`

LENDELA FINDS THE BEST PERSONAL LOAN FOR YOU

  • Personalised offers from multiple lenders
  • Apply, compare & choose online for free
  • 4.9/5 ⭐️ rating on Google Reviews

START HERE...

Loan Amount
$
-
+
$1,000
$200,000

Tenure
-
+
3
72

Your monthly payment

$505

SELECTED PARTNERS
HSBC
SCB
UOB
Citibank
SingPass
Singapore Fintech Association
Carousell

30,000 loan applications yearly!

Find out what our great customers have to say about Lendela

Max Yuan
Max Yuan
3 months ago
Good follow up by them even took the extra mile to assist us even we feel there is not much hope thanks!
Witawat Choo
Witawat Choo
3 months ago
Had made two loans through Lendela. Website is easy to use and straightforward. After accepting loan offer, the...
fiewan ejal
fiewan ejal
3 months ago
Fadilah was very remindful and has help me in choosing which loan offer to choose from. Kudos to her and lendela....
Jeffrey Yeo
Jeffrey Yeo
4 months ago
Good and friendly response. ❤️
Jas Nora
Jas Nora
4 months ago
Such a hospitably and a family friendly staff.. Psst.. can i join you guys..☝️👍
Adam Mikhael
Adam Mikhael
4 months ago
I had a great experiences while looking for financial assistant and was helped by your staff, Fadilah. She helped...
alicia jo
alicia jo
5 months ago
Loan was efficient and convenient
Khairul Ismail
Khairul Ismail
5 months ago
Awesome platform. Thank you
Artalex . Me
Artalex . Me
5 months ago
It's very convenient to use. It searches possible loan offers as much as it can for you (within a few hours). Then ...
Farid Zin
Farid Zin
6 months ago
Fast and efficient. Pleasant transaction.
Muhammad Amiruddin Said
Muhammad Amiruddin Said
6 months ago
Was kinda skeptical abt it but it was a smooth journey from the start till the end; from me asking them questions...
Ganesh Parveenth
Ganesh Parveenth
6 months ago
Very satisfied with their service. Very Friendly and understanding. Definitely recommended 👌🏾
Jaja S
Jaja S
6 months ago
from the time u submit your application, you will receive at least 3 offers within the next few hrs and the offers ...
Zel Zel UWU
Zel Zel UWU
6 months ago
they were really fast and efficient to provide the necessary help that i was seeking for :)! excellent
Amin 1908
Amin 1908
6 months ago
Best assistance ever.....
abdul aziz mohd
abdul aziz mohd
6 months ago
Staff is very friendly and very helpful too. Explain eveything in detail about the loan to borrower. Two thumbs...
Hidayah Idros
Hidayah Idros
6 months ago
Efficient and helpful staff, Wani. Never fail to update and assist on my enquiries. Trusted and reliable broker....
Gabriel Goh
Gabriel Goh
6 months ago
Lauren was super helpful and quick, helping me to find a lender in less than 30 mins. The lender she found was...
Diyana Mohamed
Diyana Mohamed
6 months ago
Very prompt service from Vienoth who was friendly and answered all my queries. Quick process and excellent...
Mohamed Ramadhan
Mohamed Ramadhan
6 months ago
Great service rendered and their choices of recommended company is very good.
Zhi Xiang Low
Zhi Xiang Low
7 months ago
Extremely helpful and great patience by Wani, as it was my first time getting a loan, she guided me throughout the ...
KVR DRAGONFISH
KVR DRAGONFISH
7 months ago
The agent was able to offer me a loan real fast and I got thr loan as well. Great service!/
Jay Ho
Jay Ho
7 months ago
Great service from start till end. I had a short time frame to source for a loan. Rather than pushing to close the ...
Jason Thng
Jason Thng
7 months ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
Julie
Julie
7 months ago
Fadilah, Thank you so much for your hospitality in keep following up for me and immediate replies keep up your...
nabilul fikri
nabilul fikri
7 months ago
D and help me out to The Times I need the money and try to solve from the point when the new I can help me I...
