Why was my guarantor declined?

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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 a Canadian resident
  • If they're already a guarantor on another LendingMate loan
  • If they already have a Loan with us themselves

We are checking your information. Please be patient.