Frequently Asked Questions

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 lendela.com, 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.

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.

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.

Our panel of partners is constantly growing as we onboard new loan providers every month. As of today, we partner with more than 30 banks and financial institutions in Singapore, such as HSBC, Standard Chartered Bank and DBS.

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

As a loan matchmaker, we are not controlled by a specific bank or financial institution. All the loan providers 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.

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.

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.

It is very simple. Click to start your loan application.

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.

Always. To us, your privacy and the protection of your data is extremely important. We never share any data related to you as an individual or your application unless it's essential in the process of getting you the best possible loan offer. All our banks and financial institutions are also obligated by law to follow the privacy laws in Singapore.

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.

However, these are the 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

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!

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.

This depends on your annual income. According to Singapore regulations, you can borrow up to 6 times your monthly income with financial institutions and 8 times your monthly income with banks.

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.

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.

Yes. Depending on how much debt you currently have, combined with your additional financial circumstances such as your monthly income, the loan providers can offer you both unsecured loans and debt consolidation plans. Some banks are more restrictive when it comes to offering loans to applicants with debt, and some financial institutions are specialising in this type of lending. The easiest way for you to see whether you are eligible for any offer, is to apply on our website or contact us directly.

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 less than a day before the money is in your bank account. In some cases, the disbursement happens immediately after approval.

The loan terms – such as interest rate, tenure, processing fee etc. – are based on your unique application and individual circumstances. Hence, 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 also differ 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.

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.

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+compound interest rate calculated across a year.

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.

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.

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.

Our partnering loan providers are able to return with so-called pre-approved offers (also called in-principle-approved offers) to the applicant. 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 the 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.