Lendela Singapore Review

Streamline your loan application and compare multiple personal loan offers on a single platform.

Lendela is a consolidated online loan broker that connects prospective borrowers to 30+ banks and financial institutions in Singapore. With its free comparison service, you can get multiple personalised loan offers with a single application.

Find out how you can get the best personal loan from Lendela in this review.

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3.45% 

EIR: 6.5%

Interest Rate From

$200,000

Maximum Loan Amount

Up to 6 years

Loan Tenure

Details

Interest Rate From3.45% 

EIR: 6.5%

Minimum Loan Amount$1,000
Maximum Loan Amount$200,000
Loan TenureUp to 6 years
Approval DurationWithin the day
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Quick verdict

Pros

  • Low minimum income requirement
  • Borrow from as little as $1,000 or up to $200,000
  • Fast cash disbursement (typically 1 day)

Cons

  • Not suitable for those who require loan tenures longer than 72 months

What is Lendela?

Lendela is an online loan broker that helps prospective borrowers find the best personal loan offers from banks and financial institutions in Singapore.

Through Lendela, borrowers can compare multiple personalised loan offers based on their credit rating instead of going through the tedious process of sending multiple applications to different lenders.

In addition, Lendela also offers flexible financing amounts and a low minimum income requirement — which is a great option for those who are unable to qualify for a personal loan with their own bank.

Key features of Lendela

  • Free-to-use. Lendela’s service is completely free-to-use, with no hidden fees or charges.
  • Wide range of partners. Lendela has more than 30 lending partners on board, including banks and financial institutions such as DBS, POSB, HSBC, Standard Chartered, UOB and Citibank.
  • Personalised interest rates. Receive multiple, personalised loan offers from various providers with a single application.
  • Fast cash disbursement. While this depends on each loan provider’s internal process, it’ll normally take less than a day for the amount to be disbursed into your bank account once your application has been approved and accepted.
  • Flexible terms. Depending on your income and the provider you selected, you may qualify for a loan amount of up to eight times your salary. Choose a loan term between 3 to 72 months when you apply for a personal loan through Lendela.
  • Simple application process. Filling out Lendela’s online application only takes a couple of minutes. Once you’re done, its lending partners will deliver personalised offers, often within hours.

    How much will the loan cost me?

    Applying for a personal loan through Lendela is free. However, keep in mind that some banks or financial institutions may charge a range of fees so make sure to check and understand the loan contract carefully before you proceed.

    Typical fees and charges to expect from personal loans:

    • Processing Fees
    • Annual Fee
    • Late Payment Fee
    • Early Redemption Fee

    How to apply for a personal loan through Lendela?

    To apply for a personal loan through Lendala, simply head over to its website and click on the ‘Apply now’ button. Before applying, make sure that you meet all the eligibility criteria and have the required documents on hand.

    For Singpass holders, you may choose to speed up your application by selecting the ‘Apply with Singpass’ option. This will allow Lendela to retrieve your personal and income details automatically. Alternatively, you may opt to fill in the three-step application form that’d require you to input your contact information, loan preferences and annual income.

    Eligibility requirements

    You’ll need to meet the following minimum requirements to apply for a loan through Lendela:

    • Be a salaried Singaporean, Permanent Resident (PR), or Employment Pass (EP) holder
    • Between 18 and 70 years of age
    • Earn a monthly income of at least $1,200

    Required documents

    You’ll typically be required to provide the following documents:

    • Proof of ID. You’ll need to show both the front and the back of your NRIC card. EP holders may also need to submit proof of employment.
    • Proof of income. You must show proof of your income, for example, your latest computerised payslip.
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