Haizel Nur
Haizel Nur
7 months ago
Their service was super solid and their staff go out of their way to help. I love you wani!! 😆😆😆
zul Ahmad
zul Ahmad
7 months ago
Very friendly staff help to sources around for the best finance company..Good job n well done
Yvette Yin
Yvette Yin
7 months ago
Very friendly staff. Excellent customer service. Was able to find me a loan. Just need to attach all the required...
Joybo Banana
Joybo Banana
7 months ago
At first ,it might look like a scam website. So I gave my shot to try out and realized it's actually not.For those ...
Chng Kee Chin
Chng Kee Chin
7 months ago
Quick and fast response. Efficient in expediting the approval of the loan :)
Jade Yati
Jade Yati
8 months ago
Lauren has assisted me on my loan, He is so helpful. I eventually gotten a loan with Lendela Help. Thank alot...
Amirul hakim Mohammad
Amirul hakim Mohammad
8 months ago
Everything went smoothly
Zainul Chia
Zainul Chia
8 months ago
Absolutely amazing, help in alot of ways. Very recommended
Junwen Ong
Junwen Ong
8 months ago
A place for you to find the right loan that you need.
Sharen Raj
Sharen Raj
8 months ago
It was a great experience for me..the service Fadilah served was really impressive!! Good deal and perfect for...
papa yoss
papa yoss
8 months ago
very Friendly stuff , good service & helpful in loan .. thank you so much Fadilah !!🙏👍😊
Kc Yoon
Kc Yoon
8 months ago
Started looking for a loan late last night, got onto Lendala....received offers within the hour..confirmed my...
Hock Min Ng
Hock Min Ng
9 months ago
(Translated by Google) Thank you Lendela Pre. Ltd for this platform, thank you Lauren for your help, ...
joshua henry
joshua henry
9 months ago
Lendela helped me find a good and legit company to get a loan. Lauren assisted me. She is so helpful with me, the...
Mohdsham Kan
Mohdsham Kan
9 months ago
Verry powerfull customer service Trust me they did a great job I give lendela pte Ltd 7 star service Can...
Cheng Chaisoon
Cheng Chaisoon
9 months ago
I have been searching for a right place to solve my money problem....found lendela on the Internet...Lauren was...
Mad Ness
Mad Ness
9 months ago
Lauren provide a great service for LENDELA! definitely worth your time
Gopinath Pillai
Gopinath Pillai
9 months ago
Wani of Lendela was extremely professional and very helpful. She went out of her way to assist me
Chen Zhenxiang
Chen Zhenxiang
9 months ago
For the amount of loan and repayment requested it was hard to find any company that's willing to lend....
Ami Vynes Lee
Ami Vynes Lee
9 months ago
I was assigned by Fadilah from Lendela to assist on my loan. She called me and start with a welcoming greeting,...
Abdul Faizal
Abdul Faizal
9 months ago
Ease of applications and approval. Thank you for facilitating the loan.
Nurfitrah Sanchez
Nurfitrah Sanchez
9 months ago
Wani has helped me efficiently! I was able to secure a loan fast and well detailed. Appreciate it alot.👍
Zac Haris
Zac Haris
9 months ago
Lauren has been a great help and she follow through with me until I successfully get the loan i im looking for....
ganesh jajanadan
ganesh jajanadan
9 months ago
Lendela staff *LAUREN* whom assisted me to secure a loan Thumbs Up to you for ur Professionalism. You went through ...
Zainal Saadon
Zainal Saadon
10 months ago
Thank you so much Ms Lauren for your assistance that I'm able to get my loan from lender today.I was so happy the...
Sutrisni Norazmi
Sutrisni Norazmi
10 months ago
Thank you Lendela! Ur help is vvv much appreciated. My loan is approved within 30minutes! So relieved! Thank you...
James starshire
James starshire
10 months ago
Cool team, awesome platform. Person who helped me was super friendly and super efficient. Got a loan within the day
Dean Junior
