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LendingMate review

Borrow up to $10,000 with bad credit when you apply alongside a trusted guarantor.

LendingMate is an online lender that offers guarantor loans up to $10,000. Apply with bad credit when you have a trusted friend or family member with good credit to cosign. Interest is calculated daily so you can pay your loan off early without penalty and without paying more interest than you should.

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Please note: As of February 23, 2023, LendingMate has paused accepting new applications for loans in Canada. Compare alternatives.

LendingMate at a glance

  • Large amounts
  • No hidden fees
  • Bad credit can apply
  • High interest rates
  • Guarantor is required
  • Only available in BC and Ontario

What is LendingMate?

LendingMate is an online lender that offers guarantor loans to qualified applicants. It was founded in 2017 and is based in Ontario. LendingMate LendingMate offers guarantor loan services in BC and Ontario only. There are no credit checks and people with bad credit can apply. You just need to find a cosigner with good credit to agree to take on your payments if you default on your loan.

Is LendingMate legitimate?

Yes, LendingMate is a legitimate business with hundreds of reviews on Trustpilot. Just be aware that the company has posted a warning that some customers have been contacted by fraudsters pretending to be LendingMate or brokers acting on its behalf. LendingMate will never ask for money in advance of paying out a loan nor will it ask you to share sensitive information such as bank or account passwords.

LendingMate Personal Loan features

Loan amount$2,000 to $10,000
Loan term12 - 60 months
Interest rate43%
Loan securityFixed
FeesLate payment fees
Serviced provincesBC and Ontario
Basic eligibility criteriaNo min. income or employment requirements, min. 300 credit score, eligible guarantor

What we like about LendingMate

Get the following benefits when you sign up for a LendingMate loan:

  • Large amounts. Borrow between $2,000 and $10,000 with no credit check.
  • Quick payment upon approval. Get your funds within 24 hours of your guarantor being approved.
  • Accepts bad credit. Apply for a loan even with bad credit or no credit at all as long as you have an eligible guarantor.
  • No hidden fees. Pay less for your loan with no hidden set-up or maintenance fees.
  • Free prepayment. There’s no penalty when you make early repayments.
  • High approval rating. LendingMate indicates that 95% of borrowers are approved.

What to watch out for

LendingMate loans may come with the following drawbacks:

  • Not currently accepting applications. The website doesn’t seem to currently be accepting applications for loans in Canada.
  • High interest rates. Pay high annual interest rates of 43% across the board.
  • Slow process. Some customers complain that the process to get a loan can be slow, especially if there are issues with your guarantor.
  • Guarantor required. You’ll need to find someone you trust who has good credit to vouch for you and cosign your loan in order to qualify.
  • Funds deposited with your guarantor. The money you borrow will be deposited into your guarantor’s account, so you need to make sure they are trustworthy.
  • Difficult to reach customer service. Some customers complain that much of the customer service experience is automated and it can be difficult to reach a real person.
  • Limited provinces. The company currently only works in BC and Ontario.

Summary of LendingMate reviews

BBB accreditedNo
BBB ratingA-
Trustpilot reviews3.8 stars from 353 reviews
Customer reviews verified as ofAugust 4, 2022
LendingMate has mixed reviews on Trustpilot and the Better Business Bureau. Some customers are happy with the speed and ease of the loan process, and others like that they can prepay the loan without penalty. However, many customers complain that they were unable to get approved, service was slow and they had to pay more for their loan than they originally anticipated.

What types of loans are available through LendingMate?

LendingMate only offers guarantor loans. You can apply for a loan by enlisting a trustworthy person to cosign on your behalf. This person must have good credit and be willing to take on your payments if you default on your loan.

Once you’re approved, the funds you borrow will be deposited into your guarantor’s account (not your own) to make sure they fully understand the loan contract. They can then send funds to you by Interac e-Transfer or by paying you in cash.

Am I eligible for a LendingMate personal loan?

You may be eligible for a LendingMate loan if you meet the following criteria:

  • Canadian citizen or permanent resident with valid ID
  • Aged between 19 and 75 years old
  • No active bankruptcy or consumer proposal
  • Proof of income to afford repayments
  • Canadian citizen or permanent resident with valid ID
  • Aged between 19 and 75 years old
  • Proof of income to afford repayments
  • Good to excellent credit score

Required documents

You’ll need the following documents to apply for a loan:

  • Government-issued photo ID along with a secondary piece of ID
  • Proof of income such as bank statements or pay stubs
  • Government-issued photo ID along with a secondary piece of ID
  • Proof of income such as bank statements or pay stubs
  • Consent to check credit

How to apply with LendingMate

Follow these steps to apply for a LendingMate loan:

  1. Visit the website and click on the orange “Apply” button in the top-right corner. Filling out your section of the application should take under 15 minutes.
  2. Enter your personal information in the application and then LendingMate will send a link to your guarantor to fill out the appropriate section of the application (also under 15 minutes).
  3. Once LendingMate receives the signed application back from your guarantor, it will check your guarantor’s credit score.
  4. When the credit check is done, LendingMate will call your guarantor to discuss their responsibilities and make sure they can afford your loan payments if you default.
  5. LendingMate will then pay the loan out into your guarantor’s bank account.
  6. Your guarantor can either transfer your money to you or give you cash. This usually takes under 24 hours from the time of approval.

How can I contact LendingMate?

You can contact LendingMate by sending an email or by calling the customer hotline. LendingMate operates from Monday to Thursday, 9:00am – 7:00pm (EST) and Friday from 9:00am – 6:00pm (EST). It’s not possible to visit LendingMate in person and many customers complain that it can be difficult to reach the company over the phone.

How much will a LendingMate personal loan cost?

You’ll pay 43% interest annually to borrow funds with LendingMate. There are no set-up or prepayment fees to take out a LendingMate loan, but you’ll usually pay fees for late payments.

Example of LendingMate loan cost

Frank wants to take out a loan to pay for his vacation. He asks his mom to cosign a loan for $3,000. Let’s take a look at how long it will take him to repay his debt over 1 year.

Initial loan amount$3,000
Interest rate43%
Total amount borrowed$3,000
Time to pay off amount borrowed12 months
Monthly payments$311.98
Total interest on amount borrowed$743.72
Total of 12 payments$3,743.72

Frank will pay $743.72 to borrow $3,000 over a year. The funds will be deposited into Frank’s mom’s account and she can pass the money on to Frank from there. If Frank fails to repay his loan for any reason, his mom will need to take over his payments.

LendingMate Personal Loan monthly payment calculator

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Bottom line

LendingMate is an online lender that offers unsecured guarantor loans to borrowers with qualified cosigners. Borrow up to $10,000 even with bad credit when you enlist a cosigner – no hidden fees and fast payment after approval. Just be aware that LendingMate comes with high interest rates (43% per annum), so you may be able to lock in a lower interest rate with a different lender.

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Frequently asked questions

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