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  • Select the best personalised offer
  • Receive your money at the best possible terms
  • 4.9/5 ⭐️ rating on Google Reviews
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Loan Amount
$
Loan Amount
$1,000
$200,000
$20,000
Tenure
Tenure
3
72
Month

Your monthly payment

$ 533

Selected Partners
DBS
POSB
HSBC
SCB
CIMB Bank
SingPass
Singapore Fintech Association
Carousell

70,000 loan applications yearly!

Find out what our great customers have to say about Lendela.

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spawny zul
7 hours ago
Is my best experience with Lendela, the officer are all very helpful with us in many ways. Even we were turn down...
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Alexander Ow
1 day ago
Great recommendation of the best interest for the borrower, highly recommended!!!
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Lin Xiyang
2 days ago
Well done.fully recommended
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Jia Jin
5 days ago
Loan approve quickly and and to have higher value
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Noor Shahirah Jamaluddin
5 days ago
Dharan was very helpful. I was not able to get a loan from one of the LML, but he quickly recommended another one...
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Salsad Sedona
1 week ago
The process was abreeze. With help from Sumi who recommended me to a reliable source for loan. Lendela is a...
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Sachin Singh
1 week ago
I got Help from Lendela They Helped each and every time to get finaces when i am need
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A Z
1 week ago
Very helpful and efficient Very concern and reliable
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Hidayat Sabirin Cikgu (TetsuYat)
1 week ago
I was served by Mr. Dharan and his services are fantastic and awesome. These are the two words best described his...
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Mohamed Taufiq
1 week ago
Efficient and easy. Staff, Dharan was incredibly helpful and supportive in the process
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Mariana Buang
1 week ago
Very helpful & spoken to Fiza
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SURIYATI ISMAIL
1 week ago
Efficiently replies of offers through the apps. Safe secure of personal particulars. Good and polite service and...

Multiple Offers At Your Fingertips

Find the best loan offer with Lendela:

Apply fast & easy

1. Apply online with Lendela to find the best financial institution in Singapore

Receive your offers

2. Receive & compare multiple tailored offers

Select you preferred loan

3. Select you preferred loan and receive your 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 every month.

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How to Find the Right Financial Institution in Singapore

We are partnering with banks and financial institutions in Singapore to ensure that you get the best possible terms when you apply for a loan with us. However, before doing so, there are a few important things to know about financial institutions. Read our handy guide below to get on top of the subject, so that you can be sure how to find the best financial institution in Singapore.

What is a financial institution?


In Singapore, there are 150+ financial institutions operating under the verification and approval of Singapore laws. Just like regular banks, financial institutions in Singapore are entitled to provide credits and loans to the Singaporean population, as well as perform credit checks to ensure their applicants' credit rating and eligibility for a loan. Like banks, financial institutions in Singapore provide both secured loans (e.g. car loans and mortgages) and unsecured loans (personal loans, debt consolidation plans etc.)

As part of the loan industry in Singapore, all financial institutions are obliged to operate under strict regulations. The regulations cover subjects like loan terms (tenure, interest rate etc.), marketing guidelines, and much more. As a borrower, you are legally obliged to fulfil a loan contract with a financial institution.

Most financial institutions in Singapore provide online application options on their websites for their customers.

What is the difference between a financial institution and a bank?


The main difference between a bank and a financial institution in Singapore is the loan terms that they normally offer. While banks in most cases focus on providing higher loan amounts with a longer repayment period (tenure), financial institutions in Singapore are normally offering slightly smaller loans with a shorter tenure.

Having said that, the chance of getting a loan from a bank is normally lower than getting it from a financial institution. The reason for this is that the banks are more restrictive in offering unsecured loans and normally require more from the applicant in terms of monthly income, savings and credit rating.

In conclusion, it can be said that banks and financial institutions are catering for slightly different customers. If you are eligible to get a loan from a bank, these loans will most likely save you money through better loan terms (like lower interest rate), but if you don't meet the banks' requirements, there are several good financial institution options for you to get the money that you need.