Dean Junior
10 months ago
I felt relieved and glad that my loans were approved by the Company and even Lendela staff Miss Fadilah went a...
Zie Mohd
Zie Mohd
10 months ago
Thanks Wani for follow up till to the end. Overall process was smooth and make feel much better. Thanks a loads!...
Kiza Kiza
Kiza Kiza
11 months ago
Thanks Wani for following up and the response was super efficient. Everthing went smooth. Thanks a loads!...
Yus Shinoda
Yus Shinoda
11 months ago
Everything is easy with Lendela, the loan offers was surprisingly quick for a first time experience. Lauren was so ...
Aisyah Aila Varisha
Aisyah Aila Varisha
11 months ago
Tks fadilah for ur kindness and helping me to located the area hv a good work & patient.. keep it up.. cheers 🥂
DENNI0 ???
DENNI0 ???
11 months ago
So many finance broker, this is truly trusted one, able to provide your financial need expection request. Customer ...
Stephen Chua
Stephen Chua
11 months ago
Meticulous service with timely follow-up.
Zara S.
Zara S.
11 months ago
Hassle and fuss-free. Fadilah was very patient to assist me in applying and clarifying my queries. It was a fast...
Hans Ahmad
Hans Ahmad
11 months ago
Good service and very helpful... Thank you so much.
Nazruddin Sanchez
Nazruddin Sanchez
11 months ago
Really appreciate the help given by Fadilah. Thanks to her I was able to secure a loan fast and easy. Very...
Ruhaizat Yazid
Ruhaizat Yazid
11 months ago
Great service.. Lendela really supported me when im really in need. Thanks guys
Mohd Loqman
Mohd Loqman
11 months ago
(Translated by Google) ʟᴇɴᴅᴇʟᴀ ɪs ɢᴏᴏᴅ ᴘʟᴀᴄᴇ ᴛᴏ ᴇɴǫᴜɪʀᴇ ᴀʙᴏᴜᴛ...
Faythz Fiztroy
Faythz Fiztroy
11 months ago
Awesome and friendly customer service , fast and efficient transaction, clear explanation and advise on product...
Wesley Hii
Wesley Hii
11 months ago
Really hassle free and smooth transaction. Enquired personal loan in and got my cash 💰 in the afternoon, whole ...
Kelly Khoo
Kelly Khoo
11 months ago
Highly recommended for their service! Amazing patience and detailed follow up! Kudos to Fadilah! Really appreciate ...
Muhsin Nuruddin
Muhsin Nuruddin
11 months ago
A place where you need help financially and with flexibility to commit . They will do the search for you! And...
Azimkhan Khanazim
Azimkhan Khanazim
11 months ago
I got my loan approved within the same day..n for that i would like to expressed my thanks to Fadilah from lendela ...
Muhd Rian
Muhd Rian
11 months ago
Great experience. Fadilah delivered a great service. Really helping me out and sort for me the loan i needed. The...
Stanley Y
Stanley Y
1 year ago
Applied online and service was great. Staff named Wani attended to me through whatsapp and followup was great,...
Jack Wong
Jack Wong
1 year ago
I am grateful to Lendela Kindness and great help. Staff Miss Wani was very helpful, patience, kind, polite, and...
Dylan Lai
Dylan Lai
1 year ago
fast response
Haneyy Joslin
Haneyy Joslin
1 year ago
Thank you lendela for this opportunity! Biggest thank you to Wani for helping me throughout the process!
Ariel Joyce Kho
Ariel Joyce Kho
1 year ago
Ben is really helpful and patient as he suggested the best loan for my situation with the most reasonable...
Yong Wee Necro Lee
Yong Wee Necro Lee
1 year ago
Superb helpful and efficient service from Ben. Strongly recommend to those who in need of financial help :)
Fi Ryan
Fi Ryan
1 year ago
Thank you lendela for giving me an opportunity to have a quick loan in my desperate time , thank you mr ben for...
JCM
JCM
1 year ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
Gareth
Gareth
1 year ago
I found Lendela through google search as i was in need of a personal loan. Reading through the positive reviews i...
Chew Clover
Chew Clover
1 year ago
Ben is friendly, helpful and informative. Really appreciate for his help! :)
