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.
It's important that your loan repayments are made on time every month to prevent your account from falling into arrears.
Interest on your loan is calculated daily, so moving your payment due date will have an impact on the cost of your loan. For this reason there are restrictions around these types of changes to your account. Changes to your payment date should only ever be requested to bring your future payments in line with the dates your receive your income on a regular basis.
If you need to change your payment date, or you're concerned that you can't make your next payment due to a short term issue, you can contact our collections department by phone on (844) 505-4576 or email us at collections@lendingmate.ca.
If, for ANY reason, payment isn't made by you on time we will attempt to collect from your secondary payment method and if this fails we will attempt to collect from from your guarantor in line with their agreement. This is beacuse it's important to make your payments in full and on time each month, as this is your contractual agreement and missing payments may damage your credit rating.
This is why it's really important that your guarantor trusts you to make your payments on time each month, that you agree that you can both afford to pay when needed and that your guarantor would be comfortable to pay on your behalf if something goes wrong.
There have been reports of Canadian citizens being contacted by fraudsters pretending to be LendingMate, or brokers acting on our behalf.
We would like to reassure you that LendingMate would NEVER ask for money from you before a loan is paid out. We will also never pay any amount to your bank account other than your chosen loan amount when it is paid out. We will NEVER ask you to share bank passwords, or passwords for other accounts with us.
If you believe you are being defrauded, please email us at hello@lendingmate.ca
All we require is for our borrowers to be Canadian residents, aged 19-75 and have no active bankruptcy or consumer proposal.
At LendingMate, we do not judge you based on your credit score! We're able to lend to you, even when others can't, providing you have a friend or family member who trusts you and who is willing to be your 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.
Unfortunately, we can only offer loans to people that live in Canada because other countries have different rules.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
We use guarantor’s debit cards as a form of ID check, to protect them against Fraud.
After the loan is paid out, we will use your debit card to take a payment from you if you ever missed a payment or wanted to make an early payment.
If you do miss a payment, we will also use the guarantor’s debit card to collect the payment and keep the account up-to-date.
Therefore, it is really important that you and the guarantor keeps their card details updated.
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.
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.
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.
If you're asked to send in proof that your guarantor is a homeowner, the following documents are acceptable:
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:
If you are comfortable with the guarantor responsibilities and trust the borrower, then we will too.
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.
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.
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.
During your application process, 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 online.
Providing an electronic signature is an easier way of signing a loan agreement. Rather than signing your name with a pen on a loan agreement, you simply click the box that says “I accept”.
That means no paper forms or unnecessary delays.
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.
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
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.
This is done using a ‘soft search’ which is invisible to other companies and won’t have any impact on the guarantor's credit. Only the guarantor will be able to see these searches on their 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.
You can change your mind about being a guarantor any time before the money is paid out by letting one of our agents know when you speak with them.
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. You will remain liable until the loan is paid back in full.
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.
We will send a loan pack to the guarantor detailing the loan and copies of their important documents for them to keep.
If the loan fell into arrears, we may also send your guarantor letters to make sure that they’re aware.
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 providing they still meet our guarantor criteria.
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.
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.
This is done using a ‘soft search’ which is invisible to other companies and won’t have any impact on the guarantor's credit. Only the guarantor will be able to see these searches on their 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.
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.
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.
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:
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.
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.
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.
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:
A guarantor’s responsibility is to make loan payments if the borrower doesn't.
If a borrower were 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.
If, for ANY reason, payment isn't made by the borrower we will attempt to collect from their secondary payment method and then from the guarantor in line with their agreement. It's important that payments are made in full and on time each month, this is the borrower's contractual agreement and missing payments may damage their credit rating.
Before any loan is paid out, we'll make sure that the guarantor trusts the borrower to make their payments on time each month, that they both agree they can both afford to pay when needed and that the guarantor is comfortable paying on behalf of the borrower if something goes wrong.
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 - 75, with a good credit history. It is the guarantor’s responsibility to make the repayments on the loan if the borrower does not.
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.
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.
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 still need to provide a guarantor and go through the same checks as you did for your original loan. This is to ensure that you're still eligible and that we can approve your chosen guarantor.
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:
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.
If you're asked to send in proof that your guarantor is a homeowner, the following documents are acceptable:
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.
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. It is your responsibility to obtain the money from your guarantor.
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.
Of course. At the initial application stage and within 15 days of you signing the application, 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
It's important that we always have up to date contact information for you.
If you need to update your details after your loan has been paid out, you can contact our collections department by phone on (844) 505-4576 or email us at collections@lendingmate.ca
We will show on your bank statement as LendingMate.
Give us a call on (855) 360-5597 and we'll remove your card for you.
You can find when your loan finishes by emailing hello@lendingmate.ca or calling us on (855) 360-5597