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Our application process explained

Make an application on our website, tell us how much you'd like to borrow and over how many months. We'll ask you to send us your bank statements. This helps us to make sure the loan payments are affordable and is much quicker than doing it over the phone.

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.

How long does it take to get my 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.

How does the interest work and can I make extra payments?

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.

Can I get a loan without a guarantor?

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.

What will you ask my guarantor?

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.

Your guarantor will be asked to send us their bank statements. This will cover their monthly income (such as salary, pension and benefits) and any expenses to make sure the loan payments are affordable. This is just in case your guarantor ever did need to step in and make payments.

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.

Why was my guarantor declined?

Don't worry if your guarantor has been declined, the most important thing is we've already accepted your application and want 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 the payments are affordable for you both 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:

  • If they aren't aged between 19-75
  • If they're not an Canadian resident
  • If they're already a guarantor on another LendingMate Loan
  • If they have a LendingMate Loan themselves
Do I have to be employed?

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.

How do I make a payment or settle my loan?

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/credit 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.

How do I change my payment date?

To change your payment date, call our collections department on (844) 505-4576, toll-free

There are some rules to consider before changing your payment date:

  • You can't move the date of your first payment, so make sure you choose this date carefully;
  • No date changes can take place if you're behind on a payment;
  • If you usually pay by Direct Debit then you need to give us 5 working days notice before your payment is due so we can tell the bank;
  • You can only move your payment date once in any 2 month period;
  • You can move your payment date further away a maximum of 3 times a year and 5 times over the loan term;
  • You can only move your payment date forward by 20 days maximum.
Can I make a late payment?

It is important that payments are made in full and on time each month, as that is our contractual agreement and this could help build your credit rating.

If you don't think you will be able to pay us on time, call us on (844) 505-4576, so we can work out what's gone wrong and see if we can come to a reasonable resolution with you.

If your payment is late, we will notify both you and your guarantor as soon as we know, but we will always try and work with you first to bring the account back up to date. If we're unable to do this, or if we can't get hold of you, we'll let your guarantor know and then collect payment from them.

Borrowers

What is the borrower criteria?

At LendingMate, we do not judge you based on your credit score.

All we require is that our borrowers are Canadian-residents aged 19-75, have no active bankruptcy or consumer proposal, and able to comfortably afford the repayments.

You will also need a friend or family member who trusts you to be your guarantor.

Can I live at the same address as my guarantor?

You can live at the same address as your guarantor, as long as they are 19-75 with a good credit history and are able to make the monthly payments if you don't.

However, if you and your guarantor have shared finance and income, we need to be sure that this loan wouldn't put either of you under any financial strain when making repayments on the loan, and make sure that neither of you have had trouble paying bills in the past.

Can I have a loan if I live outside Canada?

Unfortunately, we can only offer loans to people that live in Canada because other countries have different rules.

How do I know if I'll be accepted?

As long as you’re aged 19-75 and are not currently bankrupt, or have an active consumer proposal, then we could accept you for a LendingMate loan.

You will need a guarantor; someone aged 19-75 who has a history of paying their bills on time. Your guarantor will be responsible for making any payments you do not, so it’s really important that the payments are affordable for you both.

Before we pay out the loan we will ask both you and your guarantor to securely send us your bank statements so we can make sure the payments are affordable, then we’ll give your guarantor 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 money.

Can I have a loan if I am bankrupt?

No, we can't lend to you whilst you're bankrupt or have an outstanding consumer proposal, because we don't think it is responsible. Once your bankruptcy is discharged, we would be able to consider an application from you.

If your credit file hasn't been updated yet, you'll just need to send us a copy of your discharge papers.

Do I need to speak English to borrow from LendingMate?

Before we lend money, we need to make sure you are able to afford the repayments and understand the terms of the loan. We explain this to you and your guarantor over the phone before paying out any loan.

You need to be able to have this conversation with us, and be able to discuss your finances with us, in English.

If you can't have this conversation with us without the use of a translator, then we can't be sure that you will completely understand the responsibilities of taking a LendingMate loan, and so wouldn't be able to accept you.

Guarantors

Do I have to be employed?

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.

How long until my guarantor is contacted about a missed payment?

If your payment is not received on the due date, we will always try to resolve the situation by attempting to collect the payment from your secondary payment method. If we are unable to do so we'll collect payment from your guarantor as agreed.

We will always keep both you and your guarantor updated along the way to make sure everyone is aware of the state of the account.

Can a guarantor be retired?

Yes, we can accept a retired guarantor as long as they're aged 19-75 and haven't had trouble paying bills in the past. Although they do not have to be a homeowner, it may increase the possibility of us accepting them as a guarantor if they do own their own home.

The guarantor will have to pay the loan back if the borrower doesn't, so they must be able to afford the monthly payments and still have enough money to live their normal life.