Rahmat Rizzuandi
Rahmat Rizzuandi
1 year ago
Awesome service and honest staff!
AJF Writes
AJF Writes
1 year ago
I found my experience with Lendela efficient and professional. Would also like to commend a staff by the name of...
Timothy Marc
Timothy Marc
1 year ago
Danny is really helpful and was patient answering all my questions and helped !me get a food deal. Greatly...
Soler X2
Soler X2
1 year ago
First of al l ,i will like to thanks Danny From Lendela , for providing me options for my loan and the loan went...
15Y6C23 THNG JING XIONG
15Y6C23 THNG JING XIONG
1 year ago
Very useful platform to search for the best loan based on your eligibility. They r very helpful and accommodate to ...
Muhammad Fauzi
Muhammad Fauzi
1 year ago
Fast processing! Affordable interest rate .. highly recommend!
Muhd Hanif
Muhd Hanif
1 year ago
Was assisted by Lendela and everything went smoothly without any hassle. With the right guidance and patient, i...
Inul Jariah
Inul Jariah
1 year ago
I was assisted by Ben. He is very efficient and give advise perfectly. I got my loan approved smoothly.. I am...
Candy Wong
Candy Wong
1 year ago
Danny is really helpful! Went all the way to help me find a lender who's willing to help me! Lots of follow ups...
kinetic candy
kinetic candy
1 year ago
Ben was nice and patient in making sure everything went smoothly. Thank you so much for your help! Appreciate it.
AizTheJoker HaHaahaaha
AizTheJoker HaHaahaaha
1 year ago
True great experience, really help me alot, Danny from Lendela when the extra mile to explain,assist & guide the...
fadly sven
fadly sven
1 year ago
the swift replies..the prompt responses..the friendly, patience and clear answers we got from Ben was super...
Vikramraj Shanmugan
Vikramraj Shanmugan
1 year ago
I had applied for a Loan through Lendela online and within an hour got a call from Ben. Ben was really helpful and ...
Annz Aanis
Annz Aanis
1 year ago
Ben assist me and give me hope that my chance of securing a loan is there eventhough I know its quite impossible....
Kathy Roland
Kathy Roland
1 year ago
They must be sorcerers. They managed to get back to me and I wasn’t expecting much, but Ben managed to help me...
TeeCc
TeeCc
1 year ago
Interesting idea with great assistance.
M Khiril Eirsyed
M Khiril Eirsyed
1 year ago
Great help and assistance from Ben. The process is very quick and reliable. Assisted me throughout the process and ...
Zac Zaini
Zac Zaini
1 year ago
Lendela is very efficient and reliable. They manage to recommend me company which meets my Criteria.. Their staff...
Nurhayati Natasha
Nurhayati Natasha
1 year ago
Was assisted by Ben and it was so smooth without any hassle. With the right guidance and patience, i was able to...
YUSHA VIM12
YUSHA VIM12
1 year ago
Very Efficient And Have Good Standard Of Replying Fast And Promptly Updates . A Staff In The Name Of Ben Help Me...
Shamen Heng
Shamen Heng
1 year ago
My experience was excellent. Staff by name Ben helped me thru the process patiently and promptly tat made my loan...
Sahim Sedik
Sahim Sedik
1 year ago
Received the reply on the next day about the loan from Izwan. Even though decided not to apply but still positive ...
TASH DYY
TASH DYY
2 years ago
Speedy replies! Excellent services with fast response for our application. Highly recommended.
Lim (mouseboy)
Lim (mouseboy)
2 years ago
Very helpful and follow up even when the referred company didn't reply
Erick Chng
Erick Chng
2 years ago
very proactive following up on the status and outcome of the application. prompt and friendly sales rep who shared ...
Iziaki R
Iziaki R
2 years ago
Good service fast response great replies and thanks for getting back with our offers
Mrdtux Rdtu
Mrdtux Rdtu
2 years ago
Friendly and fast communication

