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LendingMate Review 2023: Get a Guarantor Loan in Canada

Getting a personal loan in Canada when you have poor or bad credit can be challenging. This is because lenders don’t view you as creditworthy and the default risk that you won’t pay your debt obligation is high.

LendingMate offers a solution to this problem by providing guarantor no-credit-check loans to Canadians in Ontario and British Columbia.

This LendingMate review covers what you need to know.

What is LendingMate?

LendingMate.ca offers guarantor loans to residents of Ontario and B.C. It is owned by LendingMate Financial Inc., a financial institution based in Toronto.

The company is related to a broader group of lenders across the globe that have loaned out over $2 billion over the years.

The maximum loan amount available on LendingMate is $10,000.

How To Apply For a Loan with LendingMate

To get started, complete the online application. It takes about 5 minutes. After submitting your application, a link is sent to your guarantor so they can provide their details and sign the agreement.

Your guarantor gets a call from LendingMate to confirm their responsibilities before the loan is approved.

LendingMate generally pays out your loan within 24 hours of accepting your guarantor.

To be eligible for a LendingMate loan, you must:

  • Be a Canadian resident aged 19 to 75
  • Have no active bankruptcy or consumer proposal
  • Have a source of income (employment or government benefits)

Your guarantor must meet the following criteria:

  • Be a Canadian resident aged 19-75
  • Cannot share finances with you
  • Have a good credit rating
  • Not have guaranteed another loan on LendingMate

If your guarantor is a homeowner, their chances of getting approved increase.

You can borrow up to $10,000 for up to a 5-year term at an interest rate of 43% per year.

Is LendingMate Legit?

While LendingMate is not accredited by the Better Business Bureau (BBB), it holds an A rating on the platform and appears legitimate.

There is not much information about the parent company on the Canadian website.

What is a Guarantor Loan?

A guarantor is someone who promises to pay back a loan if the borrower is unable to do so. They co-sign the loan and are responsible for repayments if the borrower defaults.

Guarantor loans enable individuals with bad credit to assess loan facilities. These types of loans have a high-interest rate and do not rely on the credit score of the borrower.

A guarantor is generally expected to have a good credit score and show they have the financial ability to take on the loan liability if required.

Pros of a LendingMate Guarantor Loan

  • You can apply for this loan even if you have bad credit
  • You can borrow up to $10,000
  • There are no penalties for repaying your loan early
  • Easy online loan application

Cons of a LendingMate Guarantor Loan

  • It may be challenging to find a guarantor
  • The APR is 43%
  • Only available in Ontario and British Columbia

LendingMate Alternatives

Bad credit loans with competitive rates are accessible using two popular loan comparison websites: LoanConnect and Loans Canada.


Access personal loans of up to $50,000. Loan terms are between 6 and 60 months, and interest rates range between 1.90% to 46.96%.

Learn more in this LoanConnect review.


LoanConnect is a search engine for finding personal loans online from various lenders. You can use it to find a loan that works for your situation regardless of your credit score.

Interest rate: 6.99% to 46.9%.

Loan term: 3-120 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory.

loanconnect logo

On LoanConnect’s website

  • No matter their credit score, Canadians can apply for a loan and are likely to be approved for a secured or unsecured loan from many different lenders.
  • Unsecured personal loans and installment loans are offered.
  • Types of loans include debt consolidation, home improvement, emergency, business, and medical expense loans.
  • Easily apply by filling out one form with the loan amount, purpose, personal, and employment details.

Get loans up to $50,000

No minimum credit score required

Searches through multiple lenders to find the best providers

Interest rates can be as high as 46.96% APR

LoanConnect is one of our top choices as they search through different lenders to find the best loan options for you based on the loan amount, purpose, employment information, and credit profile. The application process is straightforward, so you can get multiple loan offers in under a minute.

Loans Canada

This platform can be used to find debt consolidation, car repair, and guaranteed and private loans.

Loan amounts range from $500 to $35,000 for 4-60 month terms, with interest rates between 1.99% and 46.96%.

Loans Canada

Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. This company holds an A+ accreditation with the Better Business Bureau and features multiple lenders on its website.

Interest rate: 1.99% to 46.96%

Loan term: 3-60 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and employed for at least 3 months with proof of income.

loans canada logo

On Loans Canada’s website

  • Loan comparison platform that offers personal, debt consolidation, bad credit, guarantor, unemployed, no credit check, and no bank or employment verification loans.
  • Flexible terms and interest rates from 1.99% to 46.96% APR and 3-60 month term lengths.
  • Fill out one application and get access to hundreds of loan options without hurting your credit score.
  • Those with poor, average, or excellent credit scores can apply.
  • Compare multiple lenders for the best loan amounts, interest rates, and term lengths.
  • Complete your entire application online with no face-to-face interaction.
  • Apply in about 5 minutes with basic personal information and required documents.

Compare multiple lenders in one place

Fast and easy application process

Many different types of loans available

Interest rates can be as high as 46.96%

Some bad credit loans can incur early repayment penalties

Loan origination fee charged by some lenders

Loans Canada is one of the top loan comparison platforms in Canada that offers many types of personal loans from various lenders. You can easily compare and apply on their website, as well as view user reviews for each lender.

With these two loan comparison sites, you may qualify for an unsecured personal loan; however, it will likely be at a higher interest rate if you have a low credit score.

LendingMate FAQs

Can I apply for a loan if I have filed for bankruptcy?

You can apply for a LendingMate loan after your bankruptcy has been discharged.

How do I contact LendingMate?

You can visit their website, or contact them by email from Monday to Thursday (9am -7pm EST) or Friday (9am-6pm EST).


LendingMate Review


LendingMate offers online guarantor loans for bad credit in Ontario and British Columbia. This LendingMate Review covers what you need to know.

Top Loan Offers this month

Compare the best loans for good and bad credit in Canada

Get the best loan rates from lenders regardless of credit score.

Quick online application from the comfort of your home.

Borrow up to $50,000 for 3 months to 60 months.

Loans for any reason with rates from 2.99% to 46.96%.

Check your credit score for free online in 3 minutes or less

Get access to your Equifax credit score for free.

It takes only a few minutes online, and no credit card is required.

Includes your credit report updated weekly.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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