Getting loans can be very tedious sometimes in case you have a poor credit score. It is so because the lender thinks that you may default on the loan. In case somehow you get it also, the interest rate will be high. But we do not consider rates when we need the money urgently. We are here with one of the finest loan providers details i.e LendingMate Review | How to Apply for a Personal Loan with LendingMate
|Loan App Name||LendingMate|
|Loan Amount||$2000 to $10000|
|Loan Tenure||12 months to 60 months|
|Interest Rate||34.9% p.a. to 43.00% p.a.|
You will learn how LendingMate works in a different way to provide loans to customers.
If your credit score is low or poor and you need a loan, LendingMate can be a good option.
Let’s start digging more into the LendingMate Loan platform…
What is LendingMate?
LendingMate is an online digital platform that provides personal loans to the people of Canada.
The interesting thing about LendingMate is that “It brought the Old Guarantor concept into this new digital world in personal loan”.
Isn’t that interesting?
In the old-time times when we were looking for a loan, the only place to get it was from the bank. The bank will ask for guarantors if you need a loan. In case if you default, the guarantor has to pay the loan.
LendingMate.ca is a legitimate loan provider company which is owned by LendingMate Finance Inc. It offers loans to residents of Ontario and British Columbia.
- LendingMate loans are Guarantor Based loan.
- It offers personal loans from $2000 to $10000.
- Loan Payment term is quite flexible and its between 12 months to 60 months.
- Get your loan approved within 5 minutes, and get your amount within 24 hours from loan approval.
- Interest rates starts from 34.9% to 43.00 %.
- LendingMate loan application process is fast & secure.
- It provides a great level of security by protecting your data.
- No charge or penalties on the early payments.
LendingMate Loans Requirements and Eligibility Criteria
You must fulfill the below criteria to get the loan from LendingMate.
- You must be a permanent Canadian Resident.
- You must be 18+ years of age.
- You must need a guarantor from a friend or family member who trusts you and who is willing to be your guarantor.
- Guarantor should have a good credit history and who can afford to make the monthly payments if you don’t.
- Guarantor Social Insurance Number (SIN).
- Your Guarantor must have an active bank account in Canada.
- You must have steady source of income for at least 6 months.
- You should not have any active bankruptcy or consumer proposal.
Before moving to the process of applying for a loan with LendingMate let’s understand a bit about Guarantor Loan.
What is LendingMate Guarantor Loan?
Guarantor Loans is not a new concept, it’s how banks used to lend before credit score took over. It’s quite common for mortgage companies to still ask for guarantors today.
A guarantor is someone who trusts you to make your loan payments and is also happy to make any you do not.
Or, A guarantor is someone who agrees to back up a borrower’s loan and steps in to make payments if the borrower doesn’t.
Moreover, the fund will be deposited into the Guarantor Bank Account and he or she can either transfer you or can give your cash by withdrawing.
How to Apply For a LendingMate Personal Loan
- Visit the LendingMate official website and click on the Apply button on the top right-hand side.
- On the next screen select your Loan purpose and fill your personal details like your name, Date of Birth, Phone number, email, SIN, Address, choose Loan amount & Loan term from the drop-down and click on the Next button.
- On the new page Click ,accept on a signed document with your name and surname. It is LendingMate pre approval reviews.
- Next, you need to fill Account Holder Name as it appears on your bank statement, Account Number, Institution Code, Transit Code, and Select First Payment Date. Click on the Accept button.
- Once your application is received, you need to ask your grantor to fill out their application. The green button below leads to their application. Also LendingMate will give you a link so that they can complete their application.
- Guarantor has to fill the information like 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.
- Once your guarantor has finished his part, LendingMate will give them a quick call to confirm their details and to arrange paying out the money.
- LendingMate may give you a call too, just to finalize everything. LendingMate will always let you know if and when they can pay out the loan.
How to Repay the LendingMate Personal Loan?
It provides an easy way to repay your loan. The account which you link at the time of loan application process, from the same account money will be deducted automatically on the due date.
When LendingMate pays out the money, they set up a monthly direct debit and collect your debit card details. This is so you have a backup if the direct debit ever failed, to help ensure the loan doesn’t fall behind.
LendingMate Personal Loan Interest Rate
LendingMate loans have a term of 12 months to 60 months with an interest rate of 34.90% to 43% per annum.
The most important thing to know about LendingMate guarantor loans is that you need to pay interest only for the time you have the loan because it calculates your interest daily.
For example, if you borrow $5000 over 36 months but decide to repay the loan in 12 months, you have to only pay interest for 12 months.
There are no early settlement fees or charges for making extra payments, so you’re free to make as many extra payments, alongside your set monthly repayments, as you like.
Is LendingMate Safe and Legit?
LendingMate.ca is owned by LendingMate Finance Inc. If you want to know what information of yours has been stored by LendMate you can write to customer care.
As per the LendMate privacy page, The file containing your personal information will be maintained on their servers or those of our affiliates or service providers and will be accessible by authorized employees and representatives. they take reasonable steps to protect personal information from misuse, interference, loss, and unauthorized access, modification, or disclosure.
Unfortunately, no data transmission over the internet can be guaranteed as totally secure.
Also, the business model itself is relatively safe. They issue loans based on the guarantee from a financially stable individual, who will have to pay back even if the primary borrower defaults.
Pros & Cons of LendingMate Personal Loan
|No hidden fees. No penalties on the early payments.||The interest rate is quite high.|
|Collateral is also not required for loan approval.||Services are available to only Ontario and British Columbia.|
|The approval process is easy for both borrower and guarantor.||You must need a guarantor, In case if no one is ready to be your guarantor, you will not get any loan.|
|A guarantor can help you make payments for a few months if you don’t have one.||The offered loan amount is low as compared to other loan providers.|
|Deposit within 24 hours of approval.|
|You can save interest by paying off your loan early.|
LendingMate Customer Service & Phone Number
You can get in touch with the Lending Mate customer service department by sending an email as mentioned below.
Phone Number = 855-360-5597
Send Docs: firstname.lastname@example.org
180 Dundas St West, Suite 1508
LendingMate Working Hours:
|Monday – Thursday = 9 am – 7 pm EST|
Friday = 9 am – 6pm EST
In this article, we have learned about LendingMate Review | How to Apply for a Personal Loan with LendingMate.
As the Lending Mate interest rate is quite high, you should try to avoid getting a loan from it in the beginning. Just find out the way to get the loan from your friend’s family or the bank. If you did not get the loan from anywhere you can opt for this as the last option.
Before deciding to take a loan from LendingMate make sure you check the lender rates carefully, calculate all the charges, and then if it fits in your budget you can opt for a loan otherwise it will simply ruin your finances goal.
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Lending Mate Phone number – 855-360-5597
180 Dundas St West, Suite 1508
If you and your guarantor complete the application online, and all checks are completed without issue, money will be sent to the guarantor bank account within 24 hours.
It offers loans from $2000 – $10000 over 1-5 years.
Lending Mate will pay out the loan amount into your guarantor’s account and they could either transfer you the money, give you cash, or a cheque, whichever is best for you both.
It is done so to protect them against fraud and to make sure they know what’s going on. It is your responsibility to obtain the money from your guarantor.
You can find out when your loan finishes on your contract, by emailing email@example.com or calling us on (855) 360-5597.