The concept of loans used to be based on a system of trust between a bank and a lender, and a guarantee that you would be responsible for the financial investment. Over the decades, credit scores have determined whether you are able to borrow money from a bank, and in many cases, millions of people get rejected each year due to a low or bad credit score or having to declare bankruptcy.
LendingMate is a credit service provider catered to the Canadian public who are struggling to source financial aid through the means of traditional banks. LendingMate will ask you to name a guarantor that will be responsible for paying back the loan you take should you be unable to yourself. Once a guarantor has been named, LendingMate will go through the application process to check all the personal and financial details provided.
How Do I Apply with LendingMate?
LendingMate allows Canadian citizens to apply for a loan without the use of a computer deeming their eligibility, and all that is required is that you have a friend or family member that can validate that you can pay back the loan and the interest rates that will be accrued.
The process itself is very easy to follow and a specific repayment plan can be set up according to your individual financial needs. You will need to complete an online form defining how much you are loaning and what your repayment options are. Once your application is in process, LendingMate will call both you and your guarantor and ask the following types of questions:
- If you share any finances with the applicant
- If you are above the age of 19 but younger than 75
- Confirm if you are a Canadian citizen
To be Eligible for a LendingMate Guarantor Loan:
- All applicants must be a Canadian citizen between 19 and 75 years of age
- You must be able to prove that you have sufficient income to repay on your monthly instalments
- You must show that you have no current discrepancies on your credit score with the bureau
To Become a Guarantor, the Person Must:
- Be a Canadian citizen between 19 and 75 years of age
- Provide bank statements or payslips for annual earnings
- Show that there are no current discrepancies on the credit score with the bureau
- Have a clean credit history and current score
The only instances where LendingMate will not approve an application is if you already have an active loan with them or another credit provider or if you have been declared bankrupt. LendingMate does not ask for your employment details, and you don’t need to be employed to be approved. LendingMate is completely free from certain cost implications, such as they won’t charge you for settling your account early. They will also not penalize you if your payment is late.
Benefits of Taking Out a Loan with LendingMate
LendingMate is an easy-to-use simple financial lender that offers basic guarantor loans. The system promises to pay out all loans within 24 hours of a successful application, as long as your guarantor has signed the agreement and is happy to put their name against your loan and all your identification documents are in order. The following are some of the other benefits of LendingMate:
- LendingMate has no loan brokerage fees
- The application process has an easy-to-use calculator that will let you know how much you can afford to repay
- Any applicant with a bad credit history or score is still eligible, as long as there are no current discrepancies or open judgements
- Interest is only applied during the months in which the loan is active. If you choose to pay early, you will not be charged the interest term amount
- If the application is successful, you will receive your money within 24 hours, no matter what the amount is
- Utilising a guarantor is helpful if you are unable to pay your installments
- LendingMate’s loans are not secured so no financial or physical assets can be used as collateral
LendingMate is big on building personal relationships and trust with their borrowers, which is why both parties will be contacted via a call regarding the application. LendingMate wants to ensure that both you and the guarantor are protected, without needing a computer algorithm to decide if you can lend money from the bank or not.
LendingMate FAQs
With any financial transaction like a loan, you will want to take the necessary precautions and do proper research before you sign any documents or submit identification information.
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