For many, it can be impossible to obtain a personal loan from a bank. These individuals typically turn to moneylenders, though they aren't always guaranteed to obtain competitive ranks from these lenders. Lendela allows users to compare several personalised loan offers based on their credit history. Not only that, Lendela offers flexible financing amounts, fast cash disbursement (within 1 day), and a low minimum income requirement, making it a great option for those that require a personal loan and do not qualify for a bank loan.
|Summary of Lendela's Lending Platform|
|Low Minimum Income Requirement: S$1,600 per month|
|Borrow as little as S$500 or up to S$100,000|
|Interest Rates from 0.8% monthly|
Table of Contents
What Makes Lendela Stand Out to Borrowers
Lendela provides prospective borrowers with a simple way to find the cheapest personal loans available. By offering custom personal loan offers, based on the prospective borrower's profile, Lendela allows individuals to compare the best rates offered by moneylenders in Singapore. While those that would qualify for a bank loan would save money by applying to one of Singapore's top banks, those that are unable to obtain bank loans can ensure that they are getting the best moneylender rates by using Lendela.
|Monthly Interest Rates||from 0.8% (lower rates for returning borrowers)|
|Processing Fees||Vary by lender|
|Loan Size||S$500 to S$100,000 (or 6x monthly income)|
|Loan Disbursement||Within 1 day|
Not only does Lendela provide transparency to borrowers, it typically provides multiple offers, 1 day cash disbursement and flexible loan amounts. Additionally, Lendela does not charge prospective borrowers a fee for its service.
Who Can Apply: Eligibility Criteria
Lendela offers loans to salaried Singaporeans, Permanent Residents, Employment Pass holders. In order to apply for a loan via Lendela, you can click any button on this page. You will be prompted to fill out a short form. This form asks for some details including your contact information, loan preferences and annual income. Once Lendela has your information, it provides you with loan offers. Typically, applicants receive more than one loan offer, and many loans are disbursed within one day.
Other Charges & Fees
While Lendela does not charge fees, most lenders charge a variety of fees. To ensure that you are not incurring unnecessary fees, we recommend making on-time payments and choosing a loan that you can reasonably expect to repay. For your reference, we've listed some common fees in the table below.
Typical Personal Loan Fees
- Processing Fees
- Annual Fee
- Late Payment Fee
- Early Redemption Fee