Lendela Personal Loans Review: Compare Top Moneylender Rates
Lendela Personal Loans Review: Compare Top Moneylender Rates
ValueChampion Rating 
Pros
- Access to cheapest personalised personal loans from banks and moneylenders
Cons
With the many available personal loans and institutions out there in Singapore, users can have a hard time finding the right personal loan for themselves tailored to their specific situation. Lendela allows users to compare several personalised loan offers based on their credit history from both licensed moneylenders and banks. Not only that, Lendela offers flexible financing amounts, fast cash disbursement and a low minimum income requirement, making it a great option for those that require a personal loan urgently.
| Summary of Lendela's Lending Platform |
|---|
| Low Minimum Income Requirement: S$1,200 per month |
| Borrow as little as S$1,000 or up to S$250,000 |
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 available offered by both moneylenders and banks based on tailored individual situation and urgency in Singapore.
Users can ensure that they are getting the best banks and moneylender rates by using Lendela loan comparison service.
| Loan Details | |
|---|---|
| Lendela Application | Free |
| Processing Fees | Vary by lender |
| Loan Size | S$1,000 to S$250,000 (or 6x monthly income) |
| Loan Disbursement | Within 3 days |
Not only does Lendela provide transparency to borrowers, it typically provides multiple offers and choices in determining what will be the cheapest for them, fast cash disbursement and flexible loan amounts. Additionally, Lendela does not charge prospective borrowers a fee for its service.
Who Can Apply: Eligibility Criteria
- Eligibility
- S$1,200 per month
- Max. Loan Amount
- 6x monthly salary
- Min. Loan Amount
- S$1,000
- Processing Fee
- Varies
- Approval Time
- 1 day
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 apply with SingPass and fill out a short form. This form asks for some details including your contact information, loan preferences and annual income. This is to ensure that Lendela only shows you the best loan offers that are suited to your needs and financial situation.
Once Lendela has your information, it provides you with a selection of loan offers. There is no obligation to sign up for any loans after submitting your information. Typically, applicants receive more than one loan offer within minutes, and many loans are disbursed within a few days.
Application Process: What You Can Expect
- Submit your information either via SingPass or through filling out a short form.
- Pick from the list of best loans available (courtesy of Lendela). All loan offers presented have been pre-approved by the respective financial institutions.
- Choose from the presented loans offers which loan best suits your needs. There is no obligation to accept any loan offers at this stage. A customer service agent at Lendela will help you decipher the specifics of the different loan offers including the interest rates, loan terms and monthly payments.
- Book an appointment, at your availability, with the bank whose loan offer you have accepted to sign the loan.
Other Charges & Fees
While Lendela does not charge fees, most banks and moneylenders 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
Once you are ready to take the next step, click on any of the "Apply Now" buttons on this page to get started. You will be directed to the Lendela website where some additional information will be required before the search for multiple tailored loan offers can start.
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Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.