Lendela Review Singapore: Legit or Scam? Honest Review

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  • Post published:February 16, 2024
  • Post category:Reviews

Lendela is a Singapore-based fintech startup that aims to simplify and streamline the process of applying for personal loans. The platform connects borrowers to multiple banks and financial institutions through a single loan application, allowing users to easily compare loan offers side-by-side.

But is Lendela legit? Or is it a scam?

In this honest Lendela review, we’ll examine the company’s services, fees, eligibility criteria, application process, and more to determine if it’s a trustworthy lending platform for Singaporeans.

Quick Lendela Review

Founded in 2018, Lendela operates an online loan brokerage platform that aims to provide transparent and hassle-free access to personal loans in Singapore.

Here’s a quick rundown of Lendela’s services:

  • Loan comparison – Users complete a single online application and instantly receive multiple loan offers from Lendela’s panel of partner banks and licensed moneylenders. Offers can be easily compared side-by-side.
  • Pre-approvals – The loan offers presented by Lendela are pre-approved, meaning users just need to accept the offer and complete documentation to secure the loan.
  • Customer support – Lendela agents provide guidance on comparing loan offers and answer any questions users have during the application process.
  • No obligations – Users are not obligated to accept any of the loan offers presented by Lendela. There is no fee charged for using their service.

The platform currently has 40+ partner banks and financial institutions, including major banks like DBS, OCBC, and UOB. Loans range from S$1,000 up to S$250,000.

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Is Lendela Legit and Legal?

Lendela is a fully legal and compliant financial services provider in Singapore.

Here are a few signs that indicate Lendela is a legitimate lending platform:

  • Registered business – Lendela is registered with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore under the business name Lendela Pte Ltd. Their UEN number is 201801220D.
  • MAS regulated – As a loan broker, Lendela holds a Capital Markets Services (CMS) license issued by the Monetary Authority of Singapore (MAS). Their CMS license number is CMS101223.
  • PCI DSS compliant – Lendela’s website and applications are PCI DSS Level 1 certified, meaning they meet security standards for handling credit card data.
  • Partner banks are regulated – All of Lendela’s lending partners are banks and licensed moneylenders regulated by MAS. Lendela only works with legal institutions.
  • Positive online reviews – Lendela has overwhelmingly positive reviews on Google, Facebook, and independent review sites like ValueChampion. Many customers vouch for getting approved loans through their service.

Based on these credentials, there is no sign that Lendela engages in any illegal or fraudulent activities. They are a fully compliant fintech startup aiming to improve access to legal loans in Singapore.

What Types of Loans Does Lendela Offer?

Through Lendela, you can easily compare personal loans from a wide variety of banks and lenders in Singapore.

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Some of the most common loan purposes include:

  • Debt consolidation – Combine multiple debts into one personal loan with lower interest
  • Credit card refinancing – Lower interest rates by refinancing credit card balances
  • Home renovation – Finance upgrades, repairs, or remodeling costs
  • Weddings – Cover wedding-related costs like banquets, gowns, and photography
  • Medical expenses – Pay hospital bills or expensive medical procedures
  • Education – Pay tuition fees or other educational expenses
  • Vacations – Fund a dream holiday or trip abroad
  • Vehicles – Buy a new or used car with a personal loan

Loan amounts range from S$1,000 to S$250,000, with loan tenures from 6 months up to 7 years.

Lendela Review: Pros and Cons

Here’s a quick rundown of the key advantages and potential disadvantages of using Lendela for your personal loan needs:


  • Compare offers from 40+ banks and lenders instantly
  • Pre-approved offers means high chance of loan approval
  • Fixed interest rates and transparent fees
  • Fast access to funds, often within 3 days
  • Friendly customer support guides you through the process
  • Loan amounts from S$1,000 up to S$250,000
  • No obligation to accept a loan offer


  • Limited loan purposes compared to banks
  • Must meet minimum income requirement of S$1,200 per month
  • Banks may have lower interest rates than lenders on panel
  • Application requires SingPass or extensive personal details

While Lendela makes the loan application process much smoother, traditional banks may offer cheaper interest rates or more tailored loan packages depending on your profile. It’s worth comparing options.

Lendela Eligibility Criteria: Who Can Apply?

To qualify for a personal loan through Lendela, applicants must meet the following eligibility criteria:

  • Citizenship – Singapore Citizens or Permanent Residents
  • Income – Minimum monthly income of S$1,200
  • Age – 21 to 65 years old
  • Employment – Salaried employees (self-employed may be considered case-by-case)

For foreigner workers in Singapore, Lendela requires either an Employment Pass or S Pass with at least 1 year validity remaining.

First-time borrowers with no credit history may also be eligible for Lendela loans. Approval will be based on your income documents.

Step-By-Step Guide to Applying on Lendela

Here is a detailed walkthrough of the loan application process using Lendela’s loan brokerage platform:

Step 1) Visit Lendela’s website and click “Apply Now”

Step 2) Login with SingPass or complete the online application form

  • You will need to provide personal details like NRIC, contact info, employer, income, and desired loan amount/tenure.

Step 3) Once submitted, you will instantly receive personalised loan offers from Lendela’s panel of lenders

  • Each offer will show loan amount, interest rate, tenure, monthly repayment, and total repayment cost.

