What is Lendela?
Lendela is a platform where individuals are able to compare rates from legitimate and suitable money lenders in Singapore. This is typically targeted to Singaporeans who are unable to acquire loans from the banks. With Lendela, you get to choose the best personal loan for your needs that are not from the banks where you can decide and then apply them through this platform.
What is the background of Lendela?
Lendela has been offering financial solutions for more than a decade through its experience in other parts of the world like South America and Europe. Lendela was launched in 2019 where the team drew their experience from Sweden’s online loan matchmaking business model. Since establishing its operations in Singapore, Lendela has expanded its operations to Hong Kong.
Why do I need to borrow from money lenders?
Not everyone could obtain a loan from the bank. This could be due to several reasons such as poor credit ratings, defaulted payments and such. Hence, the next option is to use the services of moneylenders. Lendela allows you to compare the loan offers and choose one that suits your needs.
What does Lendela offer?
You will enjoy flexible financing amounts with requirements that are not too strict. They also provide fast cash disbursement which can be as fast as 1 day. These features make Lendela the right platform for those who cannot get a bank loan to borrow funds for whatever reasons. Here’s a breakdown of the Lendela service.
- Monthly income from as low as SGD$1,200 per month.
- A flexible amount ranging from SGD$500 to SGD$100,000 or 6 times your monthly income with an interest rate from 0.8% per month.
- Am I eligible to apply to Lendela?
The services provided by Lendela are for those who are unable to obtain a loan from the banks. Any Singaporean who is salaried is eligible to apply. This is also offered to Permanent Residents (PRs) and Employment Pass holders in the country. You will only need to fill-up the form online through their website and Lendela will then provide you with multiple offers in most cases. If the loan you choose is approved, you will receive the cash in as quickly as one day.
Take note that Lendela does not charge any fees but you must be aware that there might processing fees and annual fees involved. Make sure that you are aware of the terms and conditions including any late payment fees or early redemptions fees before deciding on a loan of your choice.
What is the Lendela process like?
To apply for the loan from Lendela, all you need to do is to go through 4 simple steps.
- First, submit your application to Lendela by filling in the online application form.
- Then, you will receive offers from various parties as your application is sent to any financial service provider.
- Make a comparison and decide which loan you will like to apply.
- Once the loan is approved, you will receive your funds within the stipulate and agreed time.