GET 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

$533

SELECTED PARTNERS
DBS
POSB
HSBC
SCB
UOB
Citibank
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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Darren Yap
2 weeks ago
Singapore no 1 best ever loan agent
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Simon Teo
2 weeks ago
Quick process and gets good offers quickly. Customer service team is very responsive and friendly.
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Willie Lau
2 weeks ago
Fast & effecient service, very helpful. Thanks.
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Jamie Choo
2 weeks ago
Good service lady
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jenniferline teh
2 weeks ago
This Lendela company the service is very good and also care of the customer need. When I have issues about the...
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strom lau
2 weeks ago
The platform made it easier to find the best loan available out there.
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Boi Ash
3 weeks ago
Singapore no 1 best ever loan agent
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Hidayah Rasid
3 weeks ago
I have crucial prob and lendela ,Job Daniel has try his very best to assist to recommend to legal lenders..all the ...
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Allen Neo
3 weeks ago
Apply and processing is simple and easy to understand. Upon successful fill up application, wait for the...
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Benedict Chan
3 weeks ago
Good website. Compare most of the loan services in Singapore and give u the best rate and offer. Good job!
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silva magendran
3 weeks ago
Fantastic experience
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Robert Li
3 weeks ago
The pre-approved credit Company being assigned would work accordingly. My sincere thank you to Lendela Karthi who...
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Mohamed Kamal
3 weeks ago
Just to highlight, I was surprised by the approval as previously I did make the same Bank Home Renovation Loan...
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Kheng Ming Sern
4 weeks ago
Best of the best service for sourcing best personal loan. Thanks
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Amran Atan
4 weeks ago
Very convenient and fast to get loan from Lenddela recommended. Thanks.
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Mark Mathavan
1 month ago
Was fast and easy.
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Maz Kh (MK)
1 month ago
Fast and reliable on assisting the customer for matching loan request. It was quite hassle free and results was...
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horh kow chua
1 month ago
职员态度友善,安排快速。谢谢
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Shirley Thiam
1 month ago
Staff are friendly with clear explanation also loan service is express
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ZJ C
1 month ago
3rd time using lendela , they really good in looking for better offers for us. Highly recommended. Thank you for...
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Shaun Lee Sheng
1 month ago
Prompt service! Lovely to deal with
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Avi Nash
1 month ago
Thank you Lendela for making this easy for me. First time getting a loan. Nerve wrecking process. Got an amazing...
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Marisha Kaur
1 month ago
Fadilah was AWESOME! On point with her recommendations!
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shaon mohd
1 month ago
Sumithra She been very good in communication and help step by step
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kyrios
1 month ago
very happy with the services sumithra has been a very helpful host!
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Nazrin Hussein
1 month ago
Very efficient company. Apllied thru them was quite straight forward. Within hrs will get a pre approve. Thanks to ...
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Shah Nawaz Abdul Shukkur
1 month ago
Amazingly fast and efficient. Very quick turn around on the possible loans available and I am very happy with...
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Gwen Dolyn
1 month ago
Good service, able to get lower admin fee, fast approval ... Appreciate very much assistance from Ms. Karthi
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Shine Doom
2 months ago
Very good 👍
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Riuhzen Rien
2 months ago
Good services! Great platform for being able to see all your options when considering to get a loan! :) Their...
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Dahros Abbas
2 months ago
Second time..Good service..keep it up..!
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Anna Samri
2 months ago
Gd svc n recommended..
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Mrs Steve
2 months ago
Dila Was Honestly Helpful ..Awesome Hospitality...My Loan Approved... I'm Grateful To Chance Upon Lendela .....
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Cipak Cipak
2 months ago
Best service ever.Easy to apply with a click away
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Nur Aidah
2 months ago
good platform as it shows all the loan that is suitable for you. customer service is also good
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Lyna Tan
2 months ago
Lendela is very professional and very attentive able to help me with my unsettling issues and solves my problems. ...
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Haz 101
2 months ago
Very clear, easy & efficient.. help u with a great service
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Philly Pang
2 months ago
Chanced upon Lendela online and decided to use their services to manage my expenses. Offers came in quickly after...
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siti shyuhaila
2 months ago
Efficient and fast, saw the promotion on tiktok and out of curiosity applied. Rates were great and service is so...
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Ashly Song
2 months ago
Very reliable website/app, got myself a moneylender within a day. Hopefully can use this site again for future.
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Herdawaty Osman
2 months ago
No fuss, prompt service and very helpful staff. Got what I needed in less than 3 days.
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Florelyn Baptista
2 months ago
Help me to find the best money lender company here in singapore.. highly recommended:)
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Bok Chua
2 months ago
Efficient and professional
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nana hassan
2 months ago
Fadillah was the one handle my case. she was so helpful and friendly… she even help to check necessary needs…. ...
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Antony69
2 months ago
Lendela is very efficient. The officer who serve me is very respectful and will try was when my application did...
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muhd mirza
2 months ago
Efficient, fast replies . Staff Arfah was helpful in making sure the suitable and best offer was given . Thanx A...
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Kamarudin Norman
2 months ago
The best.. They will find a good loan for you guys..
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Ramdhan Bin Jaafar
2 months ago
Staff is friendly and very helpful. Thank you so much Arfah.
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Power of Lights
3 months ago
Ms Arfah have been very professional and patience throughout the following up of my appointment with the lender...
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Mun Heng Khew
3 months ago
Great and reliable platform
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Jay Immanuel
3 months ago
Great service to speed up the loan process. Found a great lender through lendela and the whole process was smooth...
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David TKH
3 months ago
I'm very happy with their serviced. Lendela able to find the best offer for me. Application was done smoothly...
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NgJeanelle N
3 months ago
Sumithra is fast and efficient. The process went smoothly without any hiccups. Highly recommended.
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RETNAKUMAR SUBRAMANIAM R.R.
3 months ago
Very Helpful. Especially Job Daniel Who Answers My Queries Everytime When Asked Timely. Thank You Very Much...
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Md Syahril
3 months ago
Easy to communicate and guide Me with all the details thanks to lendela pte ltd.
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wee peng
3 months ago
Gd offer
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Tommy Goh
3 months ago
Thank you Lendela for helping me to find the best moneylender. I have so far use Lendela twice to get the best...
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audrey Nguyen
3 months ago
thanks arfah . thanks for hepl.. Thank you for your help. very well. Really satisfied with the service.😘...
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Sukhbir Singh
3 months ago
The best service provider for finding any kind of loans. I want to say that the Customer Relations Officer Fadilah ...
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vijay s
3 months ago
Lendela is a great site for foreigners, very quick response, they find many offers everyday and keep updating you...
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Ray
3 months ago
1st time using Lendela service to get some financial support in the difficult time. Offers came responsive after...
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Ayuni Darwishah Idham Taufek
3 months ago
Fast & the cso is very helpful
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Montell Jordan
3 months ago
Assisited by Fadilah regarding a loan. Very helpful and friendly individual. Recommended and pleasure to be serve...
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Bella Aziz
3 months ago
Hassle free and super quick process.
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Kathleen Felizardo
3 months ago
Very helpful and they will really help you find the lowest interest rates for you. Thank you for the help. Will...
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CHANDRASEKHAR PAMARTHI
4 months ago
Its a great platform for foreigners, because they will keep on updating you about loan offers once you try to...
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Alvin Teoh
4 months ago
1st time using Lendela portal to get some financial support. Had an awesome experience toward Lendela Customer...
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Kimmy Senpai
4 months ago
A very very big thanks to Izzad. One of the Lendela's Admin/Officer that assisted me right from the start of loan...
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Stephen Del Castillo
4 months ago
Successful and smoothly.Superb service
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Firdaus Kader
4 months ago
Assisted by Fadilah from Lendela. Very friendly and helpful
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Danielle Ong
4 months ago
Prompt in helping you find the best offer in town for Loan. 5/5.
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Sal Ju
4 months ago
Lendela your the best 👍👍👍👍👍 With the fast,professional,efficient and patient customer service Ms...
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Yanti Bebe
4 months ago
My first time applied and i got the offer within an hour. I liased with Ms Fadilah. She was friendly and super...
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Hui Ling
4 months ago
Good website to use
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Chris Chen
5 months ago
A great help from Lendela , manage to secure a loan offer thru them !
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Hazrie azwan
5 months ago
lendela is awesome
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Kalaivanan K
5 months ago
Their services are very friendly and 💯 legit ,very helpful and happy with their services, They provide compare...
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han solo
5 months ago
Really great platform! Highly recommended for their lending options
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Abdul Rahim Omar
5 months ago
Lendela staff are very professional like izaat and the rest of the staff Lendela helped me to get my first ever...
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rohaizad23
5 months ago
Helpful and trustworthy. Have help me to find the best solution for financial woes.
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DidizLynnz76 Zainizalina74
5 months ago
Friendly and helpful personal very professional
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Jan 674
5 months ago
Lendela helped me to get my first ever personal loan. Never tried personal loan services before due to stigma with ...
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martin devarajan
5 months ago
❤️❤️❤️❤️
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Ewan Johari
5 months ago
Fast and efficient process. Quick response with reliable sources to take loans
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Mir
5 months ago
Third time using Lendela, and the second time I've interacted with the staff on whatsapp, this time with Izzat....
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David Chin
5 months ago
❤️
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Adam Rien (DAMMYRIEN)
5 months ago
♥️❤️
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Saidah Saini
5 months ago
Fadilah had reached out and given me extensive options for loan application. Super knowledgeable and answers...
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Nick Wong
5 months ago
Very happy with their service, thanks to izzat for guiding me as well
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Lee Chee Khye
5 months ago
Thank you Lendela for facilitating my loan process. Very fast anf prompt response from them in finding suitable...
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J “Xen”
5 months ago
Awesome company that linked me up with great offers!
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Siti Nurul Hudah
5 months ago
Fadilah was so helpful and really help me alot with all my enquires when I have doubt. Very professional and when...
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Ka Ming Chan
6 months ago
Hassle free, no string attached
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Rozi Darla
6 months ago
Its been 2 months and I forgot to send my reviews… Thumbs Up to Wani who assist me sincerely and professionally...
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Jia Jun
6 months ago
Good experience and advice for such service
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Alun lun
6 months ago
Efficiency in work. Find the best companies which match your criteria. Will follow up status as and when, whether...
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Khairil Azfar
6 months ago
Izzat helped me source a loan and secured me a loan. 5/5
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Shersg
6 months ago
Excellent and prompt customer service. Answer to all my questions that I need to know. Recommend.
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Roem Sihombing
6 months ago
Company and staff is very efficient in dealing with the loan. Applied on the first day and got loan on the second. ...
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Riel
6 months ago
Very useful in finding me the necessary instutions for my needs!
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Khai ABK
6 months ago
Very friendly helpful and clear about ur perpective.Efficient and fast response to the queries related to the...
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Darius L.
6 months ago
Nothing but efficient!
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Willy Kwek
6 months ago
Quick actions & response. Staff are efficient.
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Christopher Paul
6 months ago
Trusted and very pleased with the fast and smooth services.
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Amelia Teo
6 months ago
Pleasant experience, staff were patient and helpful.
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Karlhada Diary
6 months ago
Fast and reliable. Recommended!
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Shafiq Ramsay
6 months ago
Tip top and excellent customer service from Daniel! Was fast and reliable.. definitely recommended
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Bryan Lee
6 months ago
Thank you Lendela for facilitating my loan process. Very fast anf prompt response from them in finding suitable...
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Frost
6 months ago
Fast response
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Eka Zaidah
6 months ago
Great customer service. Very prompt response.. Amazing!!😁👍
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Ayarose
6 months ago
Thank you Karthi for prompt messages n reminders...
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Jeffrey Ng
6 months ago
Very smooth process. Thank you for the efficiency and fast process
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Qian Xuan
6 months ago
thankyou for the assist, very helpful and patient, understanding of what I want and where I come from :)
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Y S
6 months ago
Best service especially Wani. Very professional & friendly.. Highly recommended..
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Nurul Asyikin
6 months ago
Prompt service and was really helpful. The staff is very friendly too
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Damian Bouvier
6 months ago
Lendela are not only there to help but they go out of their way in finding the best money lender who's able to...
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Cholodovech Ooi
6 months ago
Needed some money urgently from trustworthy sources and lendela provided help very promptly. I had t go through 3...
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แสง เทพจันตา
7 months ago
Experienced service and fast service
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Nurfahani Johari
7 months ago
Satisfied with their service, trying to find a better places for loan but lendela has helping alot finding...
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baba zaki
7 months ago
Lendela makes me feel not uncomfortable to check for eligibilty of loans..hassle free with fast response..clear n...
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Saravanan Muthukkumar
7 months ago
Lendela makes life much easier . Applied and got offers within an hour . Book an appointment, got approved and got ...
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Raymond Teo
7 months ago
Very fast and efficient! Thanks Wani!
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Ethan Michael
7 months ago
Outstanding service from izzat, went above and beyond in helping me source a loan. 2thumbs up
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Amyra laila Ho
7 months ago
great help in getting the loan i need.
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Great Ocean
7 months ago
Very happy with their services. Very helpful. Willing to listen and cater accordingly to your needs even having...
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Diana
7 months ago
Quick and easy. Having a selection to choose from is very helpful. Wani was kind enough to explain certain details ...
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Nora Osman
7 months ago
I did apply loan from lendela and a lady by the name of Fadilah called and talk to me over the phone,she helped me ...
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Chinna
7 months ago
Very good service
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Dhana Love
7 months ago
I'm very grateful I thought my loan won't be approved but Lendela went through extra mile to search for me and get ...
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Seri A
7 months ago
Offers came within the hour. responsive during working hours. hassle free and concise interface. would recommend...
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Nancy Solares
7 months ago
The teller who attended me was so friendly and he explain clearly some of the question that i dont understand . Im ...
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Nurshahida Tahar
7 months ago
Hi Lendela, Customer service tip top , very friendly keep it up, approachable & quick response to my queries....
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Nadhirah Aqilah
7 months ago
Fadilah has been very helpful from the start . Thank you for the efficient service to Fadilah and Lendela 💛
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Adrian Chia
7 months ago
Caleb at Lendela answered all my questions and made the process very smooth
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Endhya LV
7 months ago
Special thanks to Fadi and Daniel , because of you two today I can be saved from trouble, may God always protect...
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Danish Shazwan
7 months ago
Good and quick services
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shar shar
7 months ago
My first time using this service. Staff take iniative to find other solutions when i was in doubt. The transaction ...
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Guo Bin
7 months ago
Kind and friendly, will attend to my request.
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Zahad Ngaiman
7 months ago
A thousand thanks to fadillah for going the extra mile to find a suitable agency..really appreciate her hardwork...
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Khaiii
7 months ago
Thanks Fadilah for the help and reaching out to address my queries! Process was really quick too!
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Man Kaur
7 months ago
Very smooth process. Thank you for the efficiency and fast process. Whoever is looking for a loan whether its for...
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vasanthan vasant
7 months ago
Good services
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Nur Azizah
7 months ago
very great experience and helpful staff always. happy to get loans via lendela as my past two experiences has been ...
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Hairul Nizmo
7 months ago
Free and easy too use .
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Vernice Tan
7 months ago
Very fast service
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Syahmi Azri
7 months ago
Lendela is not a scam. Recommended. they are very well specific and detailed about the loans they offer. I would...
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Hamizan Abd Gani
8 months ago
I'm so grateful for the fast response n keep engaging to make certain things goes as plan n with good results tkq...
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marissa sanchiqka
8 months ago
Fadilah was so helpful and sweet and made my experience with Lendela a good one. Very fast replies and updates...
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Catherine Ong
8 months ago
Fast responds, friendly and best realistic options. Solved my problem and worries within a day! Thank you very...
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Lin Kenan
8 months ago
Fast,efficient and trusted no 1 by lendela..great job by fadillah for helping me out.thank you..
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Pija Chu kama
8 months ago
friendly staff with clear explanation about the loan..guide me until i can get the approval of the loan...
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Mash Zee
8 months ago
Great experience and the service given from Karthi is tip top!! From the start till the end she has been patience...
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danial wati
8 months ago
Help me get the right moneylender .thank u lendela
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SoLawa BySyaz
8 months ago
Never disappoint!🙏🏻👍❤️
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sandeep puri
8 months ago
Amazing experience, great help and professionalism by Karthi
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Marinel Brusola
8 months ago
Fast and smooth transaction big help👍🏼👍🏼
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Sasikumar Vinjam
8 months ago
Fast and great experience, given few options to select according to our needy loan. Thanks🙏
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Sharulez Nizam
8 months ago
They person name fadilah who attenteded me was so polite and very detail about my loan that I looking for......
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Arvind Ravindran
8 months ago
They assist you throughout the process. Any queries they will be able to answer. Fast and efficient. Multiple...
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Osman Sadelan
8 months ago
Karthi has been wonderful and very patient.She deserves recognition for effort
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Adim Adam
8 months ago
Help to consolidate all my loan and help me to find best loan in town.. And all the staff in lendela is very...
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saint rigg
8 months ago
V fast process when u deal wth them...n not much to worry...
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Mohd Fazly
8 months ago
Karthi had assisted me so well to ensure that i could get my loan to my needs. His willingness to help me is...
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Haiqal Yusoff
8 months ago
Have been using Lendela quite a few times and they are reliable and quick. Pros: 1. Collate all the offers from...
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satheesh kumar
8 months ago
Thank you so much for the service u have done for me. Can recommend to others if u have any difficulty on finding...
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76MS Melvin
8 months ago
My liasing person is Fadilah, and she did a very good job by making sure everything is in order and making sure to ...
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Joseph Teh
8 months ago
Lendela is very efficient and swift in recommending the precise loan provider that is suitable to your needs. I...
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Mau Liporada
8 months ago
professional and accommodate me very fast. friendly and always answer my queries. may loan fast to approve and got ...
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Hari garan
8 months ago
Lendlela is very fast and efficient in providing the loan offers. Within the day I received the loan. Thank you so ...
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jad rawkz
8 months ago
Staff named wani, was very fast and professionally in helping customer with thier needs and will Go extra miles...
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daeng mahathir
8 months ago
Very good very fast
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Obek Jo
9 months ago
Fast and easy
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Pitchai Muthu
9 months ago
Thank you for your good support.
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Diana
9 months ago
Found them at TikTok and decided to use their service. It was so convenient that they did the searched for me.I...
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Dzul Fiqhar
10 months ago
Thank you so much for the service u have done for me. Surely would recommend to others if u have any difficulty on ...
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Fast Turtle
10 months ago
Honestly lendela is not a scam, I been served by caleb. Caleb is a friendly and nice guy, he knows which lender is ...
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Pradeep Patra
10 months ago
It was a very smooth experience
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Law CY
11 months ago
Fuss free service. Fast and reliable.
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IR caddrafter
11 months ago
Service was good. Prompt updates from time to time regarding the offers received. Overall got a good deal myself....
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L'ollonais Dani
11 months ago
Fast and reliable!
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Selina Ho
1 year ago
Very friendly and excellent customer service from Fadilah! She went to the extra miles to help me solve my...
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Rohit Prasad
1 year ago
Fast and perfect
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Liyana M
1 year ago
Fast & Efficient. Customer service, Fadilah was very helpful!
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lou hansel gonzales
1 year ago
Fuss free service. Very helpful service 👍👍
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Little MissPink
1 year ago
Highly recommended 👌 wani gives tip top service💪🏼💪🏼💪🏼
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MAMAT NALOR
1 year ago
Contacted By Wani to assist me with my loan application . FAST and EFFICIENT . LOAN Application Becomes Easier ,...
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Analiza Pascual
1 year ago
Thanks fadilah and lendela. Nice experience
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Thuzar Thein
1 year ago
Thanks you so much for arrangement. Got loan within one day
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honeybee120sg
1 year ago
Great customer service and fast response! Recommended!
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Rizal Irfan
1 year ago
F from lendela is super helpful and prompt in response, thank you for the best service!!
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Amazing Kitchen Healthy Lifestyle
1 year ago
Very Good service. Legit. Very accommodating. Thank you
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Muhammad Nasruddin Bin Marjuki
1 year ago
Great system in finding the best loan providers for you. Excellent follow ups and assist greatly in reminding and...
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Kumar Ashok
1 year ago
Very nice advisor n financial matters and very responsive
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Mohd Ashik
1 year ago
Fast respond from Miss Wani Landela. Thanks Miss Wani and Landela staffs.
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Noor Abd
1 year ago
Easy, fast and friendly service!
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Kassim Ismail
1 year ago
Very good thanks lendela👍
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H R
1 year ago
Was skeptical about all this third party middle person to get the best moneylender but decided to just try despite ...
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Danial Memel
1 year ago
Quick, friendly staff that is willing to answer any questions, felt like we are their priority.. good job!
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Ivan Yeo
1 year ago
Very efficient and good in recommendations.
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Affandi Abdul Rahim
1 year ago
Doing a good job find the right lender to give a help when we need urgent matter...
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June Tew
1 year ago
The staff at the company was great help. They made the process easy. Lenleda staff also did a close follow up.
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Krait
1 year ago
Was sceptical initially but officer wani was helpful in helping me getting a debt consolidation loan to clear off...
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Muhammad Sofie Abu Bakar
1 year ago
Thumbs up to this company and also for the excellent customer service from Fadilah! She went to the extra miles to ...
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fauzi BA
1 year ago
Hands down no scam. When I first saw the ad at City Hall MRT I wondered what they were all about. I used to take...
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kambing gurun
1 year ago
If you are in need of urgent cash...Lendela is the best platform where they will search for you all the...
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Nuur Syuhan
1 year 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...
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Kevin Phua
1 year ago
Super good, very efficient. Very happy
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Noorhayati Senin
1 year ago
Received 3 offers within 24 hours of application via Lendela. Once you forwarded all the required documents, the...
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Khai Hsing Ng
1 year ago
Friendly and helpful
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Muizudeen Mohammad
1 year ago
Very professional, smooth transaction and less waiting time.
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Eugene Foo
1 year ago
Good Customer service received from Lendela. Because of their dedication, I am able to find a suitable Money...
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Mohd Husni Hamidi
1 year ago
Good Service by Lendela.Find the suitable solution for emergency need.Assist by experienced staff Fadilah. Very...
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dollies 21
1 year ago
Friendly,safe and hassle free... thanks to Fadilah nice service and very detail. And thank you Lendela team highly ...
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T_
1 year ago
It's a great platform to getting know of the pre- approved loans from different licenced money lenders according...
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Lyna Nazri
1 year ago
Accurate info. Fast approval. Very friendly customer service. Will use Lendela again and recommend to my friends.
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xPyy GT
1 year ago
Very Helpful.. Help me get the loan i wanted within a day. very fast and efficient. staff were polite too. very...
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Marie Erucelle Rodriguez
1 year ago
They will really find the best loan company for u and let you get the amount u need..
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Joe J
1 year ago
It was fast and private. With all the necessary documents, I got my loan within half an hour. Thank you so much...
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Miss Zue
1 year ago
Thank you Lendela for helping me with the right lenders though my exceed limit
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Nur Azhar Osman
1 year ago
When in need of loan, look for lendela! Reliable and trustworthy company. They will eventually look for company to ...
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Mohamed Alfiean Bin Ali
1 year ago
Thanks Wani for the great help
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Zheng Zhong Ren
1 year ago
Very accurate description. I had my loan of 2.5K obtained quickly as described. Very friendly customer service....
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AJ Tan
1 year ago
Friendly and helpful in their recommendations and proper guidance.
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Suffian Synyster
1 year ago
Great experience with Lendela, super efficient with the services. Thanks for helping Ms Wani...
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Muhd Amirul
1 year ago
Excellent customer service. No pressure was enforced in taking up a loan and was really impressed with their...
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Mathan BioMech
1 year ago
Very helpful with what I'm looking for.
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Mohamed Fadhil
1 year ago
Great experience with them, super efficient and kudos to Ms Fadilah for being such a great help! Thumbs up!!
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Max Yuan
1 year ago
Good follow up by them even took the extra mile to assist us even we feel there is not much hope thanks!
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Witawat Choo
1 year ago
Had made two loans through Lendela. Website is easy to use and straightforward. After accepting loan offer, the...
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fiewan ejal
1 year ago
Fadilah was very remindful and has help me in choosing which loan offer to choose from. Kudos to her and lendela....
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Jeffrey Yeo
1 year ago
Good and friendly response. ❤️
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MyLead365
1 year ago
I had a great experiences while looking for financial assistant and was helped by your staff, Fadilah. She helped...
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alicia jo
1 year ago
Loan was efficient and convenient
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Khairul Ismail
1 year ago
Awesome platform. Thank you
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Artalex . Me
2 years ago
It's very convenient to use. It searches possible loan offers as much as it can for you (within a few hours). Then ...
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Jas Nora
2 years ago
Such a hospitably and a family friendly staff.. Psst.. can i join you guys..☝️👍
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Danial Abdullah
2 years ago
Lendela was very efficient in providing me the recommended money lenders for me to apply from. It provided me the...
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Ryo Tetsuya
2 years ago
Lending money can be a hassle, but Lendela helped in cutting down the time needed to search for the right...
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Farid Zin
2 years ago
Fast and efficient. Pleasant transaction.
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Muhammad Amiruddin Said
2 years ago
Was kinda skeptical abt it but it was a smooth journey from the start till the end; from me asking them questions...
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Ganesh Parveenth
2 years ago
Very satisfied with their service. Very Friendly and understanding. Definitely recommended 👌🏾
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Zelly teo
2 years ago
they were really fast and efficient to provide the necessary help that i was seeking for :)! excellent
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Afiq Bourne
2 years ago
Wani is professional and a great asistance in answering any queries. She also follow up on client's approval.
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Amin 1908
2 years ago
Best assistance ever.....
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abdul aziz mohd
2 years ago
Staff is very friendly and very helpful too. Explain eveything in detail about the loan to borrower. Two thumbs...
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Hidayah Idros
2 years ago
Efficient and helpful staff, Wani. Never fail to update and assist on my enquiries. Trusted and reliable broker....
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Gabriel Goh
2 years ago
Lauren was super helpful and quick, helping me to find a lender in less than 30 mins. The lender she found was...
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Zhi Xiang Low
2 years ago
Extremely helpful and great patience by Wani, as it was my first time getting a loan, she guided me throughout the ...
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Keerthi Rao
2 years ago
The agent was able to offer me a loan real fast and I got thr loan as well. Great service!/
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Jay Ho
2 years ago
Great service from start till end. I had a short time frame to source for a loan. Rather than pushing to close the ...
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Jason Thng
2 years ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
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ZZ
2 years ago
Fadilah, Thank you so much for your hospitality in keep following up for me and immediate replies keep up your...
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nabilul fikri
2 years 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...
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Haizel Nur
2 years ago
Their service was super solid and their staff go out of their way to help. I love you wani!! 😆😆😆
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Yvette Yin
2 years ago
Very friendly staff. Excellent customer service. Was able to find me a loan. Just need to attach all the required...
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Siti Nuriana
2 years 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 ...
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Chng Kee Chin
2 years ago
Quick and fast response. Efficient in expediting the approval of the loan :)
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Jade Yati
2 years ago
Lauren has assisted me on my loan, He is so helpful. I eventually gotten a loan with Lendela Help. Thank alot...
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Amirul hakim Mohammad
2 years ago
Everything went smoothly
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Zainul Chia
2 years ago
Absolutely amazing, help in alot of ways. Very recommended
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Mohamad Firdaus
2 years ago
Fast reply :) they will find you the best moneylender within your budget. Highly recommended.
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Sharen Raj
2 years ago
It was a great experience for me..the service Fadilah served was really impressive!! Good deal and perfect for...
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papa yoss
2 years ago
very Friendly stuff , good service & helpful in loan .. thank you so much Fadilah !!🙏👍😊
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Kc Yoon
2 years ago
Started looking for a loan late last night, got onto Lendala....received offers within the hour..confirmed my...
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Hock Min Ng
2 years ago
谢谢Lendela Pre.Ltd这平台,感谢Lauren的帮助,👍👍👍。
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joshua henry
2 years ago
Lendela helped me find a good and legit company to get a loan. Lauren assisted me. She is so helpful with me, the...
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Mad Ness
2 years ago
Lauren provide a great service for LENDELA! definitely worth your time
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Gopinath Pillai
2 years ago
Wani of Lendela was extremely professional and very helpful. She went out of her way to assist me
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Chen Zhenxiang
2 years ago
For the amount of loan and repayment requested it was hard to find any company that's willing to lend....
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Ami Vynes Lee
2 years ago
I was assigned by Fadilah from Lendela to assist on my loan. She called me and start with a welcoming greeting,...
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Abdul Faizal
2 years ago
Ease of applications and approval. Thank you for facilitating the loan.
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Nurfitrah Sanchez
2 years ago
Wani has helped me efficiently! I was able to secure a loan fast and well detailed. Appreciate it alot.👍
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Zac Haris
2 years ago
Lauren has been a great help and she follow through with me until I successfully get the loan i im looking for....
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Raymond Chur
2 years ago
Really do appreciate Ms Wani for the great help! Believe is the best deal and service that Ms Wani had introduced. ...
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Zainal Saadon
2 years ago
Thank you so much Ms Lauren for your assistance that I'm able to get my loan from lender today.I was so happy the...
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Sutrisni Musthapa
2 years ago
Thank you Lendela! Ur help is vvv much appreciated. My loan is approved within 30minutes! So relieved! Thank you...
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James starshire
2 years ago
Cool team, awesome platform. Person who helped me was super friendly and super efficient. Got a loan within the day
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Dean Junior
2 years ago
I felt relieved and glad that my loans were approved by the Company and even Lendela staff Miss Fadilah went a...
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Zie Mohd
2 years ago
Thanks Wani for follow up till to the end. Overall process was smooth and make feel much better. Thanks a loads!...
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DENNI0 ???
2 years ago
So many finance broker, this is truly trusted one, able to provide your financial need expection request. Customer ...
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Stephen Chua
2 years ago
Meticulous service with timely follow-up.
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Zara S.
2 years ago
Hassle and fuss-free. Fadilah was very patient to assist me in applying and clarifying my queries. It was a fast...
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Hans Ahmad
2 years ago
Good service and very helpful... Thank you so much.
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Nazruddin Sanchez
2 years ago
Really appreciate the help given by Fadilah. Thanks to her I was able to secure a loan fast and easy. Very...
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Muhammad Syazwan Ghani
2 years ago
Had a great and wonderful service with Lendela Pte Ltd. From application to receiving my loan all within 24hrs....
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Ruhaizat Yazid
2 years ago
Great service.. Lendela really supported me when im really in need. Thanks guys
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Mohd Loqman
2 years ago
ʟᴇɴᴅᴇʟᴀ ɪs ɢᴏᴏᴅ ᴘʟᴀᴄᴇ ᴛᴏ ᴇɴǫᴜɪʀᴇ ᴀʙᴏᴜᴛ ʟᴏᴀɴ. ᴛʜᴇ...
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MechFunc Autopilot
2 years ago
Awesome and friendly customer service , fast and efficient transaction, clear explanation and advise on product...
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Wesley Hii
2 years ago
Really hassle free and smooth transaction. Enquired personal loan in and got my cash 💰 in the afternoon, whole ...
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Muhsin Nuruddin
2 years ago
A place where you need help financially and with flexibility to commit . They will do the search for you! And...
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Muhd Rian
2 years ago
Great experience. Fadilah delivered a great service. Really helping me out and sort for me the loan i needed. The...
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Johnny Teo
2 years ago
Fast and efficient manage to get the loan with one of the licensed Moneylender at low interest
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Haneyy Joslin
2 years ago
Thank you lendela for this opportunity! Biggest thank you to Wani for helping me throughout the process!
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Ariel Joyce Kho
2 years ago
Ben is really helpful and patient as he suggested the best loan for my situation with the most reasonable...
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Alfoind NG
2 years ago
Excellent site. Save me trouble sourcing different moneylender for best installments plan. Making this journey...
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Yong Wee Necro Lee
2 years ago
Superb helpful and efficient service from Ben. Strongly recommend to those who in need of financial help :)
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Fi Ryan
2 years ago
Thank you lendela for giving me an opportunity to have a quick loan in my desperate time , thank you mr ben for...
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JCM
2 years ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
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poh angie
2 years ago
Due to COVID-19, my loan applications to banks were unsuccessful as I only started working for 2 months. Even...
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Gareth
2 years ago
I found Lendela through google search as i was in need of a personal loan. Reading through the positive reviews i...
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Chew Clover
2 years ago
Ben is friendly, helpful and informative. Really appreciate for his help! :)
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Rahmat Rizzuandi
2 years ago
Awesome service and honest staff!
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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...
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Timothy Marc
2 years ago
Danny is really helpful and was patient answering all my questions and helped !me get a food deal. Greatly...
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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...
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15Y6C23 THNG JING XIONG
3 years ago
Very useful platform to search for the best loan based on your eligibility. They r very helpful and accommodate to ...
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Muhammad Fauzi
3 years ago
Fast processing! Affordable interest rate .. highly recommend!
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Muhd Hanif
3 years ago
Was assisted by Lendela and everything went smoothly without any hassle. With the right guidance and patient, i...
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Calvin Oh
3 years ago
Good job from Ben to introduce me a good moneylender company and was given a loan amount and repay back in 6...
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Inul Jariah
3 years ago
I was assisted by Ben. He is very efficient and give advise perfectly. I got my loan approved smoothly.. I am...
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Candy Wong
3 years ago
Danny is really helpful! Went all the way to help me find a lender who's willing to help me! Lots of follow ups...
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kinetic candy
3 years ago
Ben was nice and patient in making sure everything went smoothly. Thank you so much for your help! Appreciate it.
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AizTheJoker HaHaahaaha
3 years ago
True great experience, really help me alot, Danny from Lendela when the extra mile to explain,assist & guide the...
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fadly sven
3 years ago
the swift replies..the prompt responses..the friendly, patience and clear answers we got from Ben was super...
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Vikramraj Shanmugan
3 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 ...
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Annz Aanis
3 years ago
Ben assist me and give me hope that my chance of securing a loan is there eventhough I know its quite impossible....
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Kathy Roland
3 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...
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Tee
3 years ago
Interesting idea with great assistance.
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M Khiril Eirsyed
3 years ago
Great help and assistance from Ben. The process is very quick and reliable. Assisted me throughout the process and ...
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Zac Zaini
3 years ago
Lendela is very efficient and reliable. They manage to recommend me company which meets my Criteria.. Their staff...
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Nurhayati Natasha
3 years ago
Was assisted by Ben and it was so smooth without any hassle. With the right guidance and patience, i was able to...
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Shamen Heng
3 years ago
My experience was excellent. Staff by name Ben helped me thru the process patiently and promptly tat made my loan...
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Sahim Sedik
3 years ago
Received the reply on the next day about the loan from Izwan. Even though decided not to apply but still positive ...
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Diana Mohd
3 years ago
Speedy replies! Excellent services with fast response for our application. Highly recommended.
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Charles
3 years ago
Very helpful and follow up even when the referred company didn't reply
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Erick Chng
3 years ago
very proactive following up on the status and outcome of the application. prompt and friendly sales rep who shared ...
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Iziaki R
3 years ago
Good service fast response great replies and thanks for getting back with our offers
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Mrdtux Rdtu
3 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

Compare your offers

2. Compare personal loan offers from multiple banks

Get the money

3. Pick the best loan and get 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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THE BEST GUIDE TO PERSONAL LOANS IN SINGAPORE

Whether you plan to buy a new car or acquire another property, a personal loan helps you get there faster. Yet, how to find the best personal loans with low interest rates in Singapore? Follow our guide to apply for a personal loan online with Lendela.

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, home renovation, travelling, or emergencies.

Personal loans are also called consumer loans and are not backed by collateral. Banks typically begin the process by determining your credit score to assess your eligibility and interest rates for personal loans in Singapore. If your credit score is good, the interest charged on the personal loan will be lower. They will also check your ability to repay the loan before approving it. You are expected to repay the principal together with interest over an agreed period.

Personal loans can be a good solution for individuals with financial issues that need to be resolved instantly, such as debt consolidation and refinancing a loan. It also enables huge purchases and repayments at your own pace.

Reasons to consider a personal loan

Reasons to consider a personal loan


1. Funds can be utilised at your discretion

Whether it’s a wedding, the purchase of machinery, holidaying, medical treatment or tuition, you can decide how and when you want to use your personal loan, whether spending it instantly or over a period of time.

2. No risk of property loss

For unsecured loans, the issuer does not require any security in the form of collateral before the fund disbursement. None of your assets will be at risk if you are unable to repay the personal loan interest.

3. Easy application process

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. If you’re applying for an instant personal loan in SG, all you need is a soft copy of each document to complete the application online.

4. Monthly repayments to reduce financial burden

Personal loans are designed so that you can make repayments in monthly instalments. You can select various means of repayment in a manner that suits your financial situation.

5. More cost-effective than credit card loans

Although credit card loans are easy and fast to secure, a personal loan is a better option because it is cheaper. The interest rates on credit cards are very high, while personal loans in Singapore can be as low as 5% per year.

6. Fast processing & Quick Disbursement

Once you have filled out our personal loan application form and provided all the required documents, the decision to approve your loan is made almost instantly by our partnering banks. The loan fund will then be disbursed in less than a day or two.

7. 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.

8. Availability of various loan types

There are a plethora of personal loan deals designed for certain industry professionals in Singapore, such as lawyers, doctors, engineers, and investors. Women and farmers may also enjoy personal loan plans with 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, channelling more than one million customers to over 30 well-established banks and financial institutions in the region, such as Santander, SEB & Swedbank.

Through Lendela, we have taken the step to offer a service for online personal loans in SG 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.

How to apply for a personal loan in Singapore

How to apply for a personal loan in Singapore


Most banks and financial institutions follow a set of criteria when they’re considering you for a loan deal. To get the best loan and interest rates in Singapore, here are 6 steps to follow before filling out a personal loan application:

1. COMPARE YOUR OPTIONS

Weigh your options by determining the loan type that best caters for your financial situation and goals.

Loan types

Financial needs

Secured loans

  • Require the presence of a guarantor or collateral

  • The guarantor is 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, or any form of collateral, the institution will take possession of the collateral until you fully service the loan deal

Unsecured loans

  • No collateral or guarantor is required

  • You may be asked for proof of financial stability to ensure that you can make timely repayments

Personal lines of credit

  • Borrow funds in fixed amounts without repeatedly applying for loans

  • No set repayment period – beneficial for long-term expenses like hiring the services of a contractor to find the best home renovations

Car loans

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 to purchase a car with an interest rate calculated and set on the funds. The interest rate could be on a floating or fixed basis.

  • Personal loan for a car:

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

2. ASSESS YOUR ELIGIBILITY CRITERIA

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, including:

Eligibility criteria

Credit score

Banks evaluate an individual’s credit score differently. In Singapore, you can expect a credit score ranging from around 1825 to 2000 to qualify for a consumer loan.

Employment

  • 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 SG 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 SG with Lendela.

3. FINISH THE APPLICATION PROCESS

Many credit issuers provide online-based applications in addition to applying at their branch office. Usually, you’ll be required to tender various documents and personal data to the issuing institution, before or during the loan application process, including:

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 self-employed, banks may demand tax returns from the previous 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 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 SG 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 returns with a pre-approved offer. These are the two stages to hurdle past before getting 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 personal loan through various means. For example, when you obtain loans for debt consolidation, the bank may send the money to your creditor directly. The disbursement process takes no more than 1 day in Singapore.

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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Alternatives to Personal Loans in Singapore

Alternatives to Personal Loans in Singapore


Instant personal loans are considered flexible financing solutions. Apart from those loan types discussed previously, you might want to compare personal loans with some alternatives, depending on your credit score and personal needs.

Personal Savings

When you take a personal loan, the repayment will include personal loan interests and applicable fees. If you can cover your expenses with personal savings, avoid paying the interest and fees attached to personal loans. Note that if you have a qualified retirement scheme, early withdrawal might come with a penalty.

Using Your Credit Card

Despite having higher interest rates, credit card loans might be a better alternative to personal loans if your credit score is poor. Remember to repay on time because penalties can be very high in Singapore.

Home Equity Loan

If you own a home in SG, a home equity loan might be a good alternative to personal loans. A home equity loan is a financing option that is backed by the equity of the borrower’s home.

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Where can you get personal loans in Singapore?

Where can you get personal loans in Singapore?


Banks

Most banks in Singapore offer personal loans, given that you have a good credit score. Some banks allow you to apply for personal loans online without visiting their branches because they already have all the details, such as personal information and transaction history. It is advisable to work with banks offering the best loans and interest rates.

Traditional Financial Institutions

Singaporean financial institutions provide competitive personal loan interest rates and carry out thorough checkups on the borrower’s creditworthiness. They can be more flexible on the parameters used to gauge an applicant's creditworthiness and approve personal loans where banks would have declined. Engage with only financial institutions that are allowed to operate according to the Ministry of Law’s (MoL) restrictions.

Virtual Banks

By operating virtually, they can cut down costs associated with running multiple branches in busy cities. Because virtual banks are relatively new, they have the ability to offer competitive personal loans and other products.

"Online-Based" Financial Institutions

Online-based financial institutions mainly focus on utilising the internet and technical innovation to provide a faster and more convenient way to get a personal loan. They are normally faster when it comes to loan approval rates, offering flat-rate quotations along with benefits such as zero fees and flexible disbursement.

Peer-to-Peer Lending (P2P)

Peer-to-peer lending is a new financing model that allows people to get a personal loan in SG through web-based platforms without using a registered intermediate financial institution, meaning that the cost of personal loans is pretty low.

To identify the best bank for a personal loan, one of the best ways is to use a comparison site, such as Lendela. We not only make your loan application easy but also ensure you get different offers so that you can pick the best option.

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How to Identify the Best Personal Loan Provider in Singapore


If you want to get the best personal loan in Singapore, it is important to look for the right bank. Here are some useful tips in this personal loan guide to help you:

Registered to Offer Financial Services in Singapore

To avoid falling into the hands of scammers, you should only work with loan providers registered to offer financial services in Singapore. These organisations strictly follow the rules outlined in their licenses to access the Singapore market. Therefore, start by confirming the license number of the loan provider before submitting your application and signing a personal loan.

Feedback by Previous Clients

To identify a good bank, you can also check the feedback provided by previous clients. What did they have to say after using personal loans from the selected bank? If many borrowers have positive feedback about a bank, that might be a good option.

Should Not have Hidden Fees

As you review different banks, put emphasis on the difference between the principal and total amount payable. If the interest does not cater for the entire difference, the chances are that there is an additional hidden charge. With Lendela, you only get introduced to banks and financial institutions that are 100% transparent about all their fees.

Should Have Multiple Loan Options

Although today you are interested in a personal loan, it could be an advantage if the bank also has other interesting financial products. This implies that instead of working with a different company when looking for another type of credit, such as a renovation loan, it will be easy to stick with the current bank.

Good Customer Support

A bank with good customer support can acknowledge your issues faster and professionally. Good customer support would particularly come in handy when you are researching the best personal loans in Singapore. Some components of good customer support include:

  1. Multiple communication channels

  2. Knowledge base pages

  3. Demonstration videos on loan applications

  4. Good website layout

At Lendela, we pride ourselves when it comes to customer support and transparency. We stay with you all the way from the initial application, via document upload and loan comparison, to the appointment at the bank's office where the final agreement and disbursement take place. Feel free to use our service for free anytime, and get access to multiple personal loan offers from reliable banks and financial institutions in Singapore. If you have any questions, let us know and our experienced Customer Service representatives will help you.

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How Does Lendela Help You Compare and Find the Best Personal Loan Rates


Step 1: Determine your borrowing needs and eligibility in terms of the amount you need to borrow, your preferred repayment period, and your credit score.

Step 2: Fill in Lendela’s online application form, our algorithm will automatically start comparing interest rates and fees among different banks, while taking into consideration the Annual Percentage Rate (APR) to show you the loan's total cost. Also, getting an estimation of the monthly repayment.

Step 3: Lendela’s result page will also lay out all the extra charges like prepayment penalties, late payment fees, or processing fees. We save you hours from reading the loan terms and conditions of each bank you are considering, just to avoid any hidden fees or charges.

Step 4: Apply for the loan of your choice, submitting the necessary documentation, such as proof of income and identification, to complete the application process.

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Why compare personal loans?


Comparing personal loans in Singapore is essential to making an informed financial decision. By comparing the interest rates, fees, repayment terms, and other features, you can find the best personal loan that fits your needs and budget.

With so many licensed loan providers offering personal loans, it can be challenging to choose the right loan in Singapore that suits your financial needs. To make sure you get the right loan, it's best to compare different loans from different providers before borrowing money.

That's not all, by comparing loans between different banks like HSBC personal loan vs DBS personal loan, you can get a clear overview of which loan will work out for you in the long run. You can also get a clear understanding of the loan tenure, processing fee, origination fees, loan terms, and hidden charges, to help you avoid paying unexpected costs while staying in control of your finances.

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Myths to Avoid when Looking for the Best Personal Loan in SG


Personal Loans are Good Only for the Salaried Candidates

When you make an application for a personal loan, the bank is interested in understanding your ability to repay the money plus the interest. So, all you need to do is provide proof of a reliable source of income and good credit score.

Even people who are employed might get their application for personal loans declined if they are considered high-risk parties. To know if you are eligible for a personal loan, check with various banks to see their requirement for personal loan approval.

Personal Loans are Not Available to People with Existing Loans

Most financial institutions will approve an application for a personal loan even if the borrower has another loan as far as he can comfortably service both loans. Therefore, if you have an urgent need for money and you are still repaying another loan, do not shy from making an application for a personal loan.

Personal Loans Lack a Prepayment Option

Most banks tend to have a minimum tenure for borrowers to make monthly instalments. Once the minimum tenure for the personal loan is over, you can foreclose the personal loan after paying a fee for prepayment.

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Dos and Don’ts When Dealing with a Personal Loan in SG


When used properly, a personal loan can be a reliable and convenient financial tool. Here are some of the dos and don’ts to help you get the best out of personal loans in Singapore.

Ensure You can Comfortably Meet the Monthly Payment

Relook at your budget and factor in the loan repayment so that you do not default. Being late with monthly payments can have serious implications on your financial health, including penalties and decreased credit scores.

Consider Refinancing Your Loan

If your credit rating has improved significantly since the time of application, there is a chance to make some savings on monthly payments through refinancing.

Do Take Action If You Will Miss a Payment

Contact the bank immediately if you know that your payment will be late. Otherwise, your personal loans are marked delinquent and lower your credit rating.

Do Not Borrow More than You Need

Because a personal loan does not restrict how you use the money, it is advisable to resist the temptation of borrowing more than you actually need. If you get a larger loan, the interest will be higher and the repayment period longer. The larger monthly payments are likely to restrict the available cash and impact your financial wellbeing.

Don't Give False Information to the Bank

When you provide documents and personal details in addition to your initial loan application, the bank will verify the information. If you are found to have provided false information, the loan is likely to get cancelled.

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


Comparing loan offers with Lendela makes it easy for you to land the best personal loan offer in Singapore. Submit the application, go on with your work, and let Lendela do the work for you. Other benefits of using Lendela in this guide 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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Questions to Ask When Applying for Personal Loans


1. How Much Will You Pay as Interest?

In Singapore, different banks have varying personal loan interest rates, and it is crucial to do your research and identify the most affordable. Remember that the interest rates for personal loans are determined based on the borrower’s credit rating and repayment ability.

2. Can You Afford the Monthly Instalments?

Some people opt for longer loan tenure to enjoy lower monthly payments. This is not always a good idea because the total amount payable will be higher with longer loan tenure.

As a general rule, you should target spending no more than 30% to 40% of your income on debts. In addition to repaying the personal loan, you also need money for other expenditures, such as medical bills, utility bills, rent, etc.

3. Does the Personal Loan have a Processing Fee?

Banks might have additional charges, such as sign-up or originator fee, but it is possible to also get some that only have the interest. A sign-up fee is a one-time upfront charge that banks subtract from the personal loan to meet the processing or administration costs.

If you are borrowing $10,000 and the personal loan has a sign-up fee of 1%, it implies that the amount that will be deducted when the loan is deposited into your account is $100. In some cases, you might be able to negotiate for a lower sign-up fee or have it waived altogether.

4. Is My Credit Score Good Enough?

To be sure about your credit score, it is advisable to check it and correct errors, if any, before applying for a personal loan.

Incorrect credit scores can arise from the wrong entry of your personal information or omission. In this case, you only need to provide documents proving the correct position. Then, the credit reference agency will recalculate your score.

If the credit score is low and you want to enjoy lower personal loan interest rates, it might be a good idea to improve it before making an application. You might also go ahead and take the loan, and ask for refinancing when the credit score improves.

5. How Will the Personal Loan Impact Your Credit Score?

When calculating a borrower’s credit score, credit agencies incorporate a number of factors, including the credit mix. Therefore, if you already have other lines of credit, such as credit cards, getting a personal loan will strengthen the credit mix. The overall impact is improving your credit score.

If you have a combination of debts, ensure only to borrow what you can afford to pay on time.

6. Do You Want to Pay Creditors Directly or Have the Money Deposited in Your Account?

Once a personal loan is approved, the funds are deposited into the borrower’s checking account. However, you can opt for a different channel if you are working on debt consolidation. Instead of having the money sent to your checking account, simply ask the bank to deposit the personal loan directly to other creditors. This will be a great way to avoid getting the temptation of using the money for other purposes.

7. What are debt consolidation loans and how are they different from personal loans?

Debt consolidation loans allow you to combine multiple debts, such as credit card debts and personal loans, into a single loan with a lower interest rate. This makes it easier to manage your debts and potentially save money on interest charges. Debt consolidation loans are different from personal loans as personal loans can be used for any purpose, while debt consolidation loans are specifically designed to help you pay off multiple debts.

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Key Takeaways


  • A personal loan is a form of unsecured loan borrowed for nearly any purpose, great for individuals having financial issues to be resolved instantly.

  • Apply for personal loans in SG via banks, traditional financial institutions, virtual banks, online-based financial institutions, and P2P lending.

  • Once you submit the required documents online, your personal loan application will be processed quickly, and so the fund disbursement.

  • Depending on your credit score and needs, consider alternatives to personal loans such as secured loans, personal lines of credit, car loans, etc.

  • If you’ve decided to get a personal loan in Singapore, Lendela is your best option to compare and secure the best personal loans with low interest rates. Apply for a personal loan with Lendela today.

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