ONE APPLICATION – MULTIPLE PERSONALISED OFFERS

Four easy steps to the best possible personal loan in Singapore for you:

Apply fast & easy

1. Apply for an online loan in Singapore, in a few minutes

Receive your offers

2. Receive offers from multiple lenders

Compare and select online

3. Compare offers and select online

Sign the agreement

4. Sign the agreement and get the money

Learn more about Lendela

Our goal is to make your loan application process quicker, simpler and more transparent. As Singapore’s only true personal loan comparison service, we support you all the way from application to disbursement. Click below to read more about Lendela and how we empower thousands of loan-seeking Singaporeans compare options for debt consolidation, wedding loans, personal loans for car, renovation loans etc. every month.

lendela logo
Featured In

Lendela's guide to the best personal loan in Singapore

So, how do you find the best loan in Singapore in the easiest possible way? Take a few minutes and read our guide below, and you will find all important information you need before applying for a personal loan with Lendela. If you still have questions, feel free to contact our Customer Relationship Team for help.

What a personal loan is

What a personal loan is


A personal loan is money that is taken up for personal use for such purposes as paying off a credit card debt, buying home gadgets, home or kitchen renovation, embarking on a special vacation, education, medical or wedding expenditure, or emergencies. Personal loans are also called consumer loans and are usually not backed by collateral. The lenders usually begin by determining your credit score to assess whether you are eligible for a personal loan in Singapore and what interest rate should be placed on the loan. Making repayments on the loan usually involves making principal and interest payments monthly. The interest rates that are fixed on personal loans in Singapore will be determined by your credit history. Personal loans can be a good solution for individuals with financial issues that they want to fix quickly. It's also enabling huge purchases and repayments at your own pace.

How a personal loan works

How a personal loan works


Banks, credit institutions, online lenders and other credit institutions or financial companies can lend you, for instance, funds ranging from S$5,000 to S$250,000 and when you sign the dotted lines, you are agreeing to pay that amount back plus, of course, interest. The repayments are made regular and over a fixed period of time. The optimal loan tenure for a personal loan in Singapore is usually 10 years. Loan repayments are set such that you can slowly pay back the amount you borrowed, i.e. the principal and the interest.

Who offers a personal loan?

Who offers a personal loan?


Options available to a borrower for obtaining personal loans in Singapore include:

Banks

A handful of banks and financial institutions provide personal loans in Singapore. These include HSBC, Standard Chartered, Citi, DBS and Bank of China and they require a decent credit score to qualify from any of their loan packages. If you are an existing customer, you may be eligible for benefits such as applying without the need to visit a branch or qualify for a heftier loan amount. In addition, some banks generate credit scores for free.

Virtual banks

New licenses for virtual banks have been issued in Hong Kong. Their scope will be equivalent to that of traditional banks, but without the need for a physical branch presence. Virtual banks like Livi VB, SC Digital Solutions and Zhong An Virtual Finance and WeLab have the capabilities to extend personal loans, and as their scope and breadth of their operations unfolds some or all of these are likely to offer attractive products for their customers.

Loan providers

These are credit institutions that supports its customers with personal loans, revolving credit, credit card and sometimes auto and tax loans. Loan providers have a strong track record of analysing consumer creditworthiness and provide competitive loan offers. In some instances loan providers can be more flexible on some of the metrics when assessing an individual’s creditworthiness and effectively step in where some banks may would have declined the same application.

Online-based loan providers

These lenders provide a very swift and convenient way to find and compare personal loans. Most online lenders give flat-rate quotations and approval delay is usually two working days. There is stiff competition in the personal loans’ market nowadays, meaning that web-based lenders work extra hard to set themselves apart from conventional lenders either by developing lending guidelines that transcend the traditional credit-determination methods or with added benefits like flexible disbursement, repayments, zero fees or methods of lowering interest rates.

