LendingMate Personal Loans
LendingMate provides guarantor loans up to $10,000 to help Canadians cover a wide range of expenses.
LendingMate offers Canadians loans from $2,000 to $10,000. To be eligible for a LendingMate loan, you must have a guarantor who is willing and able to repay your loan in the event that you are unable.LendingMate Personal Loans are currently available to residents of British Columbia, Ontario and Quebec. In addition to offering services in Canada, the international lender operates in the United States and the United Kingdom.
Compare personal loans from LendingMate
How does borrowing from LendingMate work?
You can apply for a LendingMate Personal Loan from $2,000 to $10,000 for a term of 1-5 years.
- To apply for a LendingMate loan, you will need a guarantor. This person should be someone you trust, and someone who trusts you as they will be responsible for repaying your loan if you are unable to.
- After you fill out an online application at the LendingMate website, the lender will send you a link for you to send to your guarantor. Your guarantor will have to fill out a small application form and confirm their details.
- If your loan is approved, the funds will usually be deposited within 24 hours. Your loan will be deposited directly into your guarantor’s bank account. They can then transfer your funds to you or pay you in cash.
- To repay your loan, LendingMate will set up a pre-authorized debit to take the money directly out of your bank account each month. If you are unable to repay your loan for any reason, your guarantor will be responsible for the repayments.
Features of a personal loan from LendingMateLendingMate Personal Loans include the following features:
- Unlimited early repayments. LendingMate allows you to pay back your loan early for no additional fee. This means you can pay off your loan as soon as you are able and save on interest. Keep in mind, all LendingMate loans have a minimum loan term of 12 months.
- 24-hour funds. Your loan will most likely be paid out within 24 hours of acceptance. If you apply outside of business hours, this could take longer. The exact time the funds become available to you will depend on your bank.
- Bad credit options. Having a low credit score will not eliminate you from qualifying for a LendingMate loan. As long as you are able to demonstrate an ability to repay your loan and meet LendingMate’s eligibility criteria, you can receive a loan.
- High borrowing limit. You can borrow up to $10,000 from LendingMate to help cover a wide range of costs including vehicle repairs, debt consolidation, weddings and unexpected costs.
- Flexible loan terms. You can borrow from LendingMate for a term of 1-5 years depending on your individual needs and financial circumstances.
How much will a LendingMate Personal Loan cost?
Applying for a LendingMate Personal Loan is free. All LendingMate loans have a 43% (British Columbia and Ontario) and 34.90% (Quebec) annual interest rate. The overall cost of your loan will depend on how much you want to borrow and how long you need to pay it back. If you are approved for a LendingMate loan, all fees and overall costs will be clearly outlined in your loan contract.
Ready to apply? Here’s how.
To be eligible for a LendingMate loan, you must meet the following criteria:
- Be a Canadian resident
- Be between 19 and 75 years of age
- Have no active bankruptcy
- Have no active consumer proposal
- Demonstrate an ability to afford repayments without financial burden
- Have a guarantor who meets the minimum requirements
To be a guarantor for a LendingMate loan, you must meet the following criteria:
- Be a Canadian resident
- Be between 19 and 75 years of age
- Not already a guarantor on another LendingMate loan
- Not have a current LendingMate loan
- Have a good credit history
- Demonstrate an ability to repay the loan without financial burden
You may need the following details and documents to complete your application:
- Personal information including your name, current address, mobile number, email and any government issued identification number
- Guarantor details including bank account, title deeds, annual mortgage statement and debit card information
To make the LendingMate loan process as quick as possible, have all of your personal and financial details available and make sure your guarantor can be easily contacted.
If you are interested in a LendingMate Personal Loan, click on “Go to Site” in our table above to begin your application.
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