Does my guarantor have to be a homeowner?

Your guarantor doesn't need to be a homeowner, but if they are, we may be more likely to be able to accept them, so we always recommend asking someone who owns their own home first if you can. Don't worry, their home isn't at risk.

A suitable guarantor is someone who is aged 19-75, has a good credit history and hasn't had trouble paying their bills in the past, and who can afford to make the monthly payments if you don't.

My guarantor does not speak English, can they still be my guarantor?

Your guarantor would need to fully understand their role as guarantor. To make sure that every guarantor understands their role, we explain this to them over the phone before paying out any loan.

They would need to be able to have this conversation with us, and be able to discuss their finances with us, in English.

If the person you've chosen to be your guarantor can't have this conversation with us without the use of a translator, then we can't be sure that they will completely understand the responsibilities of being a guarantor, and so we wouldn't be able to accept them.

I can't find a guarantor, what should I do?

Every LendingMate loan needs to have a guarantor. A suitable guarantor is someone who is aged 19-75, hasn't had trouble paying their 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.

If you’re having trouble finding a guarantor who trusts you, then stop and have a think about whether borrowing money is the best option for you.

Can a guarantor get a loan for themselves?

Whilst somebody is a guarantor for a LendingMate loan, they can’t borrow another loan from LendingMate. You may only be on one LendingMate loan at any one time, as borrower or guarantor.

However, your guarantor may be able to apply for a loan elsewhere. They must pay your LendingMate loan back if you don't, so they should only take out their own loan if they will still be able to afford the monthly payments on your LendingMate loan, should they need to, and still have enough money to live their normal life.

Why does my guarantor need to have a debit card?

We use guarantor’s debit cards as a form of ID check, to protect them against Fraud.

After the loan is paid out, if the borrower misses a payment we may ask the guarantor to pay. We would use the guarantor’s debit card to take the payment and keep the account up-to-date. Therefore, it is really important that the guarantor keeps their card details updated.

My guarantor owns a property, but doesn't live there.

That's fine. Your guarantor doesn't have to live in their own home; in fact, they don't even have to be a homeowner, but they are more likely to be accepted as your guarantor if they do.

Your guarantor needs to be 19-75, with a good credit history. They agree to pay the loan back if you don’t, so it's important that they can afford the monthly payments whilst having enough money to live their normal life.

Can I change my guarantor?

If your loan hasn’t been paid out yet, you can change your guarantor. Call us on (855) 360-5597 2pm-9pm Mon-Fri and we’ll be happy to help.

If you already have a loan with us, you can change your guarantor by repaying your current loan in full and applying for a new loan and choosing to use a new guarantor.

Why is the money paid into the guarantor’s account?

We pay the money into the guarantor’s bank account to protect them against fraud. This way we can make sure they’re aware of the loan.

Your guarantor can then either transfer the money to you or withdraw the funds for you as cash.

What proof is needed that my guarantor is a homeowner?

If you're asked to send in proof that your guarantor is a homeowner, the following documents are acceptable:

  1. Title Deeds
  2. Mortgage statement within the last 12 months
Should I be a guarantor?

Being a guarantor for someone is a serious commitment. Before you agree to be a guarantor we want you to be 100% sure that it is the best option for you.

When considering if you should be a guarantor, we recommend you ask yourself the following questions:

  • Do you trust this person to make all the payments on time every month?
  • Is the monthly repayment something they can afford?
  • Are you comfortable with making these payments on their behalf should anything go wrong?

If you are comfortable with the guarantor responsibilities and trust the borrower, then we will too.

Can my partner or a family member be my guarantor?

Yes, but if you have shared finance, we need to be extra sure that having this loan wouldn't put either of you under any financial strain, and that you haven't had any problems paying bills in the past.

If you and your partner don't have shared finance, then the normal rules apply and we can accept them as long as they meet our criteria.

A suitable guarantor is someone who is aged 19-75, has a good credit history, and can afford to make the monthly payments if you don't.

Your guarantor doesn't need to be a homeowner, but if they are, we're more likely to accept them.

Does my guarantor need to be employed?

No, your guarantor doesn't have to be employed, but must be aged 19-75, an Canadian resident and not have had any problems paying their bills on time.

They will need to be able to afford to cover the loan repayments if you do not make them, while still being able to live their normal life.

Can I use a guarantor from outside of Canada?

Your guarantor must live in Canada.

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.

How does my guarantor sign the forms?

After you have signed your agreement form, we will text and email you a link to give to your guarantor. If they are sat with you whilst applying, they can do the whole thing online by clicking the link to fill in their details and sign the agreement form online.

We will be able to process your application quicker if you apply online.

Why is the guarantor contacted directly?

We contact the guarantor directly so that we can be sure they understand their responsibilities as a guarantor.

