Lendela Personal Loans Review: Compare Top Moneylender Rates

Lendela Personal Loans Review: Compare Top Moneylender Rates

Lendela allows individuals that are typically unable to borrow from Singapore's top banks to compare rates from the best money lenders.

Good for

  • Individuals seeking a personal loan from a money lender

Bad for

  • Prospective borrowers seeking the cheapest possible personal loan

Editor's Rating

4.0/5.0

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.

Loan Details
Monthly Interest Ratesfrom 0.8% (lower rates for returning borrowers)
Lendela ApplicationFree
Processing FeesVary by lender
Loan SizeS$500 to S$100,000 (or 6x monthly income)
Loan DisbursementWithin 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

Consider this if you are unable to obtain a personal loan from a bank

Eligibility S$1,600 per month
Max. Loan Amount 6x monthly salary
Min. Loan Amount S$500
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 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
William Hofmann

William is a Product Manager at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

Comments and Questions

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