LendingMate Review (Features, Pros & Cons for 2024)

Are you struggling to get a loan from your bank because of bad credit? You should consider getting a loan from LendingMate.

LendingMate is a safe and legitimate direct lender, which is confirmed by many LendingMate reviews. In this article, you will get to know everything about LendingMate, including the latest LendingMate reviews Canada and LendingMate ratings.

What Should I Know about LendingMate?

LendingMate is a Canadian non-bank lender offering straightforward, flexible, and fast guarantor-based loans. The company is based in Ontario and was founded in 2017. This lender is part of the Richmond Group, which is a successful investment company with around $1 billion in assets. LendingMate is not BBB accredited.

LendingMate only offers loans in two Canadian provinces, Ontario and British Columbia. The company provides guarantor-based loans that can be used to cover different expenses, like college loans or medical costs. Even though the company has one of the higher interest rates among its competitors, it’s very transparent about that. The loans range from $2,000 to $10,000, with a minimum annual percentage rate (APR) of 34.9% and a maximum of 43%.

In this LendingMate review, we cover:

✅ Offer features
✅ LendingMate.ca reviews, loan application procedure, and terms
✅ Pros and Cons
✅ FAQ

Personal Loans Features

Let’s take a look at the loan features that LendingMate is offering:

• Expected Loan Amount: Minimum $2,000, maximum $10,000
• APR: Between 34.9% and 43%
• Monthly Payment depends on the amount of the loan
• Loan Term: 12 to 60 months
• Fees and Penalties: No late payment penalty and returned payment fee
• Unsecured personal loans or Secured personal loans: LendingMate offers guarantor-based loans that can be used for anything
• Automatic withdrawal of funds will be taken out of your account every month as payment
• Prepayment Penalty: No charge on early payments
• Typical approval time: Depends on the loan and your guarantor
• Typical funding time: Within 24 hours of approval

Loan Eligibility Criteria

To be eligible for a loan from LendingMate, you have to meet the following LendingMate loan requirements:

• Over 18 or the age of majority of your province
• Canadian resident
• Minimum credit score of 300
• Income threshold doesn’t matter as long you can make your payments
• Minimum length of credit history doesn’t matter as well
• No active bankruptcy or active consumer proposal

How to Apply for a Personal Loan with LendingMate

If you’d like to get a personal loan with LendingMate, there are some steps that you need to go through.

Step 1:

Once you land on the website www.lendingmate.ca, you need to click on the “Apply” button, located in the top right corner.

Step 2:

You will be taken to a section where you need to fill out your details: First Name, Last Name, Date of Birth, Cell Phone Number, Email, Social Insurance Number, and Address Search. Next, you should fill out the section that requires the loan details: Loan Amount and Loan Term.

Once you are done with everything, you need to give consent for using your information, and you need to click on the green button “Next.”

Step 3:

Click accept on a signed document with your name and surname. This is one of the LendingMate pre approval reviews.

Step 4:

Fill out the following bank details: Account Holder Name as it appears on your bank statement, Account Number, Institution Code, Transit Code, and Select First Payment Date. Click accept and give authorization for using your information.

Step 5:

Once your application is received, you need to ask your grantor to fill out their application. The green button underneath leads to their application. You also have a link that you can copy and paste. You can forward it to your grantor so they can complete their application.

Step 6:

Some of the information that your guarantor has to fill into the application is the following: Relationship, First Name, Last Name, Date of Birth, Cell Phone Number, Email, Monthly Income, Social Insurance Number, answer whether they are a homeowner, current and previous address.

Step 7:

If some of your info is missing, you will be taken to the page with your personal information before submitting it.

LandingMate Reviews Canada: Pros & Cons

Privacy & Security Policy

The privacy and security terms are available on the company’s website. They revolve around the importance of obtaining personal information in the process of providing quality services for you. In fact, personal information is required just so LendingMate can accept, access, and process your loan application.

All your personal information is obtained in LendingMate’s servers, and only authorized employees can access it. So, this personal loan provider offers a high level of security. Also, LendingMate takes some extra protection steps that protect personal information from unauthorized access, being misused, lost, interfered with, modified, or disclosed.

In addition, LendingMate mentions the following instances where personal information may be disclosed.

• To third parties with previous consent from the user
• To credit recording agencies in order to maintain the credit history as part of LendingMate credit reviews, fraud reporting agencies to detect real or potential fraud, as well as debt collecting agencies
• To LendingMate’s partners, including financial institutions, payment organizations, and merchants
• To your guarantor or prospective guarantor as well as to your co-borrower or prospective co-borrower
• If required by law from a government or a regulatory body with a lawful request for certain information
• If you have failed to meet the payment obligations or you have committed a serious credit infringement

All personal information is gathered with the user’s consent.

LendingMate Reviews 2021 & Feedback

We have been through the most common LendingMate loans reviews, and here are the top LendingMate customer reviews.

LendingMate Trustpilot reviews show that 58% of users have rated this provider as excellent. Out of 304 reviews in total, about 12% of users say that LendingMate’s services are great, about 9% say that LendingMate is average, and about 18% weren’t satisfied with LendingMate’s services. The average star rating that users gave LendingMate is 3.1.

On Trust Mamma, there are 101 LendingMate reviews and complaints. Up to 63 reviews have given a 5-star rating, 16 users have given 4 stars, 6 reviews have given 3 stars, and 6 reviews have left a 2-star rating. Finally, 10 users have given 1-star LendingMate bad credit reviews.

HowtoSaveMoney is one of the LendingMate guarantor reviews saying that the company’s guarantor loans are expensive, with few upsides.

LendingMate BBB reviews show that the company has 1 out of 5 stars based on 7 customer reviews.

LendingMate Alternatives

If you don’t qualify for a LendingMate loan or simply want another type of loan, like secured loans, short-term loans, installment loans, or payday loans, there are other good options available.

One of them is Borrowell. The company offers various personal loans that range from $1,000 to $35,000, with loan terms from 3 to 5 years. One of the special features it comes with is free credit reports and score monitoring.

Another alternative is Mogo. It offers loans up to $35,000, and you can get pre-approval for a loan in just three minutes.

Wrap Up

LendingMate reviews show most users are quite satisfied with the services that this lender offers. People really like LendingMate, especially because the company provides excellent personal loans even to users with bad credit. What’s more, there aren’t any hidden fees or costs that go along with it.