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LendingMate Personal Loans Review

LendingMate offers guarantor car loans from $2,000 to $10,000 that could help you finance your next vehicle.

43% (British Columbia and Ontario) and 34.9% (Quebec)

Interest Rate

$10,000

Max. Loan Amount

N/A

Min. Credit Score

Please note: All information about LendingMate Personal Loans has been collected independently by Finder and this product is not available through this site.

If you need quick funding for your next car, you can apply for a LendingMate car loan from $2,000 to $10,000. If your application is approved, you could receive your cash deposit within 24 hours.

LendingMate requires everyone who applies for a loan to have an eligible guarantor who can repay the loan if you can’t do so. We’ll help you decide if a LendingMate car loan is right for you.

Pros and cons of buying a car with LendingMate Personal Loans

Pros

  • Bad credit loans available
  • Early repayment options
  • Varying loan terms from 1-5 years

Cons

  • Relatively low maximum loan amount of $10,000
  • Requires a guarantor or co-borrower
  • High interest rates

How does a car loan from LendingMate work?

LendingMate offers loans from $2,000 to $10,000 for terms of 1-5 years (12 months to 60 months months). To qualify for a LendingMate car loan, you need a guarantor who can repay your loan if you are unable to.

Applying for a LendingMate loan generally involves the following 7 steps:

  1. Fill out an online application.
  2. LendingMate will send you a link that you need to send to your nominated guarantor.
  3. Your guarantor will fill out an application.
  4. Your loan will be approved or rejected.
  5. If your loan is approved, LendingMate will deposit your funds into your guarantor’s bank account.
  6. Your guarantor will transfer the funds to you or pay you in cash.
  7. Repay your loan via direct deposit. If you are unable to make repayments, your guarantor will be responsible for repaying the loan.

What is a guarantor on a car loan?

A guarantor is someone willing and able to repay your loan if you can’t make your repayments. An eligible guarantor for a LendingMate loan must meet the following criteria:

  • Be a Canadian resident
  • From 19 to 75 years of age

The guarantor also needs to demonstrate that they can pay back the loan if necessary by meeting the following financial criteria:

  • Have a good credit history
  • Not a guarantor on another LendingMate loan
  • Not a current LendingMate loan
  • Have an active debit card to use as a form of ID

Guarantors for LendingMate loans don’t have to be homeowners. However, owning a home may increase the likelihood of them being approved as a guarantor. If you miss a loan repayment, LendingMate may use your guarantor’s debit card information to take the repayment directly out of the guarantor’s account.

Features of a LendingMate loan

LendingMate offers a range of features, including the following:

  • Available in Ontario, British Columbia and Quebec. LendingMate loans are only available to residents of Ontario, British Columbia and Quebec. If you live in a different province, you’ll need to find another way to help finance your car.
  • Unsecured loans. Loans from LendingMate are unsecured, which means you don’t have to put down any collateral to take out a loan.
  • Bad credit loans. You can still qualify for a car loan even if you have a low credit score as long as you and your guarantor meet all eligibility criteria.
  • Borrow up to $10,000. You can take out a loan of up to $10,000 from LendingMate and put it towards the purchase of a new or used car or vehicle repairs.
  • Early repayment options. If you are able to make additional repayments, you can do so at no additional cost. However, you can’t repay your loan in full before the minimum loan term of 12 months. If a loan with a shorter loan term would better suit your needs, check out other car loans available in your area.

How much will the LendingMate loan cost?

LendingMate loans have a 43% (British Columbia and Ontario) and 34.90% (Quebec) annual interest rate. The cost of your loan depends on the amount you borrow and the loan term.

You can use the online loan calculator on the LendingMate website to estimate the total cost of your loan. You can also use our car loan calculator to find out the total cost of a loan before you take it out.

It’s important to understand precisely how much you’ll pay in fees and interest before you take out a loan. The specific terms of your loan, including fees and overall costs, should be stated clearly in your loan contract. If anything is unclear, make sure you get clarification from LendingMate before accepting the terms.

How to apply for LendingMate Personal Loans

To be eligible for a LendingMate loan, you must meet the following criteria:

  • Be a Canadian resident
  • From 19 to 75 years of age
  • Not be bankrupt
  • Not have an active consumer proposal
  • Be able to demonstrate an ability to afford repayments without financial burden
  • Have a guarantor who meets the minimum requirements

To qualify as a guarantor, you must meet the following criteria:

  • Be a Canadian resident
  • From 19 to 75 years of age
  • Not already be a guarantor on another LendingMate loan
  • Not have a current LendingMate loan
  • Have an active debit card
  • Be able to demonstrate an ability to afford repayments without financial burden

Have the following details and documents ready to fill out your application:

  • Personal details including name, email address, Social Insurance Number, phone number and current address
  • Guarantor details including bank account, title deeds, mortgage statements and debit card information

If you’ve considered your needs and decided to apply for a LendingMate car loan, you can start your application by navigating to their website.

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Bottom line

Buying a car with LendingMate Personal Loans can be a good option especially if you have bad credit. However, unless you have savings to add to your payment, you’ll be limited to a car that costs under $10,000. When deciding on financing for your next car, it’s a good idea to shop around for car loans to find one that fits your needs and budget.

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