Comparison platforms (like Lendela)

These are websites that allow individuals to compare and select loans by connecting borrowers to banks and lenders. Lendela is the market leader when it comes to this type of service and the only online comparison platform that finds you personalised offers, so that you can compare concrete loan alternatives and select the best personal loan in Singapore.

Peer-to-peer lending

Globally peer-to-peer (P2P) lending has grown a lot. P2P lending is a personal loan financing approach that allows individuals to lend and borrow funds via a web-based platform without an intermediate registered financial institution. Peer-to-peer lending is advantageous as it claims to cut out the middleman from the lending system. P2P lending is also known as crowd-lending or social lending. In Hong Kong, the regulatory framework surrounding P2P lending is still not settled

Back to top
The 6 step guide to your personal loan

The 6 step guide to your personal loan


Before securing a personal loan in Singapore, an application form will be issued to you first. Most financial institutions search for a series of criteria when they’re considering you for a loan deal. To get the best loan package, there are few must-dos before filling out a personal loan application. Here are 6 important steps to follow in order to find the best personal loan in Singapore:

1. COMPARE YOUR OPTIONS

Weigh your options by determining the loan type that best caters for your needs. There are a variety of personal loans on the credit market today, and the one that you finally settle for is dependent on your financial situation and goals. Let’s examine some of the common loans that may be offered to you in Singapore.

• Secured loans

Secured loans require the presence of a guarantor or collateral. The guarantor will be responsible for paying back the loan should you default (i.e. fail to make repayments on the loan). If you present a house, car, land, a piece of machinery or any form of collateral, then the institution will take possession of the collateral until you fully service the loan deal.

• Unsecured loans

Most personal loans in Singapore are of the unsecured loans designation. For these types of personal loans, you do not need to present collateral or a guarantor. However, since these loans are unsecured, you may be asked to present proofs that you are financially stable and can repay the loan in order for your loan application to be acknowledged and ratified. This is done to ensure that you can make timely repayments on the loan.

• Personal lines of credit

You can also have an account through which you can borrow funds in fixed amounts without the need to repeatedly apply for loans. This account is referred to as a personal line of credit. It can be likened to a credit card; however, a personal line of credit allows the borrower to obtain cash instead of credit. A line of credit is beneficial when making expenses such as hiring the services of a contractor for long-term ongoing tasks like home renovations. There is no set repayment period of a personal line of credit.

• Car loans

These are loans designed for the procurement of a vehicle. Depending on the financing rules deployed, there are typically two forms of car loans found in Singapore:

Conventional car loan:

This type of car loans provides funds for individuals for the purchase of a car with an interest rate calculated and set on the funds. The interest rate could be on a floating or fixed basis. The interest rates on the floating interest rate depend on the base rate which varies across credit providers.

Personal loan for a car:

An unsecured personal loan in Singapore can work as a good substitute for a conventional car loan. Since you can spend the money on what you want, this type of loan serves as a fast and easy way to your car.

2. ASSESS YOUR ELIGIBILITY CRITERIA

Make sure you have met the requirements for a loan deal. This will save you a lot of time that could be wasted considering a consumer loan that you are not eligible for. Basic eligibility criteria that need to be satisfied vary from lender to lender, and there are common terminologies to consider when applying. These include:

Credit score:

Many lenders evaluate an individual’s credit score differently to traditional banks. In Singapore, you are generally expected to have a credit score that ranges from around 1825 to 2000 in order to qualify for a consumer loan.

Employment:

In general, lenders accept applicants who work or reside in Singapore and are gainfully and stably employed or self-employed. Some lenders may expect you to have alternative sources of income like retirement benefits or investments in addition to being employed.

Income:

To successfully apply for the best personal loan in Singapore via Lendela, you are required to earn minimum S$1,600 per month.

Residency:

Most of our banks and lenders grant loans to Singaporean citizens, permanent residents and EP holders.

