$8,000 over 36 Months, repaying $398.93 per month, total repayable $14,361.48.
Interest Rate 43% per annum. Representative Example: $10,000 over 36 months (secured by guarantee) repaying $498.66 per month, total repayable $17,951.76.
OF LOANS FUNDED
1 IN 2
We currently lend in Ontario and British Columbia!
We don't judge you on credit score
Support when you need it
No hidden fees or charges, ever
Back in the good old days banks worked on relationships and trust. If you wanted a loan your local bank would often simply ask for someone who trusted you to guarantee it.
Then things changed, computer credit scores took over and millions of people were left out in the cold because their score didn't fit.
We knew what it was like to be rejected so we built the old fashioned guarantor loan company we wanted to borrow from.
We don‘t just let computers decide if you can borrow. It doesn't matter if you have bad credit or are self employed - the most important thing for us is that you have a friend or family member who trusts you enough to guarantee to make repayments if you don't, and that you can afford to repay the loan.
Before we pay out any guarantor loans, we have a good old fashioned chat over the phone with both you and your guarantor. We base our decisions on simple common sense.
When times get tough the last thing you need is someone making money from your problems. We NEVER charge for late payments, letters, early settlement or anything else.
We collect late payments in the same way as any lender would. If a loan falls behind we will text you a reminder, if we're not able to collect a payment we will phone and email you to see what's gone wrong.
Our priority is to stop a late payment snowballing into a bigger problem. Obviously, because our loans are supported by a guarantor, if a borrower doesn't repay then the guarantor has to.
In a few very rare cases, where we can't come to an arrangement for repayment with either borrower or guarantor, as a last resort we may either pass a debt onto a professional debt collector or ask a court to decide the best way to deal with it.
Whatever happens we will NEVER put your home or other property at risk, as all our loans are unsecured guarantor loans.
Make an application on our website, tell us how much you'd like to borrow and over how many months.
We'll give you a link to send to your guarantor so they can complete their part of the application.
Once your guarantor has finished their part, we'll give them a quick call to confirm their details and to arrange paying out the money. We may need to give you a call too, just to finalise everything. We'll always let you know if and when we can pay out the loan.
We aim to pay out every loan within 24 hours of the guarantor being accepted. We pay the money into the guarantor's bank account, for them to give to you. This is to protect customers from fraud, by making sure the guarantor is aware of the loan.
We will always do everything we can to make sure your loan is paid out as quickly as possible.
We aim to pay out every loan within 24 hours of the guarantor being accepted. If you and your guarantor complete the application online, and all checks are completed without issue, we could get the money to you sooner.
When your guarantor has signed the online agreement, we'll give them a call to confirm their details. We may need to give you a call too, just to finalise the application. We'll always let you know when we can pay out your loan.
Some things that could slow your application down are:
1. If we're not able to speak to your guarantor when we call.
2. If your guarantors property documents are difficult to locate.
3. You've applied over a public holiday or weekend, in which case we'll process your application as soon as we're back in the office.
4. We need something additional from you like proof of ID or a different bank statement.
The most important thing to know about our guarantor loans is that you only pay interest for the time you have the loan, because we calculate our interest daily.
For example, if you borrow $5000 over 36 months but decide to repay the loan in 12 months, you'd only pay interest for those 12 months.
There are no early settlement fees or charges for making extra payments, so you're free to make as many extra payments, alongside your set monthly repayments, as you like.
LendingMate is a guarantor lender; all of our customers must have a guarantor for us to lend to them. A guarantor is a great sign to us that someone trusts you and that we should too, no matter what your credit score!
A guarantor's responsibility is to make the loan repayments if the borrower does not. A suitable guarantor is someone who is aged 19-75, has a good credit history with no trouble paying bills in the past, and who can afford to make the monthly payments if you don't.
Although they do not have to be a homeowner, it may increase the possibility of us accepting them as your guarantor if they do own their own home.
We've made our loan process as simple and stress-free as possible for both you and your guarantor.
Once you've completed our five minute application, we'll give you a link for your guarantor so they can complete their part.
When your guarantor has done this, we'll give them a quick call to confirm their details, check they understand their responsibilities and to arrange paying out the loan.
Don't worry if your guarantor has been declined, the most important thing is we should still be able to help you get the money you need.
You just need to find someone else to be your guarantor instead. As soon as you've found someone new, we'll check that they meet our criteria and will then arrange paying out the loan.
There are a few reasons why we're unable to accept someone as a guarantor, but the most common is if their credit score doesn't meet our criteria.
If someone is a guarantor, it will be up to them to make the loan payments if you did not. By looking at their credit score, it allows us to see if they've kept up with their own bills in the past. This helps us to decide if they would be a suitable guarantor.
Other reasons include:
No, we could lend you money as long as you aren't bankrupt, or have an active consumer proposal, and can afford the loan as well as having enough money left over to live your normal life.
Though you do not need to be employed, you will need a source of income to repay the loan. This doesn't have to come from a full or part time job; we can accept applicants on benefits, for example.
We've made repaying the loan as simple and stress-free as possible.
When we pay out the money, we'll set up a monthly direct debit and collect your debit card details. This is so you have a backup if the direct debit ever failed, to help ensure the loan doesn't fall behind.
We promise to never charge you for making extra payments or settling your loan early. This will actually save you money, as you'll only repay what you borrow and the interest accrued for the time you have the loan.
We are checking your information. Please be patient.