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Before Applying With Lendela

Before Applying With Lendela

What does Lendela do?

Lendela is Singapore's only personal loan matchmaker. Serving as a middle-man between you - the borrower - and loan providers, our job is to help you get the best possible loan given your personal situation. By submitting a single loan application at, you get access to personalised loan offers from multiple banks and financial institutions. We then help you compare the offers and support you throughout the process all the way to disbursement with the loan provider that you select. Our service is 100% free of charge, fully online and takes no more than a few minutes.

Is Lendela a lender?

No, Lendela is not providing any loans itself. Instead, we are partnering with multiple banks and financial institutions to make sure that our customers get access to offers from as many loan providers as possible.

What is the difference between Lendela and a traditional loan comparison service like SingSaver or MoneySmart?

The main difference between Lendela and a loan comparison service is that you receive personalised, pre-approved offers from loan providers through the Lendela application. All the offers that are presented to you, are based on your unique application and personal situation. Furthermore, Lendela provides personal customer service throughout the loan application process. If you ever have any questions about the application process, loan offers or banks, we are always just a call or WhatsApp message away.

Who are Lendela's lending partners?

Our panel of partners is constantly growing as we onboard new banks and financial institutions every month. As of today, we partner with more than 40 banks and financial institutions in Singapore, such as Standard Chartered, CIMB, DBS and HSBC.

Does Lendela have a license?

Lendela's service is fully approved by Singapore's Ministry of Law and we operate according to regulatory requirements. As Lendela is not a loan provider, we do not require a license to conduct our business.

Is my personal information secure with Lendela?

We never share any data related to you as an individual or your application unless it is essential to help you receive the best possible loan offer. Your privacy and the protection of your data is extremely important, and contact details are only shared with the loan provider after you have selected a loan offer. All our partners are obligated by law to follow privacy laws in Singapore.

What does it mean that Lendela is "independent"?

As a loan matchmaker, we are not controlled by a specific bank or financial institution. All the partners in our panel have the same opportunity of presenting a competitive loan offer to you. We will never promote one specific bank or offer on our platform – it is always up to you as a borrower to decide which loan offer will suit you the best.

Lendela is a free service. How does Lendela make money?

Our job is to make sure that you find the best possible loan. When you accept an offer using our service, we get paid a small service fee from the bank. That is why our service is 100% free of charge for you as a customer. We work without any hidden fees or charges.

Why should I try Lendela?

We help you find the best possible loan offer and spare you the hassle of applying multiple times with various loan providers . Applying for a personal loan with Lendela doesn't cost you anything and only takes a few minutes. In addition, you are never obligated to accept any of the offers given to you. If you are looking to get a personal loan, it is in your interest to compare as many offers as possible before choosing a loan. This is what Lendela is helping you with – for free.

How do I apply for a loan?

It is very simple. Click on the link to start your loan application.

Can I apply for a loan through Lendela several times?

Of course. However, you can only apply for one loan at a time. After your loan has been disbursed, you are welcome to apply for another loan by submitting a new application.

Am I eligible for a loan?

The final loan approval is always subject to each loan provider's internal requirements, processes and eligibility criteria. Therefore, it is difficult to assess your eligibility for a final loan before you have applied using our application form. By partnering with multiple banks and financial institutions, we increase your chances of getting a loan; if one bank declines your application, you still have a good chance of getting approved by others.

Minimum requirements when applying with Lendela
• You have to be 18 - 70 years old
• You have to earn a minimum monthly income of $1,200
• You have to be a salaried Singaporean / PR / EP holder

If you have bad debts
You can still apply with us as we partner with financial institutions who might be able to help you. However, if you have outstanding debts with both banks and financial institutions, your chances of obtaining a loan will be significantly reduced. We still encourage you to apply on our platform, as with Lendela, we can assure you that your application will always be carefully reviewed in order to better understand your financial situation and serve you.