Age:

You are expected to be between 21 and 61 years old to apply for the best personal loan in Singapore with Lendela.

3. FINISH THE APPLICATION PROCESS

The application procedure for a personal loan varies across finance providers. Many credit issuers provide online-based applications in addition to applying at their branch office. Usually, you’ll be required to tender a variety of documents and personal data to the lending institution, before or during the application process. The documents typically consist of:

Government-issued ID:

You need to provide a passport, driver’s license, or other form of government issued ID when the lender is processing your loan application or when you are collecting the loan disbursement.

Proof of income:

Some lenders may ask you to provide payslips from the last three to six months, or your bank account statements. If you are in the self-employed category, lenders may demand tax returns from the last two year of the most recent one-year statement for both current and savings accounts.

Proof of residence:

You need to prove your residential address and this can be done, for instance, by providing your latest local utility bills, local telecommunication bills, or local bank statement/credit card statement.

Apply with Lendela

When you apply for the best personal loan in Singapore with Lendela, your application gets sent to several banks and lenders simultaneously. They will get back quickly with their best loan offers for you to compare. The online application takes only a couple of minutes to complete (to speed it up, have all your information ready) but you can also apply by calling our Customer Relationship Team where one of our experienced agents will help you through the whole process.

4. WAIT FOR A MESSAGE OF APPROVAL

Your online application will be acknowledged electronically and you’ll be notified as soon as a lender comes back with a pre-approved offer. This normally takes no longer than just a few minutes. No matter the approach of the lender, the pre-approval and full approval phases are the two stages you need to hurdle past to get your loan.

• The pre-approval phase

This is the provisional approval stage, which involves less time as the lender is assessing your credentials as a borrower. A pre-approved offer is also called an in-principle-approved offer. This designation is given while they await supplementary information from you which could range from additional pay slips to papers summarising your debts or assets. The credit provider still needs to fully acknowledge your application and evaluate your credit before granting you full approval.

• The final approval phase

Final approval on your loan application is usually given when you have supplied all required information to the lender and passed its eligibility criteria. The lender will then grant you a loan contract that details the amount you are borrowing, the interest rate, the final amount to be paid as well as other vital information attributed to your loan deal.

5. LOAN DISBURSEMENT

Lenders can fund your loan through a variety of means. For example, when you obtain a car loan, the lender may opt to pay the car dealer directly. This is usually the same case with loans taken for debt consolidation, where they send the money to your creditor directly. When you apply for an unsecured personal loan in Singapore, the lender forwards the funds to your local bank account. This process of disbursement usually takes not more than 1 day.

6. KNOW ALL THE REPAYMENT TERMS

Most lenders' repayment terms are set on a monthly basis. Repayments can be made online, via direct payments from your set bank account. It can also be done via third-party money transfer providers, to the account of a designated debt collector or check. Sometimes, it can be wise to ensure that the lender doesn’t restrict the amount of funds that you can pay per annum, if you wish to service your loan earlier than expected.

Back to top
10 benefits of a personal loan

10 benefits of a personal loan


1. There are no restrictions on how you use the funds

This is perhaps one of the biggest advantages of the best personal loan deal. The money can be utilised at your discretion. So whether it’s a wedding, the purchase of machinery, holidaying, medical treatment or tuition, you decide how you want to use your funds.

2. No collateral is demanded

For unsecured loans, the issuer does not require any security in the form of collateral, prior to the disbursement of the funds. In contrast to secured loans, the loan funds are disbursed irrespective of security concerns and you need not put up anything such as a house, vehicle, or land as collateral to the lender or financial institution.

3. Easy documentation

Completion of the paperwork for a personal loan is pretty easy. In Singapore, you’d tender only a proof of your identity, address, income, recent salary slips, current income tax returns, and statement of account from the past six months to a year, as well as other fundamentals. If you’re applying for a web-based loan, all you need to do is upload a soft copy of each document, and complete the application.

