LendingMate offers online loans ranging from $2,000 to $10,000, with flexible terms between 1 to 5 years. The borrowing process is straightforward: select your desired amount and term, apply for the loan, and receive the funds. Eligibility is limited to Canadian residents who are of legal age in their respective provinces. The repayment structure is clear, with a $2,000 loan repaid over 12 months amounting to $2,495.16, a $3,000 loan over 24 months totaling $3,742.68, and a $10,000 loan repaid over 36 months coming to $15,072.24. For instance, a $10,000 loan secured by guarantee over 36 months would require monthly repayments of $498.66, totaling $17,951.76.
LendingMate review
LendingMate offers a flexible loan service with loan amounts ranging from $2,000 to $10,000. The loan term is equally accommodating, spanning from 1 to 5 years, making it a suitable choice for those seeking financial flexibility.
The process of borrowing is streamlined and straightforward. Prospective borrowers start by selecting their desired loan amount and term. Following this, they apply for the loan, and once approved, the funds are disbursed.
To be eligible for a loan from LendingMate, applicants must be a resident of Canada and have reached the age of majority in their respective province. This ensures that the loan agreement is legally binding and that the borrower is fully aware of their financial responsibilities.
The repayment structure of LendingMate is clear and transparent. For instance, a loan of $2,000 with a term of 12 months would incur a fee of $495.16, making the total repayment $2,495.16. A larger loan of $10,000 over 36 months would attract a fee of $5,072.24, bringing the total repayment to $15,072.24.
As a representative example, borrowing $10,000 over 36 months (secured by guarantee) would result in monthly repayments of $498.66, with the total repayable amount being $17,951.76.
In conclusion, LendingMate provides a convenient and transparent loan service, making it a viable option for those in need of business credit up to $10,000.
Table of repayments
| Amount | Fee | Total payment | Term |
| $2 000 | $495.16 | $2 495.16 | 12 months |
| $3 000 | $742.68 | $3 742.68 | 24 months |
| $10 000 | $5 072.24 | $15 072.24 | 36 months |
Representative Example: $10,000 over 36 months (secured by guarantee) repaying $498.66 per month, total repayable $17,951.76.