How to avoid unlicensed scammers and loan sharks


The society is full of different actors and unfortunately, there is a fair share of illegal players operating in Singapore today. These illegal actors can be anything from online scammers running a nice-looking website with a made-up license number, to straight-up loan sharks operating in the streets. It is needless to say that it is of great importance that you stay away from these type of people and companies. But how will you be able to separate an illegal loan scammer from a financial institution in Singapore? Here are some signs that the party you are engaging with isn't licensed:

  • The scammer is willing to grant you a loan without performing a proper background check on yourself and your financial situation (e.g. if the person approves your loan inquiry via phone or e-mail before having received and assessed a proper loan application, including supporting documents such as payslips and bank statements)

  • The scammer keeps a part of the agreed loan amount away from you

  • The scammer refuses to provide you a copy of the loan agreement

  • The scammer doesn't explain the loan terms (such as repayment plan, interest rate and fees) to you in a language that you understand

  • The scammer keeps any of your personal ID documents (such as SingPass ID and / or password, NRIC card, driver’s licence, passport, work permit, employment pass or ATM card) in "exchange" for the loan

If you encounter any of these behaviours or practices, know that you are probably dealing with a loan shark in Singapore and avoid falling into their trap. In addition, you should report the misconduct to the Singapore Police Force, along with the loan shark's name, license (made-up or real) and contact information.

Taking up a loan from a financial institution in Singapore


As any bank, financial institutions in Singapore are allowed to offer any loan amount if the loan is secured. However, there are some rules for unsecured loans (personal loans) when it comes to maximum amount that you can borrow from a financial institution:

Singapore citizens and Permanent Residents (PRs):

  • With an annual income that is less than $20,000, you are allowed to borrow max. $3,000

  • With an annual income of at least $20,000, you are allowed to borrow max. 6 times your monthly income


Foreigners residing in Singapore:

  • With an annual income that is less than $10,000, you are allowed to borrow max. $500

  • With an annual income of at least $10,000 and less than $20,000, you are allowed to borrow max. $3,000

  • With an annual income of at least $20,000, you are allowed to borrow max. 6 times your monthly income

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Interest rates and fees for financial institutions in Singapore


The max. interest rate that financial institutions in Singapore can charge is 4% per month, no matter the applicant's income or if the loan is secured or unsecured. If you fail to repay the loan in time, the max. rate of late interest that can be charge by a financial institution, is also 4% per month, for each month the loan is repaid late. The interest rate is based on the amount that is left to repay from the loan and not the amount that is already repaid. Late interest rate can only be charged on the amount that is repaid late and not the outstanding amount that isn't yet due to be repaid.

There are also restrictions when it comes to loan fees imposed by a financial institution in Singapore:

  • A fee can't exceed $60 for each month of late repayment

  • A fee can't exceed 10% of the principal of the loan when a loan is granted


However, a financial institution has the right to ask the borrower for compensation for legal costs if the financial institution's claim for the recovery of the loan turns out to be successful in court.

IMPORTANT: The total charges on any loan, including interest rate, late interest rate and various fees, can't exceed an amount corresponding to the principal of the loan.

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How good credit score can help you enjoy lower interest rate


As you can see, the interest rate that a financial institution in Singapore can charge borrowers varies quite a lot. To determine the interest to charge, your credit score comes into play. So, if you qualify for a loan from a specific financial institution, the cost of the loan is likely to be lower if your credit score is excellent. Here are some useful tips to ensure you have the best credit score for lower interest rate loans in Singapore:

  • Get a copy of your credit report to check if it has errors. If you note any, ask the Credit Bureau Singapore to correct them before commencing your loan application in Singapore.

  • Try staying away from credit card purchases. When you make new credit card purchases they are likely to raise the credit utilisation rate, which contributes to a significant percentage of the credit score. The higher the balance, the more your score is likely to get impacted negatively.

  • Start by paying off past dues. About 35% of your credit score is based on your payment history. This makes it one of the most important components if you want to push up the credit score for low-interest loans from the best financial institutions in Singapore.

  • Avoid making new credit card applications. As long as you are on a mission to rapidly improve your credit score, making a new credit card application is likely to hurt as opposed to help. Since your credit accounts and number of hard inquiries make 10% of your credit score, avoiding them sends a signal of financial stability, which boosts the score.

  • Contact your creditors. This can be a hard one, but it works when you are trying to boost your credit score. When you reach your creditors to tell them about some hardships that might make your monthly payment(s) delay, they might be able to help. You will be surprised how these creditors want you to improve your situation and have a healthy financial life.

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How to find Singapore's best financial institution


Luckily, this is the simplest part. You are always encouraged to "shop around" for a financial institution loan, to make sure that you eventually select an offer that is decent and comes with the best possible loan terms. However, the process of comparing all your loan options from financial institutions can be very cumbersome, as it requires multiple application processes. This can also affect your credit score negatively, as multiple credit checks risk to deteriorate your credit rate, which will affect your future chances to get a loan or credit.

This is where Lendela comes in. We help you apply with multiple Singaporean banks and financial institutions at the same time, via just one online application form. After your application has been sent to the banks and financial institutions, we will notify you as soon as you receive an offer, and eventually help you compare all your options and select the loan offer that suits you the best. We stay with you all the way until your loan is disbursed and our service is completely free of charge.

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