Our application process explained
Make an application on our website, tell us how much you'd like to borrow and over how many months.

We'll give you a link to send to your guarantor so they can complete their part of the application.

Once your guarantor has finished their part, we'll give them a quick call to confirm their details and to arrange paying out the money. We may need to give you a call too, just to finalise everything. We'll always let you know if and when we can pay out the loan.

We aim to pay out every loan within 24 hours of the guarantor being accepted. We pay the money into the guarantor's bank account, for them to give to you. This is to protect customers from fraud, by making sure the guarantor is aware of the loan.

How long does it take to get my loan?
We will always do everything we can to make sure your loan is paid out as quickly as possible.

We aim to pay out every loan within 24 hours of the guarantor being accepted. If you and your guarantor complete the application online, and all checks are completed without issue, we could get the money to you sooner.

When your guarantor has signed the online agreement, we'll give them a call to confirm their details. We may need to give you a call too, just to finalise the application. We'll always let you know when we can pay out your loan.

Some things that could slow your application down are:
1. If we're not able to speak to your guarantor when we call.
2. If your guarantors property documents are difficult to locate.
3. You've applied over a public holiday or weekend, in which case we'll process your application as soon as we're back in the office.
4. We need something additional from you like proof of ID or a different bank statement.

How does the interest work and can I make extra payments?
The most important thing to know about our guarantor loans is that you only pay interest for the time you have the loan, because we calculate our interest daily.

For example, if you borrow $5000 over 36 months but decide to repay the loan in 12 months, you'd only pay interest for those 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.

Can I get a loan without a guarantor?
LendingMate is a guarantor lender; all of our customers must have a guarantor or co-borrower for us to lend to them. A guarantor is a great sign to us that someone trusts you and that we should too, no matter what your credit score!

A guarantor's responsibility is to make the loan repayments if the borrower does not. A suitable guarantor is someone who is aged 19-75, has a good credit history with no trouble paying bills in the past, and who can afford to make the monthly payments if you don't.

Although they do not have to be a homeowner, it may increase the possibility of us accepting them as your guarantor if they do own their own home.

What will you ask my guarantor?
We've made our loan process as simple and stress-free as possible for both you and your guarantor.

Once you've completed our five minute application, we'll give you a link for your guarantor so they can complete their part.

When your guarantor has done this, we'll give them a quick call to confirm their details, check they understand their responsibilities and to arrange paying out the loan.

Why was my guarantor declined?
Don't worry if your guarantor has been declined, the most important thing is we've already accepted your application and want to help you get the money you need.

You just need to find someone else to be your guarantor instead. As soon as you've found someone new, we'll check that the payments are affordable for you both and will then arrange paying out the loan.

There are a few reasons why we're unable to accept someone as a guarantor, but the most common is if their credit score doesn't meet our criteria.

If someone is a guarantor, it will be up to them to make the loan payments if you did not. By looking at their credit score, it allows us to see if they've kept up with their own bills in the past. This helps us to decide if they would be a suitable guarantor.

Other reasons include:
- If they aren't aged between 19-75
- If they're not a Canadian resident
- If they're already a guarantor on another LendingMate loan
- If they already have a Loan with us themselves

Do I have to be employed?
No, we could lend you money as long as you aren't bankrupt, or have an active consumer proposal, and can afford the loan as well as having enough money left over to live your normal life.

Though you do not need to be employed, you will need a source of income to repay the loan. This doesn't have to come from a full or part time job; we can accept applicants on benefits, for example.

How do I make a payment or settle my loan?
We've made repaying the loan as simple and stress-free as possible.

When we pay out the money, we'll 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.

We promise to never charge you for making extra payments or settling your loan early. This will actually save you money, as you'll only repay what you borrow and the interest accrued for the time you have the loan.

What is the borrower criteria?
At LendingMate, we do not judge you based on your credit score.

All we require is that our borrowers are Canadian residents aged 19-75, have no active bankruptcy or consumer proposal, and able to comfortably afford the repayments.

At LendingMate, we do not judge you based on your credit score.

All we require is that our borrowers are Canadian residents aged 19-75, have no active bankruptcy or consumer proposal, and able to comfortably afford the repayments.

You will also need a friend or family member who trusts you to be your guarantor. You will also need a friend or family member who trusts you to be your guarantor.