Important disclosure

LendingMate Personal Loans Overview

LendingMate logo
The table below shows LendingMate personal loan options. LendingMate offers small personal loans to residents of Ontario and British Columbia. Currently, LendingMate is Canada’s only guarantor lender. The financial institution opened in 2017 and says it borrowed the concept from when banks used to ask for a guarantor instead of relying on computer credit scoring.

How much will a personal loan from LendingMate cost you? Take advantage of our Lending Mate personal loan calculator below. It will help you find an affordable monthly repayment estimate based on the loan amount and term.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

About LendingMate personal loans

BMO offers various personal loans and lines of credit that you can use for whatever you need, be it debt consolidation, a home renovation, or any other worthwhile purpose.

BMO loan features

Before applying for a LendingMate personal loan, you’ll need to register a suitable guarantor. The guarantor must:

  • Be able to make repayments for your loan if you’re unable to.
  • Be 19-75 years old.
  • Have a good credit score.
  • Be a Canadian homeowner/have an impeccable credit history.
  • Be aware of the loan and agree to the terms and conditions.
  • Not share finances with you.
  • Not have their name on an existing LendingMate loan.

LendingMate personal loan features

  • Loan amount. $2,000 – $10,000
  • Loan term. 12 months to 60 months (1-5 years)
  • Interest rate. 43% per annum
  • Zero fees. There are no upfront fees or penalties for early and late payments.
  • Bad credit loans. If you have bad credit, you can apply for a LendingMate personal loan as long as you have a suitable guarantor to back you up.
  • Secured by a guarantor. To increase your chances of approval, your guarantor must be a Canadian homeowner.
  • Fast approval. Once your guarantor is accepted, you can get the money within 24 hours.
  • Varied Uses. LendingMate personal loans have many uses, such as home improvements, debt consolidation, vehicle purchases, holidays, weddings, plus more.

How to apply for a LendingMate personal loan

  • Apply online. Fill out and submit your application on LendingMate’s website.
  • Guarantor completes the application. LendingMate will forward the link to your named guarantor, so they can provide their details.
  • Finalise the application. Your guarantor will then receive a call to verify their details and make arrangements for the loan payout.
  • Get your money. If the guarantor is accepted, they will receive the money in their bank account. The guarantor will then give the money to you.

Check that you’re eligible:

LendingMate personal loans have the following requirements:

  • Be a Canadian resident of British Columbia or Ontario
  • Be between 19 and 75 years old
  • Have no active bankruptcy or outstanding consumer proposal
  • Have a reliable income

What you’ll need:

  • Social Insurance Number
  • Personal and contact details
  • From your guarantor – bank account details, title deeds, or mortgage statements

 

LendingMate personal loan calculator

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RBC personal loans

RBC
6 months
to 60 months
$5,000
to $50,000
15.00%
n/a

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LendingMate FAQs

Will LendingMate check my credit score when I apply for a personal loan?

LendingMate advertises its guarantor loans as having no credit checks. However, while Lendingmate might not check your credit score, they will want to confirm that you have no active bankruptcy or outstanding consumer proposal. In addition, this lender will perform a credit check on your guarantor.

Can I get a LendingMate personal loan without a guarantor?

No. All borrowers must have a suitable guarantor to qualify.

How do guarantor loans work?

When taking out a guarantor loan, you need a trusted friend or family member who’s both willing and able to make the monthly repayments for your loan if you fail to do so. Guarantor loans are very similar to co-signed loans.
The main difference is that a guarantor will only become liable for the loan payments after the lender has exhausted all options for getting the primary borrower to pay. On the other hand, a cosigner is responsible for the debt even if the lender does not take any additional steps to collect monthly payments from the original borrower.

How does a LendingMate personal loan work?