The Most Undervalued Forms of Insurance
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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:
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:
To become your guarantor, your cosigner must:
LendingMate is a simple lender that offers basic guarantor loans. Here are a few benefits that help them stand out:
When you apply with any lender in Canada, remember to research their business carefully before you give them any of your personal or financial information. It’s also important to ask them the right questions, such as:
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).
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.
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.
Pros
Cons
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Guarantor Personal Loan | $2,000 – $10,000 |
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Very good experience, it was the only way I could get a loan.
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
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
This is a trusted service provider in Canada.
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
Pretty awesome they don’t check your credit score. Had to have a guarantor but it was super easy. Very happy with the service!
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Though some types of insurance are mandatory, such as car and home insurance, there are other types that might slip your radar.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan.