WE FIND YOU THE BEST PERSONAL LOAN IN SINGAPORE

  • Fill out our free online application
  • Receive multiple personal loan offers
  • Compare rates, select the best offer and get the money within 24 hours
  • 4.9/5 ⭐️ rating on Google Reviews

START HERE...

Loan Amount
$
-
+
$1,000
$200,000

Tenure
-
+
3
72

Your monthly payment

$505

SELECTED PARTNERS
DBS
POSB
HSBC
SCB
UOB
Citibank
SingPass
Singapore Fintech Association
Carousell

30,000 loan applications yearly!

Find out what our great customers have to say about Lendela, Singapore’s top loan company.

Kassim Ismail
Kassim Ismail
5 months ago
Very good thanks lendela👍
Danial Memel
Danial Memel
5 months ago
Quick, friendly staff that is willing to answer any questions, felt like we are their priority.. good job!
Rohaizat
Rohaizat
5 months ago
Simply Wow!Tip top service! Professionalism at its best.No more stress! I would certainly recommend to my friends...
Ivan Yeo
Ivan Yeo
6 months ago
Very efficient and good in recommendations.
June Tew
June Tew
6 months ago
The staff at the company was great help. They made the process easy. Lenleda staff also did a close follow up.
L'ollonais Dani
L'ollonais Dani
6 months ago
Fast and reliable!
Krait
Krait
7 months ago
Was sceptical initially but officer wani was helpful in helping me getting a debt consolidation loan to clear off...
Muhammad Sofie Abu Bakar
Muhammad Sofie Abu Bakar
7 months ago
Thumbs up to this company and also for the excellent customer service from Fadilah! She went to the extra miles to ...
Nuur Syuhan
Nuur Syuhan
8 months ago
Wani has been a great help for me since day 1 and she even went on her extra mile to help seek to my most...
Kevin Phua
Kevin Phua
8 months ago
Super good, very efficient. Very happy
Gavri'el Asher Ong
Gavri'el Asher Ong
8 months ago
If u are looking for a loan offers, Lendela is the app to go to because it cosolidates all the offer given to you...
Diego Sayas-Tolentino
Diego Sayas-Tolentino
8 months ago
Great service in comparing loans. Efficient, fast and friendly. More power to the borrower. :) Shout out to...
Khai Hsing Ng
Khai Hsing Ng
8 months ago
Friendly and helpful
Muizudeen Mohammad
Muizudeen Mohammad
8 months ago
Very professional, smooth transaction and less waiting time.
Mohd Husni Hamidi
Mohd Husni Hamidi
8 months ago
Good Service by Lendela.Find the suitable solution for emergency need.Assist by experienced staff Fadilah. Very...
dollies 21
dollies 21
9 months ago
Friendly,safe and hassle free... thanks to Fadilah nice service and very detail. And thank you Lendela team highly ...
Lyna Nazri
Lyna Nazri
9 months ago
Accurate info. Fast approval. Very friendly customer service. Will use Lendela again and recommend to my friends.
xPyy GT
xPyy GT
9 months ago
Very Helpful.. Help me get the loan i wanted within a day. very fast and efficient. staff were polite too. very...
Marie Erucelle Rodriguez
Marie Erucelle Rodriguez
9 months ago
They will really find the best loan company for u and let you get the amount u need..
Nur Azhar Osman
Nur Azhar Osman
9 months ago
When in need of loan, look for lendela! Reliable and trustworthy company. They will eventually look for company to ...
Mohamed Alfiean Bin Ali
Mohamed Alfiean Bin Ali
9 months ago
Thanks Wani for the great help
Zheng Zhong Ren
Zheng Zhong Ren
9 months ago
Very accurate description. I had my loan of 2.5K obtained quickly as described. Very friendly customer service....
Stephen Low
Stephen Low
10 months ago
Professional service , helpful , friendly and responsive. Service recommended
AJ Tan
AJ Tan
10 months ago
Friendly and helpful in their recommendations and proper guidance.
Suffian Synyster
Suffian Synyster
10 months ago
Great experience with Lendela, super efficient with the services. Thanks for helping Ms Wani...
Muhd Amirul
Muhd Amirul
10 months ago
Excellent customer service. No pressure was enforced in taking up a loan and was really impressed with their...
Mathan BioMech
Mathan BioMech
10 months ago
Very helpful with what I'm looking for.
Chirag Goel
Chirag Goel
10 months ago
Good Service!
Mohamed Fadhil
Mohamed Fadhil
10 months ago
Great experience with them, super efficient and kudos to Ms Fadilah for being such a great help! Thumbs up!!
Max Yuan
Max Yuan
11 months ago
Good follow up by them even took the extra mile to assist us even we feel there is not much hope thanks!
Witawat Choo
Witawat Choo
11 months ago
Had made two loans through Lendela. Website is easy to use and straightforward. After accepting loan offer, the...
fiewan ejal
fiewan ejal
11 months ago
Fadilah was very remindful and has help me in choosing which loan offer to choose from. Kudos to her and lendela....
Jeffrey Yeo
Jeffrey Yeo
11 months ago
Good and friendly response. ❤️
Jas Nora
Jas Nora
1 year ago
Such a hospitably and a family friendly staff.. Psst.. can i join you guys..☝️👍
Adam Mikhael
Adam Mikhael
1 year ago
I had a great experiences while looking for financial assistant and was helped by your staff, Fadilah. She helped...
alicia jo
alicia jo
1 year ago
Loan was efficient and convenient
Khairul Ismail
Khairul Ismail
1 year ago
Awesome platform. Thank you
Artalex . Me
Artalex . Me
1 year ago
It's very convenient to use. It searches possible loan offers as much as it can for you (within a few hours). Then ...
Ahrul Candy
Ahrul Candy
1 year ago
great customer service and a reliable source to help you find a good and flexible loan .
Farid Zin
Farid Zin
1 year ago
Fast and efficient. Pleasant transaction.
Muhammad Amiruddin Said
Muhammad Amiruddin Said
1 year ago
Was kinda skeptical abt it but it was a smooth journey from the start till the end; from me asking them questions...
Ganesh Parveenth
Ganesh Parveenth
1 year ago
Very satisfied with their service. Very Friendly and understanding. Definitely recommended 👌🏾
Jaja S
Jaja S
1 year ago
from the time u submit your application, you will receive at least 3 offers within the next few hrs and the offers ...
Zel Zel UWU
Zel Zel UWU
1 year ago
they were really fast and efficient to provide the necessary help that i was seeking for :)! excellent
Afiq Bourne
Afiq Bourne
1 year ago
Wani is professional and a great asistance in answering any queries. She also follow up on client's approval.
Amin 1908
Amin 1908
1 year ago
Best assistance ever.....
abdul aziz mohd
abdul aziz mohd
1 year ago
Staff is very friendly and very helpful too. Explain eveything in detail about the loan to borrower. Two thumbs...
Hidayah Idros
Hidayah Idros
1 year ago
Efficient and helpful staff, Wani. Never fail to update and assist on my enquiries. Trusted and reliable broker....
Diyana Mohamed
Diyana Mohamed
1 year ago
Very prompt service from Vienoth who was friendly and answered all my queries. Quick process and excellent...
Mohamed Ramadhan
Mohamed Ramadhan
1 year ago
Great service rendered and their choices of recommended company is very good.
Zhi Xiang Low
Zhi Xiang Low
1 year ago
Extremely helpful and great patience by Wani, as it was my first time getting a loan, she guided me throughout the ...
KVR DRAGONFISH
KVR DRAGONFISH
1 year ago
The agent was able to offer me a loan real fast and I got thr loan as well. Great service!/
Jay Ho
Jay Ho
1 year ago
Great service from start till end. I had a short time frame to source for a loan. Rather than pushing to close the ...
Jason Thng
Jason Thng
1 year ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
Julie
Julie
1 year ago
Fadilah, Thank you so much for your hospitality in keep following up for me and immediate replies keep up your...
nabilul fikri
nabilul fikri
1 year ago
D and help me out to The Times I need the money and try to solve from the point when the new I can help me I...
Haizel Nur
Haizel Nur
1 year ago
Their service was super solid and their staff go out of their way to help. I love you wani!! 😆😆😆
zul Ahmad
zul Ahmad
1 year ago
Very friendly staff help to sources around for the best finance company..Good job n well done
Yvette Yin
Yvette Yin
1 year ago
Very friendly staff. Excellent customer service. Was able to find me a loan. Just need to attach all the required...
Joybo Banana
Joybo Banana
1 year ago
At first ,it might look like a scam website. So I gave my shot to try out and realized it's actually not.For those ...
Chng Kee Chin
Chng Kee Chin
1 year ago
Quick and fast response. Efficient in expediting the approval of the loan :)
Jade Yati
Jade Yati
1 year ago
Lauren has assisted me on my loan, He is so helpful. I eventually gotten a loan with Lendela Help. Thank alot...
Amirul hakim Mohammad
Amirul hakim Mohammad
1 year ago
Everything went smoothly
Zainul Chia
Zainul Chia
1 year ago
Absolutely amazing, help in alot of ways. Very recommended
Junwen Ong
Junwen Ong
1 year ago
A place for you to find the right loan that you need.
Sharen Raj
Sharen Raj
1 year ago
It was a great experience for me..the service Fadilah served was really impressive!! Good deal and perfect for...
papa yoss
papa yoss
1 year ago
very Friendly stuff , good service & helpful in loan .. thank you so much Fadilah !!🙏👍😊
Hock Min Ng
Hock Min Ng
1 year ago
(Translated by Google) Thank you Lendela Pre. Ltd for this platform, thank you Lauren for your help, ...
joshua henry
joshua henry
1 year ago
Lendela helped me find a good and legit company to get a loan. Lauren assisted me. She is so helpful with me, the...
Mohdsham Kan
Mohdsham Kan
1 year ago
Verry powerfull customer service Trust me they did a great job I give lendela pte Ltd 7 star service Can...
Cheng Chaisoon
Cheng Chaisoon
1 year ago
I have been searching for a right place to solve my money problem....found lendela on the Internet...Lauren was...
Mad Ness
Mad Ness
1 year ago
Lauren provide a great service for LENDELA! definitely worth your time
Gopinath Pillai
Gopinath Pillai
1 year ago
Wani of Lendela was extremely professional and very helpful. She went out of her way to assist me
Chen Zhenxiang
Chen Zhenxiang
1 year ago
For the amount of loan and repayment requested it was hard to find any company that's willing to lend....
Ami Vynes Lee
Ami Vynes Lee
1 year ago
I was assigned by Fadilah from Lendela to assist on my loan. She called me and start with a welcoming greeting,...
Abdul Faizal
Abdul Faizal
1 year ago
Ease of applications and approval. Thank you for facilitating the loan.
Nurfitrah Sanchez
Nurfitrah Sanchez
1 year ago
Wani has helped me efficiently! I was able to secure a loan fast and well detailed. Appreciate it alot.👍
Zac Haris
Zac Haris
1 year ago
Lauren has been a great help and she follow through with me until I successfully get the loan i im looking for....
ganesh jajanadan
ganesh jajanadan
1 year ago
Lendela staff *LAUREN* whom assisted me to secure a loan Thumbs Up to you for ur Professionalism. You went through ...
Sutrisni Norazmi
Sutrisni Norazmi
1 year ago
Thank you Lendela! Ur help is vvv much appreciated. My loan is approved within 30minutes! So relieved! Thank you...
James starshire
James starshire
1 year ago
Cool team, awesome platform. Person who helped me was super friendly and super efficient. Got a loan within the day
Dean Junior
Dean Junior
1 year ago
I felt relieved and glad that my loans were approved by the Company and even Lendela staff Miss Fadilah went a...
Zie Mohd
Zie Mohd
1 year ago
Thanks Wani for follow up till to the end. Overall process was smooth and make feel much better. Thanks a loads!...
Kiza Kiza
Kiza Kiza
1 year ago
Thanks Wani for following up and the response was super efficient. Everthing went smooth. Thanks a loads!...
Yus Shinoda
Yus Shinoda
1 year ago
Everything is easy with Lendela, the loan offers was surprisingly quick for a first time experience. Lauren was so ...
Aisyah Aila Varisha
Aisyah Aila Varisha
1 year ago
Tks fadilah for ur kindness and helping me to located the area hv a good work & patient.. keep it up.. cheers 🥂
Stephen Chua
Stephen Chua
1 year ago
Meticulous service with timely follow-up.
Zara S.
Zara S.
1 year ago
Hassle and fuss-free. Fadilah was very patient to assist me in applying and clarifying my queries. It was a fast...
Hans Ahmad
Hans Ahmad
1 year ago
Good service and very helpful... Thank you so much.
Nazruddin Sanchez
Nazruddin Sanchez
1 year ago
Really appreciate the help given by Fadilah. Thanks to her I was able to secure a loan fast and easy. Very...
Ruhaizat Yazid
Ruhaizat Yazid
1 year ago
Great service.. Lendela really supported me when im really in need. Thanks guys
Mohd Loqman
Mohd Loqman
1 year ago
(Translated by Google) ʟᴇɴᴅᴇʟᴀ ɪs ɢᴏᴏᴅ ᴘʟᴀᴄᴇ ᴛᴏ ᴇɴǫᴜɪʀᴇ ᴀʙᴏᴜᴛ...
Faythz Fiztroy
Faythz Fiztroy
1 year ago
Awesome and friendly customer service , fast and efficient transaction, clear explanation and advise on product...
Wesley Hii
Wesley Hii
1 year ago
Really hassle free and smooth transaction. Enquired personal loan in and got my cash 💰 in the afternoon, whole ...
Kelly Khoo
Kelly Khoo
1 year ago
Highly recommended for their service! Amazing patience and detailed follow up! Kudos to Fadilah! Really appreciate ...
Muhsin Nuruddin
Muhsin Nuruddin
1 year ago
A place where you need help financially and with flexibility to commit . They will do the search for you! And...
Azimkhan Khanazim
Azimkhan Khanazim
1 year ago
I got my loan approved within the same day..n for that i would like to expressed my thanks to Fadilah from lendela ...
Muhd Rian
Muhd Rian
1 year ago
Great experience. Fadilah delivered a great service. Really helping me out and sort for me the loan i needed. The...
Stanley Y
Stanley Y
1 year ago
Applied online and service was great. Staff named Wani attended to me through whatsapp and followup was great,...
Jack Wong
Jack Wong
1 year ago
I am grateful to Lendela Kindness and great help. Staff Miss Wani was very helpful, patience, kind, polite, and...
Dylan Lai
Dylan Lai
1 year ago
fast response
Haneyy Joslin
Haneyy Joslin
1 year ago
Thank you lendela for this opportunity! Biggest thank you to Wani for helping me throughout the process!
Ariel Joyce Kho
Ariel Joyce Kho
1 year ago
Ben is really helpful and patient as he suggested the best loan for my situation with the most reasonable...
Yong Wee Necro Lee
Yong Wee Necro Lee
1 year ago
Superb helpful and efficient service from Ben. Strongly recommend to those who in need of financial help :)
Fi Ryan
Fi Ryan
1 year ago
Thank you lendela for giving me an opportunity to have a quick loan in my desperate time , thank you mr ben for...
JCM
JCM
1 year ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
Chew Clover
Chew Clover
1 year ago
Ben is friendly, helpful and informative. Really appreciate for his help! :)
Rahmat Rizzuandi
Rahmat Rizzuandi
1 year ago
Awesome service and honest staff!
AJF Writes
AJF Writes
2 years ago
I found my experience with Lendela efficient and professional. Would also like to commend a staff by the name of...
Timothy Marc
Timothy Marc
2 years ago
Danny is really helpful and was patient answering all my questions and helped !me get a food deal. Greatly...
Soler X2
Soler X2
2 years ago
First of al l ,i will like to thanks Danny From Lendela , for providing me options for my loan and the loan went...
15Y6C23 THNG JING XIONG
15Y6C23 THNG JING XIONG
2 years ago
Very useful platform to search for the best loan based on your eligibility. They r very helpful and accommodate to ...
Muhammad Fauzi
Muhammad Fauzi
2 years ago
Fast processing! Affordable interest rate .. highly recommend!
Muhd Hanif
Muhd Hanif
2 years ago
Was assisted by Lendela and everything went smoothly without any hassle. With the right guidance and patient, i...
Inul Jariah
Inul Jariah
2 years ago
I was assisted by Ben. He is very efficient and give advise perfectly. I got my loan approved smoothly.. I am...
kinetic candy
kinetic candy
2 years ago
Ben was nice and patient in making sure everything went smoothly. Thank you so much for your help! Appreciate it.
AizTheJoker HaHaahaaha
AizTheJoker HaHaahaaha
2 years ago
True great experience, really help me alot, Danny from Lendela when the extra mile to explain,assist & guide the...
fadly sven
fadly sven
2 years ago
the swift replies..the prompt responses..the friendly, patience and clear answers we got from Ben was super...
Vikramraj Shanmugan
Vikramraj Shanmugan
2 years ago
I had applied for a Loan through Lendela online and within an hour got a call from Ben. Ben was really helpful and ...
Annz Aanis
Annz Aanis
2 years ago
Ben assist me and give me hope that my chance of securing a loan is there eventhough I know its quite impossible....
Kathy Roland
Kathy Roland
2 years ago
They must be sorcerers. They managed to get back to me and I wasn’t expecting much, but Ben managed to help me...
TeeCc
TeeCc
2 years ago
Interesting idea with great assistance.
M Khiril Eirsyed
M Khiril Eirsyed
2 years ago
Great help and assistance from Ben. The process is very quick and reliable. Assisted me throughout the process and ...
Zac Zaini
Zac Zaini
2 years ago
Lendela is very efficient and reliable. They manage to recommend me company which meets my Criteria.. Their staff...
Nurhayati Natasha
Nurhayati Natasha
2 years ago
Was assisted by Ben and it was so smooth without any hassle. With the right guidance and patience, i was able to...
YUSHA VIM12
YUSHA VIM12
2 years ago
Very Efficient And Have Good Standard Of Replying Fast And Promptly Updates . A Staff In The Name Of Ben Help Me...
Shamen Heng
Shamen Heng
2 years ago
My experience was excellent. Staff by name Ben helped me thru the process patiently and promptly tat made my loan...
Sahim Sedik
Sahim Sedik
2 years ago
Received the reply on the next day about the loan from Izwan. Even though decided not to apply but still positive ...
TASH DYY
TASH DYY
2 years ago
Speedy replies! Excellent services with fast response for our application. Highly recommended.
Lim (mouseboy)
Lim (mouseboy)
2 years ago
Very helpful and follow up even when the referred company didn't reply
Erick Chng
Erick Chng
2 years ago
very proactive following up on the status and outcome of the application. prompt and friendly sales rep who shared ...
Iziaki R
Iziaki R
2 years ago
Good service fast response great replies and thanks for getting back with our offers
Mrdtux Rdtu
Mrdtux Rdtu
2 years ago
Friendly and fast communication

WE HELP YOU GET THE BEST PERSONAL LOAN

This is how it works:

Apply fast & easy

1. Apply with us in a few minutes – it is 100% free of charge

Receive your offers

2. Receive personalised loan offers from multiple banks

Compare and select online

3. Compare terms and choose the best personal loan deal

Sign the agreement

4. Sign the agreement and get your personal loan

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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Featured In

Lendela's guide to the best personal loan in Singapore

How do you find the best personal loan in Singapore the easy way? Take a few minutes and read our guide below, and you will have all the important information you need before applying for a personal loan online with Lendela. If you still have questions, feel free to contact our Customer Relationship Team for help.

What is a personal loan?

What is a personal loan?


A personal loan is money borrowed for personal use, such as paying off credit card debt, buying home gadgets, home or kitchen renovation, embarking on a special vacation, education, medical or wedding expenditure, or emergencies. Personal loans are also called consumer loans and are not usually backed by collateral. Banks typically begin the process by determining your credit score to assess whether you are eligible for a personal loan in Singapore and what interest rate should be placed on the loan. Making repayments on the loan usually involves making principal and interest payments monthly. The interest rates that are fixed on personal loans in Singapore will be determined by your credit history. Personal loans can be a good solution for individuals with financial issues that need to be resolved instantly. It also enables huge purchases and repayments at your own pace.

How personal loans work

How personal loans work


Banks and other credit institutions or financial companies can lend you, for instance, funds ranging from $5,000 to $250,000; and when you sign the dotted lines, you are agreeing to pay that amount back plus an interest. The repayments are made regularly and over a fixed period of time. The optimal loan tenure for a personal loan in Singapore is usually 10 years. Personal loan repayment rates are set such that you can slowly pay back the amount you borrowed, i.e., the principal and the interest.

There are a number of places that offer personal loans in Singapore for borrowers with different needs. Banks are often the first place people go to obtain an instant personal loan. Traditional banks require a decent credit score to qualify for any of their loan packages, and existing customers may be eligible for additional benefits. Virtual banks operate in more or less the same way but without the need for a physical branch presence, so you can obtain a personal loan almost instantly online.

Financial institutions, including online-based companies, are another popular option for personal loans in Singapore. These credit institutions have a strong track record of analysing consumer creditworthiness and can provide competitive personal loan offers. In some instances, financial institutions can be more flexible on some of the metrics when assessing an individual’s creditworthiness and effectively step in where some banks would have declined the same application. Online-based financial institutions often set themselves apart with flat-rate quotations and swift approval, along with added benefits like flexible disbursement, repayments, zero fees, or methods of lowering personal loan interest rates.

There are websites that allow individuals to compare and select personal loans online in an instant by connecting borrowers to banks and financial institutions. Lendela is the market leader when it comes to this type of service and the only online comparison platform that finds personalised offers so that you can compare concrete loan alternatives and select the best personal loan in Singapore.

Your 6-step guide to obtaining a personal loan

Your 6-step guide to obtaining a personal loan


Before securing a personal loan in Singapore, an application form will be first issued to you. Most banks and financial institutions follow a set of criteria when they’re considering you for a loan deal. To get the best loan package, there are some important things to think carefully about before filling out a personal loan application. Here are 6 steps to follow in order to secure the best personal loan in Singapore:

1. COMPARE YOUR OPTIONS

Weigh your options by determining the loan type that best caters for your needs. There are a variety of personal loans on the credit market today, and the one that you finally settle for is dependent on your financial situation and goals. Let’s examine some of the common loans that may be offered to you in Singapore.

• Secured loans

Secured loans require the presence of a guarantor or collateral. The guarantor will be responsible for paying back the loan should you default (i.e. fail to make repayments on the personal loan). If you present a house, car, land, a piece of machinery or any form of collateral, then the institution will take possession of the collateral until you fully service the loan deal.

• Unsecured loans

Most personal loans in Singapore are unsecured loans. For these types of personal loans, you do not need to present collateral or a guarantor. However, since these loans are unsecured, you may be asked to present proof of financial stability in order for your loan application to be acknowledged and ratified. This is done to ensure that you can make timely repayments on the loan.

• Personal lines of credit

You can also have an account through which you can borrow funds in fixed amounts without the need to repeatedly apply for loans. This is referred to as a personal line of credit. It can be likened to a credit card; however, a personal line of credit allows the borrower to obtain cash instead of credit. A line of credit is beneficial when making expenses for long-term ongoing tasks such as hiring the services of a contractor for home renovations. There is no set repayment period for a personal line of credit.

• Car loans

These are loans designed for the procurement of a vehicle. Depending on the financing rules deployed, there are typically two forms of car loans found in Singapore:

Conventional car loan:

This type of car loan provides personal funds for individuals for the purchase of a car with an interest rate calculated and set on the funds. The interest rate could be on a floating or fixed basis. The interest rates on the floating interest rate depend on the base rate which varies between banks.

Personal loan for a car:

An unsecured personal loan in Singapore can work as a good substitute for a conventional car loan. Since you can spend the money on what you want, this type of personal loan serves as a fast and easy way to your car.

2. ASSESS YOUR ELIGIBILITY CRITERIA

Make sure you meet the requirements for a loan deal. This will save you a lot of time that could be wasted considering a consumer loan that you are not eligible for. Basic eligibility criteria that need to be satisfied vary from bank to bank, but there are common factors to consider when applying for a personal loan, either online or in person. These include:

Credit score:

Many banks evaluate an individual’s credit score differently. In Singapore, you are generally expected to have a credit score that ranges from around 1825 to 2000 in order to qualify for a consumer loan.

Employment:

In general, banks accept applicants who work or reside in Singapore and are gainfully and stably employed or self-employed. Some banks may expect you to have alternative sources of income like retirement benefits or investments in addition to being employed.

Income:

To successfully apply for the best personal loan in Singapore via Lendela, you are required to earn a minimum of $1,600 per month.

Residency:

Most of our banks and financial institutions grant personal loans to Singaporean citizens, permanent residents and EP holders.

Age:

You are expected to be between 21 and 61 years old to apply for the best personal loan in Singapore with Lendela.

3. FINISH THE APPLICATION PROCESS

The application procedure for a personal loan varies across banks. Many credit issuers provide online-based applications in addition to applying at their branch office. Usually, you’ll be required to tender a variety of documents and personal data to the issuing institution, before or during the loan application process. The documents typically consist of:

Government-issued ID:

You need to provide a passport, driver’s license, or other forms of government-issued identification when the bank is processing your personal loan application or when you are collecting the loan disbursement.

Proof of income:

Some banks may ask you to provide payslips from the last three to six months, or your bank account statements. If you are in the self-employed category, banks may demand tax returns from the last two years of the most recent one-year statement for both current and savings accounts.

Proof of residence:

You need to prove your residential address. This can be done, for instance, by providing your latest local utility bills, local telecommunication bills, or local bank statement/credit card statement.

Apply with Lendela

When you apply for the best personal loan in Singapore with Lendela, your application gets sent to several banks and financial institutions instantly. They will get back quickly with their best personal loan offers in Singapore for you to compare. The online application takes only a couple of minutes to complete (to speed it up, have all your information ready), but you can also apply by calling our Customer Relationship Team and one of our experienced agents will help you through the whole process.

4. WAIT FOR A MESSAGE OF APPROVAL

Your online application for a personal loan will be acknowledged electronically and you’ll be notified as soon as a bank comes back with a pre-approved offer. This normally happens instantly, taking no longer than just a few minutes. No matter the approach of the bank, the pre-approval and full approval phases are the two stages you need to hurdle past to get your loan.

• The pre-approval phase

This is the provisional approval stage, which involves less time as the bank is assessing your credentials as a borrower. A pre-approved offer is also called an in-principle-approved offer. This designation is given while they await supplementary information from you which could range from additional pay slips to papers summarising your debts or assets. The credit issuer still needs to fully acknowledge your personal loan application and evaluate your credit before granting you full approval.

• The final approval phase

Final approval on your loan application is usually given when you have supplied all required information to the bank and passed its eligibility criteria. The bank will then grant you a personal loan contract that details the amount you are borrowing, the interest rate, the final amount to be paid as well as other vital information attributed to your loan deal.

5. LOAN DISBURSEMENT

Banks can fund your loan through a variety of means. For example, when you obtain a car loan, the bank may opt to pay the car dealer directly. This is usually the same case with loans taken for debt consolidation, where they send the money to your creditor directly. When you apply for an unsecured personal loan in Singapore, the bank forwards the funds to your account. This process of disbursement happens almost instantly as it usually takes no more than 1 day.

6. KNOW ALL THE REPAYMENT TERMS

Most banks' repayment terms are set on a yearly or monthly basis and have an affixed interest rate. Repayments on personal loans can be made online, via direct payments from your set bank account. It can also be done via third-party money transfer providers, to the account of a designated debt collector or check. Sometimes, it can be wise to ensure that the bank doesn’t restrict the amount of funds that you can pay per annum, if you wish to service your loan earlier than expected.

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Reasons to consider a personal loan

Reasons to consider a personal loan


1. Funds can be utilised at your discretion

This is perhaps one of the biggest advantages of the best personal loan deal. There are no restrictions on how you use the money. So whether it’s a wedding, the purchase of machinery, holidaying, medical treatment or tuition, you decide how and when you want to use your personal loan, whether it be in an instant or over a certain period of time.

2. No risk of property loss

For unsecured loans, the issuer does not require any security in the form of collateral, prior to the disbursement of the funds. In contrast to secured loans, the loan funds are disbursed irrespective of security concerns and you need not put up anything such as a house, vehicle, or land as collateral to the bank or financial institution.

3. Easy application process

Completion of the paperwork for a personal loan in Singapore is simple. You only need to tender proof of your identity, address, income, recent salary slips, current income tax returns, and statement of account from the past six months to a year, as well as other fundamentals. If you’re applying for a personal loan online, all you need to do is upload a soft copy of each document, and complete the application.

4. Monthly repayments to reduce financial burden

Personal loans are designed so that you can make repayments in monthly instalments. This involves repaying a portion of the principal amount and the interest amount in simple chunks. The bank does not expect you to pay off a large chunk of the loan all at once. You can select various means of repayment in a manner that suits your financial situation.

5. More cost-effective than credit card loans

It is commonplace to find people using credit cards. Obtaining a credit card loan deal is quick and easy but one drawback is its expensiveness. Interest rates on credit card loans in Singapore can be very high, while a personal loan can go for as low as 5% per annum.

6. Fast processing

Most personal loans can be processed almost instantly, taking less than two days. If the loan issuer has received your duly filled application and all the requisite paperwork, then a decision is taken almost instantaneously. Your credit score and history will be further evaluated when your personal loan application is being reviewed. Besides receiving your application at a branch office, some banks also allow you to apply for a personal loan online directly through their website.

7. Quick disbursement

A personal loan in Singapore comes with quick turnaround times. An approved loan fund can be disbursed almost instantly, in less than a day or two. Older customers of a credit institution stand a better chance of receiving the money faster. If your application falls during the weekend or public holiday; when they might not be in operation, the application can be processed as soon as the next working day. The disbursal of funds is dependent on full approval of the loan application as mentioned earlier.

8. Tenure flexibility

The borrower is often given a range of one to five years to repay the loan funds; 10 years according to some banks. Tenure depends on the loan principal and interest rate affixed to the personal loan. Make an effort to discuss tenure options with the bank so that a repayment plan that works for both parties is agreed upon.

9. Availability of top-up options

Some banks allow you to top-up on an existing loan deal. Let’s say you have a loan of $30,000 but need an additional $5,000. In such a scenario, you can request an extension fund on the running personal loan at the possibility of the same interest rate. With this, you aren’t required to apply for a fresh personal loan, either online or in person, ultimately evading the rigorous application process.

10. Availability of various loan types

A personal loan in Singapore is not merely a standardised scheme. In truth, there are a plethora of personal loan deals available. There are some plans that are designed for certain industry professionals such as lawyers, doctors, engineers, and investors. Women and farmers may also enjoy personal loan plans that charge very low interest rates due to their social characteristics.

At Lendela, we believe in finding innovative ways to simplify your personal loan application process by leveraging digital technology. We are brimming with confidence on the back of over 15 years of experience in helping connect consumers with the best banks in the Scandinavian region, channeling more than one million customers to over 30 well-established banks and financial institutions in the region, such as Santander, SEB & Swedbank.

We have mediated over 600,000 loan applications in South America, thanks in no small part to our partnerships with more than 25 established credit partners including Banco Pan, BV, Safra, Banco Maxima, Banco CBSS and Banco Ibi. We are also market leaders in Brazil and have been lauded for enabling customers to enjoy the best personal loans to fulfil their dreams.

Through Lendela, we have taken the step to offer a service for online personal loans in Singapore as well. We are constantly looking to improve our user experience, bank panel and customer service, to become even better in finding you the best personal loan in Singapore.

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How does Lendela help you find the best personal loan in Singapore?

How does Lendela help you find the best personal loan in Singapore?


It is time to get the hustles out of the personal loan application process, and Lendela is here to make it happen. Whether you want a personal loan for buying a new car or to fund tertiary education, the process does not have to be stressful and painfully long. By applying for a personal loan online through Lendela, the process that could have taken multiple hours, days, or weeks is completed almost instantly, taking just a few minutes.

Comparing loan offers with Lendela makes it easy for you to land the best loan offer available to you in Singapore, and to do so quickly and efficiently. Why struggle to make 10 personal loan applications, and all of them get rejected when Lendela can help you find the one in an instant? Submit the application, go on with your work, and let Lendela do the work for you. Other benefits of using Lendela include:

1. You only need to provide a few details.

2. Lendela partners with a long list of banks and financial institutions to get application approval as fast as possible.

3. By connecting with multiple banks and financial institutions, Lendela makes it easy to compare and identify personal loans with low-interest rates.

4. You can find a personal loan even if you don’t have a very good credit score. Even if most conventional banks might have declined your application, Lendela can help to revive your hope of getting the personal loan that you want.

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