The guarantor will have to pay the loan back if the borrower doesn’t, so it's important they can afford the monthly payments as well as having enough money to live their normal life.

How to update a guarantor's details?

Please call us on (855) 360-5597 if either yours or your guarantors details change. It’s really important that you and your guarantor keep your contact and bank details up-to-date so we can notify you if anything changes or goes wrong

Will you credit check the guarantor?

We will look at the guarantor's credit file to make sure that they are financially stable and haven't had trouble paying back their bills in the past.

Anyone searching your guarantor's credit file will be able to see that we have checked their credit file.

The guarantor could find their credit file and score affected if both the borrower and the guarantor do not pay and we are forced to take court action.

How do I stop being a guarantor?

You can change your mind about being a guarantor any time before the money is paid out by calling us on (855) 360-5597 2pm-9pm Monday – Friday.

If you change your mind before you pay any money to the borrower, you can pay us the full loan amount back, plus any interest accrued, to close the account. Once you have given the money to the borrower, if you wanted to stop being guarantor, you would have to repay the loan in full with any accrued interest, or wait until the loan is settled by the borrower.

Will this be secured against the guarantor's home?

The loan is not secured against the guarantor’s home.

The only time the guarantor's home can be affected is if the loan is not paid back by either the borrower or the guarantor. In this instance, there is the possibility of court action and if a judgement is awarded and not stuck to, then we can request a charging order on their property or an attachment of earnings.

This is ONLY if the loan is not paid back and nothing more can be done to come to another arrangement.

Will you send any paperwork to the guarantor?

We will send a loan pack to the guarantor detailing the loan and copies of their important documents for them to keep.

Can someone be a guarantor for more than one person?

No, a guarantor can only be a LendingMate customer on one loan at a time. As soon as the loan they are guaranteeing is paid back, they can stand as guarantor again.

Can a guarantor be self-employed?

A guarantor can be self-employed as long as they are aged 19-75, and haven't had any trouble paying their bills in the past.

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.

The guarantor will have to pay the loan back if the borrower doesn't, so they must be able to afford the monthly payments and still have enough money to live their normal life.

Is the loan on the guarantor's credit file?

We will look at the guarantor's credit file to make sure that they are financially stable and haven't had trouble paying back their bills in the past.

Anyone searching your guarantor's credit file will be able to see that we have checked their credit file.

The guarantor could find their credit file and score affected if both the borrower and the guarantor do not pay and we are forced to take court action.

Why do I need a guarantor?

Many people are unable to borrow from banks because a credit score says they can’t be trusted. But at LendingMate, we base our loans on friendship and trust instead of credit scores. If you have a friend who trusts you and is willing to be your guarantor, then we will trust you too.

People guarantee loans for their friends because they know they are trustworthy and that borrowing money is a good idea for them. It’s basic, old fashioned common sense.

A guarantor's responsibility is to make loan payments if you do not. This is why we run through an suitability assessment with them, too; we want to make sure that they would be able to take on this sort of commitment.

How do I fill out the guarantor part of the application?

Once the borrower has filled out their part of the application, we will send them a link to forward on to their guarantor, where they will fill in basic information about themselves.

As part of our checks before paying out the loan, we look to make sure the guarantor is financially stable and hasn’t had trouble paying back their bills in the past.

We will also have a telephone conversation with the guarantor to make sure they understand their responsibilities and they can afford to make payments to the loan if the borrower doesn't.

Who can be my guarantor?

A guarantor is someone who trusts you to make your loan payments, and is also happy to make any you do not.

Many customers use a friend or family member, as they tend to know you best, but a guarantor could be anyone. Just to give you an idea, we see neighbours, work colleagues and employers guaranteeing loans, too.

Remember, your guarantor needs to:

  • Be aged 19-75.
  • Have an Canadian address.
  • Have a strong credit score with a history of always paying their bills on time.
  • Be able to afford the monthly payments if you didn’t pay.
What will you ask my guarantor?

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.

What is the guarantor process?

Once we receive a signed application from a guarantor, we'll check that they haven't had any trouble paying bills in the past.

We will also have a telephone conversation with them to make sure they understand their responsibilities as guarantor and that they can afford to make payments to the loan if the borrower doesn't.

We pay the loan out into the guarantor’s bank account, not the borrower's. We do this to protect against fraud and ensure the guarantor is aware the loan has been paid out. The guarantor can either transfer it to the borrower or give them the cash.

Please make sure you keep us up-to-date with your contact details.

How do I find a guarantor?

Our guarantor loans are based on an old-fashioned idea of trust. We don't like to judge people on their credit score because we feel this is sometimes an unfair judgement of character. So instead we lend on the basis of trust. If you can find someone who trusts you enough to be your guarantor and you can both afford the monthly repayments, then we'll trust you too.

