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Lendela is a digital loan matching platform that matches borrowers with personalised loan offers from multiple banks and licensed loan providers. Through a single online application with Singpass, Lendela’s unique matching model anonymises your personal information while allowing loan providers to generate a personalised rate in a matter of minutes, bringing your most competitive rates to you so you never have to search for them.

A personal loan is a type of loan that isn't tied to specific purposes, such as a mortgage for buying a house or an auto loan for purchasing a car. A personal loan is also unsecured, which means that no collateral is required. This is why approval is highly contingent on your creditworthiness and debt-to-income ratio, and also why personal loans generally have higher interest rates than secured loans.

Personal loans also generally have a quicker approval process when compared to secured loans.

Some of the most common reasons Singaporeans take out personal loans for include renovations, weddings, emergencies, home and household-related expenses, recurring bills and different types of debt, debt consolidation, and business-related costs.

Using a loan matching platform like Lendela is the safer, cheaper, and quicker way to find your ideal loan. While some borrowers may apply directly with a bank or loan provider, most recognise that comparing loan rates tends to be an effective way to find the most competitive offer.

However, it’s important to recognise that advertised rates are rarely your final rate. Most borrowers end up applying across multiple banks and providers to compare their real rates, unknowingly damaging their credit scores as each loan application leaves a record on their credit report and signals to banks that they may be a "financial risk."

Lendela helps avoid these issues by matching you with personalised loan offers from multiple lenders through a single application, protecting your credit score and ensuring you find the best deal every time. For more insight into the application process with Lendela, jump here.

Lendela is not a loan provider and thus does not require a banking or lending license.

We are a fintech firm and registered company in Singapore, operating under the purview of the Ministry of Law just like other fintech firms. Lendela is also a member of the Singapore Fintech Association.

Learn more about us here.

Eligibility criteria varies from bank to bank, and it's important to note that Lendela is not a lender and has no control over a borrower's eligibility. Below are some common eligibility criteria set by most banks and licensed providers.

Age: Typically, you must be at least 21 years old. Some providers may have a maximum age limit, often around 65 to 70 years.

Income: Minimum income requirements vary by provider but generally range from $20,000 to $30,000 annually for Singapore citizens and PRs. For foreigners, the minimum income requirement is often higher, usually around $40,000 to $60,000 annually.

Employment: Stable employment is a key criteria of banks and loan providers. Most prefer borrowers who have been employed for at least three months. Self-employed individuals may need to provide additional documentation, such as tax returns.

Credit Score: While Lendela does not perform credit checks, a good credit score increases your chances of approval and getting favourable interest rates. Credit scores in Singapore range from 1000 to 2000, with higher scores indicating better creditworthiness. If you’d like to know more about improving your credit score, check out this article.

Typically, you can borrow anywhere from two to six times your monthly income, up to a maximum of $200,000. The exact amount you are eligible for often depends on your salary, your credit record, and other existing debt.

On top of this, the Total Debt Servicing Ratio (TDSR) regulation in Singapore also means that your total monthly debt obligations cannot exceed 55% of your gross monthly income. This includes all loans such as home loans, car loans, and personal loans.

For a simple illustration, refer to our handy loan calculator.

The personalised loan offers we match you with consist of an interest rate and loan terms that are unique to your borrower profile, which takes into account several factors including income, existing debt, length of employment, credit score, and many more.

When looking for a personal loan, it’s important to recognise that advertised rates from banks and loan providers are not personalised, and are rarely the rates you will qualify for.

This is why Lendela’s unique matching model matches you with your personalised rates from multiple banks and loan providers — so that you always get your most competitive rates delivered to you instead of having to search for them.

Upon accepting an offer from a bank, you’ll be able to receive the funds in your bank account in as little as 15 minutes.

As local regulations require borrowers to physically verify their identities at non-bank providers, you’ll receive the funds when you arrive at their office after accepting an offer from a non-bank provider.

An application with Lendela takes two minutes with Singpass and automatically submits all the necessary documents, such as income statements, residential address, and CPF contribution history, required for our lending partners to generate a personalised offer unique to you. If you choose not to use Singpass, you’ll upload these documents digitally.

Assuming all information is accurate, you’ll receive personalised loan offers from over 50 banks and loan providers in just a couple of minutes. This process is faster than applying directly with a single bank or loan provider and ensures you get multiple offers tailored to you.

We recommend applying with Singpass to shorten the application process.

A personal loan isn't tied to specific purposes, such as a mortgage for buying a house or an auto loan for purchasing a car. Some of the most common reasons Singaporeans take out personal loans for include renovations, weddings, emergencies, home and household-related expenses, recurring bills and different types of debt, debt consolidation, and business-related costs, but essentially, how you use the funds is entirely at your discretion.

Still have unanswered questions about borrowing? We know this process can be overwhelming, but fret not — we've prepared transparent answers to some more of your most asked questions below.

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