LendingMate Reviews, Ratings And Fees January 2023

Based on 6
Customer Reviews
180 Dundas ST West, Suite 1508
Toronto, Ontario
M5G 1Z8
  • Monday-Friday 9am to 6pm (EST)

Who Is LendingMate

Note: LendingMate is no longer active in Canada.

LendingMate offers credit-constrained Canadians the opportunity to qualify for the financing they need with the help of a guarantor. Their fast and straightforward online application allows consumers to apply for up to $10,000 and their flexible policies mean you’ll have peace of mind that you’ll be treated like family.

A LendingMate guarantor loan is particularly beneficial for those consumers who:

  • Have bad credit
  • Have no credit
  • Are self-employed
  • Have gone through past financial issues

How Do I Apply With LendingMate?

To apply for a guarantor loan with LendingMate, you’ll have to submit a form online, complete with the amount of money you’re requesting to borrow and how long you’d prefer your repayment plan to be. You will then be given a link (by text or email) that will guide your guarantor to their own portion of the application form. 

Afterward, you and the guarantor will receive separate calls to confirm your personal information. Once everything checks out, LendingMate will typically deposit the loan funds directly to the guarantor’s account within 24 hours of approval, which they will send to you when you’re ready. Overall, the process is fairly straightforward.

To be eligible for a LendingMate Guarantor Loan, you must:

  • Be a permanent resident of Quebec, Ontario, or British Columbia
  • Be between the ages of 19 – 75 
  • Be fully discharged from any consumer proposals or bankruptcies
  • Prove that your income will support your upcoming installments and interest rate

To become your guarantor, your cosigner must:

  • Be between the ages of 19 – 75 and a permanent resident of QC, ON, or BC
  • Provide proof of a sufficient monthly/yearly income
  • Be cleared of any consumer proposals or bankruptcies   
  • Have a positive credit history and good credit score 

What Are the Benefits of Applying With LendingMate?

LendingMate is a simple lender that offers basic guarantor loans. Here are a few benefits that help them stand out:

  • Loans are available in three provinces (Ontario, Quebec, and British Columbia)
  • No fees charged for late payments, letters, or early debt repayment
  • Since they are a regular lender, no loan brokerage fees are involved
  • Their loan calculator details how much you will pay overall 
  • Having a guarantor gives you a backup plan in case you cannot make payments
  • Loans are unsecured, so none of your assets will be seized if you or your guarantor default
  • If you and your guarantor’s criteria check out, even a large loan may be deposited within 24 hours
  • Borrowers who are unemployed, living off benefits, or have bad credit are accepted as long as they are not in active bankruptcy or consumer proposal
  • You will only have to pay interest for the months you’re in debt. No extra interest will be charged if you pay the loan off early.

Pros and Cons of Applying With LendingMate

Once you have all the information you need about your chosen lender, make sure to weigh the benefits and drawbacks of applying with them so you can confirm that their products are best for your particular situation. 


  • No hidden fees for late payments, letters or early debt settlement
  • No collateral required for approval
  • A guarantor is a good insurance policy to have if you cannot make payments
  • Easy approval standards for you and your guarantor to pass


  • Relatively high-interest rates (bad credit loans are often more expensive)
  • Not available in all provinces/territories (Quebec, Ontario, British Columbia only)
  • Rates may differ depending on your province
  • Defaulting on too many installments can result in debt collection procedures and, in extreme cases, various legal actions (lawsuits, wage garnishments, etc.) 

LendingMate FAQs

What is a guarantor loan?

LendingMate only offers one type of credit product, known as a guarantor loan. This is a lump sum of money that, when approved, gets transferred to your bank account via direct deposit and is repaid over time through installments.  However, to apply properly, you will need a stronger borrower to cosign the application. By guaranteeing the loan, they agree to take over your payments if you cannot afford them, thereby preventing any debt collection procedures that may follow (unless they also go into loan default).  

Who can benefit from a LendingMate guarantor loan?

Although anyone with a qualified guarantor can apply, LendingMate is a good place to go when you have trouble getting approved with a traditional lender, such as a bank. Because of their easier approval standards, clients who have bad credit, low income, or recent consumer proposal/bankruptcy discharges may benefit the most.  

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Guarantor Personal Loan

$2,000 – $10,000
Interest Rate
34.9% – 43%
Term (Months)
12 - 60
Funding Time
Typically within 24 hours
Funding Method
Direct deposit
Repayment Options
Automatic debit
  • Canadian resident
  • Age of majority in your province
  • Canadian resident age 19-75
  • No active bankruptcy or consumer proposal
  • Must have a guarantor
  • Canadian resident age 19-75
  • Source of income
  • Good credit history
  • No active bankruptcy or consumer proposal

Reviews & Ratings

See what others have to say about LendingMate

Very good experience, it was the only way I could get a loan.

- Mike Brestwel (February 3, 2020)

I was approved to borrow 7,000 dollars straight away even though my credit score is not very good. I received the money the next day and was able to g... read more

- Eddie Foreman (October 31, 2019)

I provided a guarantor who fit the requirements and was denied. The online wasn’t working properly and they didn’t respond when asked for ... read more

- Samantha (October 28, 2019)

I like that they didn’t check my credit because I wouldn’t have been approved if they had checked it. Got someone I know to be my guaranto... read more

- Thomas V. (June 10, 2019)

I have a pretty bad credit score. I was in debt literally receiving phone calls from collections almost every day! I applied for LendingMate and it ha... read more

- Rosie (April 3, 2019)

Pretty awesome they don’t check your credit score. Had to have a guarantor but it was super easy. Very happy with the service!

- Gregory Marino (January 30, 2019)


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LendingMate Reviews on Loans Canada
Best Personal Loan Provider by Greedy Rates

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