4. Monthly repayments reduce financial burden

Personal loans are designed so that you can make repayments in monthly instalments. This involves repaying a portion of the principal amount and the interest amount in simple chunks. The lender does not expect you to pay off a large chunk of the loan one-time. You can select various means of repayment in a manner that suits your financial situation.

5. It’s more cost effective than credit card loans

It is commonplace to find people using credit cards. Obtaining a credit card loan deal is quick and easy but one drawback to its expensiveness. Interest rates on credit card loans in Singapore can be very high, while a personal loan can go for as low as 5% per annum.

6. Fast processing

Most personal loans take less than two days to process. If the loan issuer has received your duly filled application and all the requisite paperwork, then a lending decision is taken almost instantaneously. Your credit score and history would be further evaluated during when your loan application is being reviewed. Besides receiving your application at a branch office, some lenders may avail you the opportunity of applying on their website.

7. Quick disbursement

A personal loan in Singapore comes with quick turnaround time. An approved loan fund can be disbursed in less than a day or two. Older customers of a lending institution stand a better chance of receiving the money faster. If your application falls during the weekend or public holiday; when they might not be in operation, the application can be processed as soon as the next working day. The disbursal of funds is dependent on full approval of the loan application as mentioned earlier.

8. Tenure flexibility

The borrower is often given a range of one to five years to repay the loan funds; 10 years according to some lenders. Tenure depends on the loan principal and interest rate. Make an effort to discuss tenure options with the lender so that a repayment plan that works for both parties is agreed.

9. Availability of top-up options

Some lenders allow you to for a top-up on an existing loan deal. Let’s say you have a loan of S$30,000 but need an additional S$5,000. In such a scenario, you can request for an extension fund on the running loan at the possibility of the same interest rate. With this, you aren’t required to apply for a fresh loan; ultimately evading the rigorous application process.

10. Availability of various loan types

A personal loan in Singapore is not merely a standardised scheme. In truth, there are a plethora of personal loan deals available. There are some plans that are designed for certain industry professionals such as lawyers, doctors, engineers, and investors. Women and farmers may also enjoy loan plans that charge very low-interest rates due to their social characteristics.

At Lendela, we believe in finding innovative ways to simplify your personal loan application process by leveraging digital technology. We are brimming with confidence on the back of over 15 years of experience in helping connect consumers with the best credit providers in the Scandinavian region, channeling more than one million customers to over 30 well-established banks and lenders in the region, such as Santander, SEB & Swedbank.

We have mediated over 600,000 loan applications in South America, thanks in no small part to our partnerships with more than 25 established credit partners including Banco Pan, BV, Safra, Banco Maxima, Banco CBSS and Banco Ibi. We are also market leaders in Brazil and have been lauded for enabling customers to enjoy the best personal loans to fulfil their dreams.

Through Lendela, we have taken the step to offer a service for online loans in Singapore as well. We are constantly looking to improve our user experience, lender panel and customer service, to become even better in finding you the best loan in Singapore.

Back to top
Why is Lendela the Best Personal Loan in Singapore?

Why is Lendela the Best Personal Loan in Singapore?


It is time to get the hustles out of the personal loan application process, and Lendela is here to make it happen. Whether you want a personal loan for buying a new car or fund tertiary education, the process does not have to be stressful and painfully long. By applying for a personal loan through Lendela, the process that could have taken multiple hours, days, or weeks is completed in just a few minutes – you walk in, walk away in no time.

Comparing loan offers with Lendela makes it easy for you to march to success faster. Why struggle to make ten applications, and all of them get rejected when Lendela can get it done in no time? Submit the application, go on with your work, and let Lendela do the work for you. Other benefits of using Lendela include:

1. You only need to provide a few details.

2. Lendela partners with a long list of banks and licensed lenders to get the approval of the application as fast as possible.

3. By connecting with multiple banks and licensed lenders, Lendela makes it easy to compare and identify personal loans with low-interest rates.

4. You can find a personal loan even with a not so good credit score. Even if most conventional financial institutions might have declined your application, Lendela can help to revive your hope of getting the personal loan that you want.

Back to top