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LendingMate Review offers loans between $2,000 to $10,000 to individuals with bad credit scores, or little credit. In fact, instead of dealing (and reviewing) credit scores, they ask clients to provide a guarantor, who also signs on to the loan with a promise to take on the payments should the borrower fail to do so. Currently offering loans in British Columbia and Ontario, is part of a larger group of lenders that span worldwide to form the world’s largest (non-bank) guarantor loans organization.

    Over the past decade, the company has lent more than $2 billion to assist over 500,000 people who found themselves in a “tight” financial spot, helping them to obtain the credit they need to better their situation.

    For those who have struggled with bad credit, gaining access to a loan can be difficult, as many financial institutions tend to review computerized credit scores when assessing loan applications, without considering an individual’s circumstances. This is where LendingMate can be a viable alternative. It operates under the philosophy that if the clients’ family and friends trust that the clients will pay a loan back, then they do as well. Thus, they do not review credit scores to make decisions on loans; rather, they lend money to clients who can provide a suitable guarantor on their application. Customers seeking loans must not be bankrupt or in an active consumer proposal.

    With a guarantor, LendingMate clients can borrow up to $10,000 over five years, with repayments flexible and manageable. Plus, there are no fees attached to the loan, and clients are never charged for early settlements, extra repayments, or late payments. 

    All applications are received and processed online. will offer approval within about 24 hours. The application itself takes approximately five minutes to complete, and LendingMate provides a link for clients to send to their guarantors who must also complete their portion of the application. Once that is done, LendingMate will give your guarantor a phone call to confirm their information and offer other details around the loan. They also call their applicants to ensure everything is finalized and confirm approval. Lending payouts are done within 24 hours, and the money is placed into the guarantor’s bank account to provide a layer of protection when it comes to fraud, as well as to ensure the guarantor knows about the loan.

    If the guarantor is declined during the application process, clients may find someone else to act as the guarantor. As the guarantor will be responsible for repaying the loan if the client cannot, guarantors need to meet certain credit score requirements, and other criteria. These include being financially independent of the applicant seeking the loan (guarantors can’t share finances with them) and being between the ages of 19 and 75. Also, they can’t currently be a guarantor or lender with another loan, and they must be a Canadian citizen. sets up a monthly automated direct payment plan once a lender is approved. They will ask for a client’s debit card details, as well as a backup method of payment in case the first method of payment fails. This is to ensure the loan does not fall behind with payments, and that the repayment schedule is met. Should a payment on the loan fail to process, an attempt will be made to collect on the “backup” method of payment. If LendingMate is unable to collect from the second payment method, then they will turn to the guarantor for payments on the loan. The company promises to keep both the lender and guarantor updated on the state of the account throughout the entire process.

    It is also important to note that while a client does not need to be employed to apply through LendingMate, he will need to provide a source of income, which can include self-employment or other benefits, as well as full- and part-time employment. has a 95% approval rate, offering fast and straightforward loans that calculate the interest rate daily. Therefore, if the client borrows $3,000 over three years, but pays off the loan within the year, he only pays interest for the 12 months of the loan with LendingMate. This is a good incentive to pay the loan off soon, rather than later.

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    Christopher - BSc, MBA

    With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.

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