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.

Why was my guarantor declined?

Don’t worry if your guarantor has been declined, the most important thing is we’ve already accepted your application and want 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 the payments are affordable for you both 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:

  • If they aren’t aged between 19-75
  • If they’re not an Canadian resident
  • If they’re already a guarantor on another LendingMate loan
  • If they have a LendingMate loan themselves
What are the guarantor's responsibilities?

A guarantor’s responsibility is to make loan payments if the borrower doesn't. This is why we run through an affordability assessment; we want to make sure that the guarantor is able to take on this sort of commitment.

If the borrower was to enter into a consumer proposal, go bankrupt, simply stop paying or pass away, then the guarantor becomes solely responsible for each monthly repayment until the loan is completed.

However, wherever possible, we will always work with the borrower first and come to an arrangement, before asking a guarantor to pay. We will also inform the guarantor of any arrangements made with the borrower.

When considering if you should be a guarantor, we recommend you ask yourself the following questions:

  • Do you trust this person to make all the payments on time every month?
  • Is the monthly repayment something they can afford?
  • Are you comfortable with making these payments on their behalf should anything go wrong?

If you are comfortable with the guarantor responsibilities, meet the criteria above and trust the borrower, then we will too.

What is a guarantor?

A guarantor is someone who agrees to back up a borrower's loan and steps in to make payments if the borrower doesn't.

The guarantor needs to be aged between 19 and 75, with a good credit history. It is the guarantor’s responsibility to make the repayments on the loan if the borrower ultimately does not. Therefore, we will only approve someone as a guarantor if they have enough money to cover the monthly payments to the loan, should they be required to, as well as live their normal lives.

Getting a LendingMate Loan

Will you text me when my loan is being paid out?

Yes, when the money is paid into your guarantor’s account a text will be sent to both of you.

Your guarantor can transfer the money to you or take the cash out and give it to you.

How much can I borrow?

We offer loans from $2000 - $10,000 over 1-5 years.

You’ll need a guarantor who is aged 19-75, with a good credit history and hasn’t had problems paying their bills in the past. They agree to pay the loan back if you don’t, so it's important that they can afford the monthly payments on the loan without any problems, whilst having enough money to live their normal life.

Before you take out a loan with us, you need to be 100% sure you can afford the loan and that we’re the best option for you.

I have settled my loan, can I apply again?

Yes, you can reapply for another loan with us if you have settled your previous one. You will need to wait five working days to allow for any payments you have sent us relating to your old loan to be confirmed.

You will need to go through the same checks as you did for your original loan, to ensure that you're still eligible and in a position to afford the monthly loan repayments.

How can I get my loan quicker?

We will always do everything we can to make sure your loan is paid out as quickly as possible. If you and your guarantor complete the application online, and all checks are completed without any problems, then we could pay out your loan within 24 hours. Most loans are paid out within 48 hours.

Some things that could slow your application down are:

  • If we're not able to speak to you or your guarantor when we call.
  • The property your guarantor owns is either in SA, NT, ACT or TAS (checking these addresses can take a little bit longer).
  • You've applied over a weekend, in which case we'll process your application as soon as we're back in the office.
  • We need something from you like proof of ID or bank statement.
Why is the money paid into the guarantor’s account?

We pay the money into the guarantor’s bank account to protect them against fraud. This way we can make sure they’re aware of the loan.

Your guarantor can then either transfer the money to you or withdraw the funds for you as cash.

What proof is needed that my guarantor is a homeowner?

If you're asked to send in proof that your guarantor is a homeowner, the following documents are acceptable:

  • Title Deeds
  • Mortgage statement within the last 12 months
Which bank account is the loan paid into?

When the loan is ready to be paid out, we transfer the funds into your guarantor’s bank account. We do this to protect them against fraud and to make sure they know exactly what’s going on with the loan.

How will the loan be paid out?

We will pay out your loan into your guarantor’s account and they could either transfer you the money, give you cash or a cheque, whichever is best for you both. We do this to protect them against fraud and to make sure they know what’s going on.

We will text you both to let you know when we've transferred the money and when you should expect to see it in your guarantor's account.

Managing your Account

Can I print my forms or documents?

Of course. At the initial application stage, we'll email you a copy of the contract information, and the Terms and Conditions and other documents.

If you misplace these documents, then you would need to email us at hello@lendingmate.ca

How can I change my address?

If you've moved since taking out the loan with us, you can update your address by contacting us on (855) 360-5597.

How will you appear on my bank statement?

We will show on your bank statement as LendingMate.

How do I remove a debit or credit card?

Give us a call on (855) 360-5597 and we'll remove your card for you.

When does my loan finish?

You can find when your loan finishes by emailing hello@lendingmate.ca or calling us on (855) 360-5597.

We are checking your information. Please be patient.