Step 4) Evaluate and compare the loan offers side-by-side

  • Lendela agents are available to help explain the offers and answer any questions.

Step 5) Select your preferred loan offer

  • There is no obligation to accept any of the presented offers.
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Step 6) Complete documentation for full approval

  • This may include payslips, CPF statements, utility bills, etc.

Step 7) Accept loan agreement and receive funds

  • Disbursement is usually within 2-3 days via bank transfer.

The entire process can be completed online and most applicants receive multiple offers in minutes after submitting their application.

What Are Lendela’s Fees and Charges?

A major benefit of using Lendela is that there are no fees charged for submitting a loan application or comparing offers. Their services are completely free for borrowers.

Once you accept a loan offer, the partner bank or lender may charge certain fees such as:

  • Processing fee – Typically 1% to 2% of the loan amount
  • Late payment fees – Around S$50 to S$100 per late installment
  • Early redemption fee – 1% to 2% of outstanding loan amount if you fully repay before maturity

All fees are disclosed upfront in the loan agreement. Lendela itself does not charge any fees, but be sure to read the fine print from the lender.

How Much Can I Borrow from Lendela?

Lendela has flexible loan amounts ranging from S$1,000 up to S$250,000.

The maximum you can borrow is generally determined by your annual income. Most lenders will approve loans up to 6 times your monthly salary.

Here are the typical loan amounts offered based on income level:

Gross Monthly Income Max Loan Amount
S$1,500 S$9,000
S$2,500 S$15,000
S$5,000 S$30,000
S$10,000 S$60,000
S$15,000+ Up to S$250,000

Higher income individuals can qualify for higher loan amounts. Foreigners earning less than S$3,000 monthly may be limited to S$10,000 loans.

What is the Interest Rate for Lendela Loans?

Interest rates will vary depending on the specific lender and your eligibility. Here are typical Lendela loan interest rates:

  • Banks: 3% to 8% per annum
  • Licensed moneylenders: 10% to 18% per annum

Banks tend to offer cheaper interest rates, while licensed moneylenders provide higher risk loans approved for those with poor credit scores. Rates are fixed for the entire loan tenure.

Lendela presents offers from both banks and moneylenders so you can compare interest rates. Be sure to choose the offer with the lowest interest cost.

How Long Does It Take to Get Approved?

One of the biggest advantages of using Lendela is the fast loan approval process.

Here is a timeline of how quickly you can expect to get approved and receive funds:

  • Instant pre-approved offers – Get indications of offers within minutes of applying
  • Same day approval – Most applicants get full loan approval within 24 hours
  • 2 to 3 days disbursement – Receive loan funds in your bank account in just a few days

The speedy process allows you to get access to emergency cash or quickly finance pressing needs.

Is Lendela Recommended? Verdict and Reviews

Based on this detailed review, our verdict is that Lendela is a recommended and trustworthy loan platform for Singaporeans.

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Key reasons why Lendela scores highly:

  • Fully legal and MAS regulated brokerage
  • Instant access to multiple loan offers
  • High approval odds and quick disbursement
  • Helps compare rates from 40+ lenders
  • No obligation to accept a loan offer
  • Free for borrowers, no hidden fees

While not the cheapest source of funds, their convenience and loan approval speeds are unparalleled.

Lendela is rated 4.7/5 on Google Reviews and 4.5/5 on Facebook with over 500 positive reviews praising their professionalism and easy application process.

For those seeking urgent access to personal loans or wanting to compare rates, Lendela delivers on its promise of fast approvals and an easy online application experience. They are a pioneering loan broker making financing more accessible for Singaporeans.

Frequently Asked Questions

Is Lendela considered an Ah Long or illegal moneylender?

No, Lendela only partners with licensed banks and legal moneylenders approved by MAS. They do not engage with loan sharks or ah longs. Their lending practices are fully compliant with regulations.

How does Lendela make money?

Lendela earns commission from partner financial institutions when loans are approved through their platform. The fees are paid by the lender, not the borrower.

Can foreigners living in Singapore use Lendela?

Yes, foreigners with eligible work passes like EP and S Pass can apply. Minimum income and other criteria still apply. Maximum loan may be lower for non-residents.

What documents do I need to provide Lendela?

You’ll need to provide NRIC, income documents like payslips, contact information, and possibly CPF statements or utility bills for address proof.

Is income the main criteria for loan approval on Lendela?

Income is the most important factor, but they also consider your credit history, job stability, and existing debts. First-time borrowers can still get approved just based on salary.

Can I get a personal loan with bad credit history on Lendela?

It’s possible. Since Lendela works with licensed moneylenders in addition to banks, they may be able to match you with a lender who approves applicants with poor credit scores.


Lendela aims to streamline the loan experience through easy comparison and fast approvals. With no cost to applicants, positive reviews, and strong legal credentials, they deliver an exceptional service that makes personal loans more accessible.

While not the most affordable source of funds, their matching platform presents you with multiple offers that help find the best rate for your profile. For those who value speed and convenience when seeking financing, Lendela ticks all the boxes.

So based on this detailed review, Lendela is considered a legitimate, recommended, and user-friendly loan brokerage platform for Singaporeans looking to get personal loans easily approved online.

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