About LendingMate

LendingMate launched in Canada in 2018 with a clear mission — to help Canadians who are creditworthy in real life but overlooked by traditional credit scoring algorithms. Since then, the company has helped thousands of Canadians access funds for debt consolidation, emergency expenses, home repairs, and more.

What is a Guarantor Loan?

A guarantor loan is a personal loan backed by a friend or family member — called the guarantor — who agrees to take responsibility for repayments if the borrower is unable to make them.

The guarantor needs to be financially stable with a strong history of repaying their own debts, typically reflected in a high credit score. Homeowners are preferred as guarantors since homeownership signals financial responsibility, but it is not a strict requirement.

LendingMate performs a soft credit check on the guarantor during the application process to verify their identity and assess their payment history. This soft check leaves no mark on the guarantor’s credit file.

Guarantors must be Canadian residents between the ages of 19 and 75. Due to legal restrictions, guarantors cannot reside in Alberta.

Why Does it Work?

Guarantor loans are not a new concept — banks used this model for decades and cosigner loans remain common across Canada today. LendingMate has modernized the guarantor product for the digital age, building an application process designed specifically around this model.

For borrowers, a guarantor loan offers access to a meaningful loan amount at a fair interest rate — even when their credit score would otherwise disqualify them from traditional lending. For many Canadians, the alternative is a high-cost payday loan. A LendingMate guarantor loan provides a more sustainable option with manageable monthly payments over a longer term.

Who Is It Best For?

LendingMate’s product is designed for Canadians who are genuinely creditworthy but whose credit file does not reflect that. These are borrowers who would be approved at a bank if their credit history told the full story — but it does not.

If someone in the borrower’s life — a parent, sibling, close friend — is willing to guarantee the loan, LendingMate treats that as a meaningful signal of creditworthiness that a computer algorithm cannot capture.

Borrowers cannot currently be in an active bankruptcy or consumer proposal. Both borrowers and guarantors must be aged 19 to 75 and reside in British Columbia, Ontario, or Quebec.

How Does the Application Work?

The entire process is completed online or over the phone in three steps:

Step 1 — Borrower application
The borrower completes their personal information, signs their contract digitally, and provides banking details. This takes approximately 5 minutes. Once complete, the borrower receives a link to send to their chosen guarantor.

Step 2 — Guarantor application
The guarantor completes their own application online. LendingMate’s system instantly checks the guarantor’s suitability and, if approved, collects banking information for loan disbursement and future payment processing.

Step 3 — Verification call and payout
LendingMate conducts a brief phone call with both the borrower and guarantor to confirm each party understands their responsibilities. Once complete, the loan is submitted for final underwriting review and funds are deposited — often the same day.

Customer service representatives are available throughout the process to answer questions from either party.

LendingMate Products

Guarantor Loan

• Loan amount: $2,000 – $10,000
• Interest rate: up to 35% APR
• Term: 12 – 60 months
• Processing time: 48 hours
• Money transfer: Direct deposit
• Repayment: Automatic debit

Eligibility — Borrower:

• Canadian citizen or permanent resident
• Age 19 to 75
• Must reside in BC, Ontario or Quebec
• Cannot be in active bankruptcy or consumer proposal

Eligibility — Guarantor:

• Canadian resident aged 19 to 75
• Cannot reside in Alberta
• Strong credit history required
• Homeownership preferred but not mandatory

Required documentation — Borrower: Government-issued ID, bank statements if required

Required documentation — Guarantor: Government-issued ID, bank statements if required, proof of home ownership if applicable

Availability: British Columbia, Ontario and Quebec