Lending Mate Review

Lending Mate is a lending institution that operates in both the provinces of Ontario and British Columbia. Lending Mate is different from many of the lenders that we see in the Canadian Marketplace as they don’t rely on online credit checks or computerized application approvals. Their process works on the applicant providing a guarantor that will vouch for them and the applications are reviewed by a real person who then approves or denies the loan, based on the information that has been gathered.

Using the guarantor method is an excellent way to verify all applicants and provides the company with reassurance that the loan will be paid off by either the borrower or their guarantor. This process allows Lending Mate the ability to offer loans that range between the amounts of $2,000 to $10,000 over a lending period of between one to five years.

Lending Mate has been in business in Canada for just over two years and approves approximately 95% of applications that are completed with them. They have already approved more than a thousand loans and find that one out of every second guarantor that applies meets the recommended criteria.


If you have a guarantor that is willing to vouch for you, Lending Mate is an excellent financial institution that provides many benefits to their customers. A few of their key features include:

  • No Fee Service – Lending Mate does not charge for any fees for late payments or early settlements. This gives you the peace of mind that you won’t be taken advantage of if an emergency strikes and you have to miss making a payment or if you are able to pay off the entirety of your loan earlier than expected.
  • All loans are unsecured – The advantage of having an unsecured loan is that your home and the home of your guarantor are never at risk if something unfortunate happens and you are unable to make your payments. Lending Mate only offers unsecured loans meaning that your homes are never used as collateral.
  • Quick application process – The Lending Mate application takes approximately five minutes to complete. Once it has been filled out, your guarantor is sent an application link for them to complete as well. A representative from Lending Mate will then contact the guarantor to verify all of their information after which point in time, the loan will be granted. Lending Mate strives to have the loan process completed and the loan funds deposited within twenty-four hours of the guarantor being accepted.
  • Ability to pay off loans faster – Lending Mate offers all of its customers the ability to pay off their loans by making the minimum monthly payments or by paying it off faster. If you choose to pay off your loan prior to the loan end date, there are no fees or penalties associated with this.


What makes Lending Mate different from so many lending institutions is that they only offer one service; unsecured loans. This means that all Lending Mate representatives are specialized in this one, very specific area and can offer you optimum service and expertise. They are able to provide you with the knowledge and insight as to what loan amount is best for your individual financial needs and can answer all of your questions.

Interest Rate Charges

Lending Mate offers a competitive interest rate of 43% per year.

For more information on Lending Mate, their services and all of the benefits that they have to offer, visit https://smarter.loans/lenders/lending-mate/

Frequently Asked Questions About Lending Mate

What is a guarantor?

A guarantor is a person that can vouch for you and takes on the responsibility of loan repayment in the event that you can no longer meet your repayment requirements. Your guarantor must be financially independent from you, must be between the ages of nineteen and seventy-five and must be an English speaking, Canadian citizen. If the guarantor qualifies, they are responsible for receiving the loan, distributing it to you and making sure that all payments are made on time. If payments are missed, the guarantor must make them on your behalf or they will be liable for any legal action that Lending Mate takes.

What information does my guarantor have to provide?

Your guarantor will be asked to provide proof of identity, a valid bank account, proof of Canadian citizenship, financial information for a credit score check and proof of income.

How will I receive my loan?

Your loan will be deposited into your guarantor’s bank account for them to give to you. This protects against fraud and makes sure that the guarantor is aware of the loan.

What will happen if my guarantor is declined?
If your guarantor is declined, you are still eligible to receive a loan however you will need to provide a new guarantor.

Do both myself and my guarantor need to speak English?

Yes. At Lending Mate, all communications are done in English and must be done without the use of a translator. Lending Mate requires that all applicants and their guarantors be able to fully understand the terms and conditions of the contract and be able to both read and understand English.

What if I have bad credit?

Lending Mate was created for people with bad credit in mind. If you have a poor credit score or have had to file for bankruptcy in the past, Lending Mate will still consider your application for approval.

When times get tough the last thing you need is someone making money from your problems. Lending Mate never charges for late payments, letters, early settlement or anything else. Learn more!

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Smarter Loans Staff

The Smarter Loans Staff is made up of writers, researchers, journalists, business leaders and industry experts who carefully research, analyze and produce Canada's highest quality content when it comes to money matters, on behalf of Smarter Loans. While we cannot possibly name every person involved in the process, we collectively credit them as Smarter Loans Writing Staff. Our work has been featured in the Toronto Star, National Post and many other publications. Today, Smarter Loans is recognized in Canada as the go-to destination for financial education, and was named the "GPS of Fintech Lending" by the Toronto Star in 2019.