the money it sets up a monthly direct debit which the borrower should cover. The money is deducted automatically.

What happens if you don't pay back LendingMate?

Late payments aren't welcome, so the lender will call and mail you to find out what's gone wrong. Then LendingMate will try to collect payments from your secondary payment method. If it fails, the company will collect from your guarantor according to the agreement. He should agree to pay back for you.

You should pay the personal loan in full every month, missing payments may hurt your credit rating.

As interest rates are very high it's better to avoid late payments and make repayments earlier if it's possible (early settlement fees are free).

Can you pay LendingMate early?

Yes, you can. The lender offers to repay as many extra payments as you want without any early settlement fees.

Can LendingMate sue you?

Yes, it can. If neither you nor your guarantor doesn't settle a loan, the lender will pass the debt to a professional debt collector or go to a court to arrange the collection of the debt. Lendingmate claims that it never puts your property at risk because all the loans are unsecured personal guarantor loans.

Calculate loan payments in LendingMate

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

Loan amount

Enter the desired loan amount

2000 $
10000 $
Loan term

Specify the loan term for the calculation


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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All LendingMate’s reviews by October 2022
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