Lendela is the ultimate lender comparison site, which is premised on the need to simplify the loan application process and helping borrowers find the best possible personal loan whilst avoiding unlicensed moneylenders and credit with tough terms. Lendela introduces the revered Scandinavian loan matchmaking model to Southeast Asia, but how does it work? Here is a review of Lendela and its loan application process to help you appreciate why we are the best in Singapore when it comes to personal loan comparison.

Why Lendela?

Lendela is the true loan matchmaker in Singapore, acting as a bridge between the lender and borrower. To understand the main reason for the middle-man in the process, let us check the normal loan application process. When looking for a loan, there are hundreds of banks and licensed lenders, and each of them has its own application processes as well as conditions that borrowers need to meet to qualify for a loan. Trying to apply directly to these lenders requires you to review the requirements of each and tailor the application based on them. This can be tedious and stressful, perhaps taking days and requiring multiple phone calls. However, you do not have to skip work for several days to make applications, because Lendela is here to help.

Instead of struggling with the lengthy process, Lendela reduces it into a simple one-time application. You submit one application, but it is forwarded to different banks and licensed lenders. Indeed, the application is carefully structured so that it only requires a short moment. Lendela takes the stress out of the application process and greatly increases the chances of getting your loan application approved.

A Review of the Loan Application Process at Lendela

The process of loan application is so simplified that many people who have struggled trying to do it before will want to witness. Well, it is time to try Lendela, and you will love its speed and convenience. So, here is how it works:

Lendela works with a host of banks and licensed moneylenders with various conditions. When you submit an application, Lendela uses a loan matching algorithm so that it is only forwarded to lenders who are ready to work with you based on the particulars you provide. For example, an application from a borrower with poorer credit score will be forwarded to lenders who are willing to approve such borrowers.

After the lenders get your application, they return offers, which you are supposed to review. The offer you get means that your loan has been pre-approved, and the only remaining thing is potential additional documents (that are easily uploaded on your Lendela account), and your signature. When you receive the offers, experienced Customer Service Agents at Lendela will help you to decipher everything. For example, what are the interest rates, monthly payments, and loan terms? This might be the best time to use a loan calculator.

Once you settle for a specific offer, you simply book your appointment with the particular lender to sign the loan. Indeed, you can even schedule your signing of the loan based on your diary. See – the process is so simplified and hassle-free!

Lendela Targets Making Everything the Best for You

The simplified loan application process and loan comparison are the primary targets for Lendela, but you get to enjoy a lot more. Because Lendela only works with banks and legit licensed moneylenders, you get the confidence to borrow because the process is protected by law. Therefore, you do not have to worry about personal details getting accessed by other third parties.

When offers are issued by lenders after an application is made, no conditions are given for you to accept them. You are free to review them and, if not satisfied, walk away. Indeed, you should review the offers to ensure that only the offer with the best terms is selected. Particularly, you should target picking the loan with the lowest interest rates and no hidden charges.

Lendela is the ultimate lender comparison site, and you should not shy away from using it. Borrowers who have used Lendela services return a positive verdict and this can be your turn.