If you have existing loans
We have helped many customers with existing loans, so you have come to the right place!

What is debt consolidation?

If you are borrowing for debt consolidation, your approved loan would be used to repay your existing loans. If you are looking to consolidate your debt, we are happy to inform you that Lendela partners with multiple banks and financial institutions that offer debt consolidation loans.

Do submit an application with us and we look forward to serving you!

After Submitting Your Application

After Submitting Your Application

When will I receive the money?

This depends on each loan provider's internal process. Although, once your application has been approved and you have accepted an offer, it normally takes between one hour and a couple of days to receive the money in your bank account. In some cases, the disbursement happens immediately after approval.

What is the cost of the loan?

The loan terms – such as interest rate, tenure, processing fees etc. – are based on your unique application and individual circumstances. Before you have submitted your application, it is difficult to estimate the interest rate that you will be offered. Keep in mind that the interest rates can vary significantly between banks and financial institutions, and based on the loan amount and tenure that is offered. Make sure to compare all offers given to you before choosing the one you prefer.

How do I get the lowest possible interest rate?

Lendela will help you with that! We will send your loan application to multiple banks and financial institutions, and by doing so, make sure that you get multiple offers to choose from. All you need to do is compare your offers and select the one with the lowest interest rate.

What does APR mean?

The term APR stands for annual percentage rate of charge, which is the interest rate on a loan for a full year, rather than just a monthly rate. Annual percentage rate can be divided into nominal APR and effective APR. The nominal APR equals the simple-interest rate for a year, and the effective APR is the fee plus compound interest rate calculated across a year.

Will I be forced to choose a loan offer?

Definitely not. You are free to use our service as much as you want to compare personal loan offers. There is no commitment tied to your application and you are free to decline all the offers presented to you. Go ahead and try us!

What can I use the loan for?

You can use the loan for multiple purposes. Unsecured loans like personal loans are used to finance everything from weddings and travels, to home renovation and education. You can also use the money for unpredicted emergencies, to pay outstanding bills, or to consolidate existing debt. The choice is yours.

How much can I borrow?

This depends on a few factors like your credit score, financial history, outstanding debt and income. As a rule of thumb, you should only borrow the amount you truly need to make it easier to repay your monthly instalments. According to Singapore regulations, you can borrow up to 8 times your monthly income with banks.

What will my monthly cost be?

Your monthly loan cost will be depending on the loan amount that you are granted, the length of your repayment period (tenure), as well as your credit history. If you want an indication of what your monthly cost would be, you can use our loan calculator. In order to get a personalised monthly cost, you need to submit an application.

Can I pay off the loan whenever I want?

You will need to pay off the loan on a monthly basis to avoid any late fees. Most banks and financial institutions do allow early repayment as well.

Choosing Your Offer

Choosing Your Offer

What is instalment?

You can repay your loan in portions, also known as instalments. In general, you are required to make one instalment every month (monthly instalment). This instalment is to pay off both interest and principal amount, for a specified amount of time until the loan is fully paid off. Read more about instalment.

What is a credit check?

The process of requesting a credit report to assess your financial situation is called a credit check. A credit provider must have a justifiable reason to carry out a credit check. Read more about credit checks.

What is an annuity loan?

An annuity loan refers to an arrangement where the borrower has to make identical instalments every month. The combined loan principal and interest charges are divided by the number of payments to be made.

What is a pre-approved offer?

Our partnering loan providers are able to return with so-called pre-approved offers (also called in-principle-approved offers) to you. For final approval, the bank or financial institution has to perform a credit check and obtain supporting documents. The pre-approved offer is still a strong indicator of how your final offer will look. After the credit check is done and the documents are submitted, you always have the opportunity to negotiate the pre-approved offer to get a larger loan amount or better terms, or reject the offer altogether.

lendela-tick Tailored offers from banks & financial institutions
lendela-tick Apply, compare & choose online for free
lendela-tick Borrow up to $100,000

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