Is Lendela Legit? Ultimate Loan Match Platform Comparison (Updated May 2025)
By
Dawn Chew
|
Updated 14 May 2025
At The Glance
Lendela is a legit loan matchmaking platform that simplifies the process of finding a personal loan by connecting borrowers with multiple lenders. But how does it compare to other similar platforms? In this guide, we evaluate its legitimacy, features, and benefits while comparing it to other leading platforms.
Why Should You Consider Using a Loan Matching Platform?
Loan matchmaking platforms offer a more efficient way to secure a loan, eliminating the need to approach multiple banks or financial institutions individually. Here’s why they can be a game-changer:
- Time-saving
Instead of applying to each one by one, a loan-matching platform makes it easy to fill out a single application and potentially receive offers from multiple lenders.
- Higher Approval Chances
The platform will match you with lenders based on your eligibility, which increases the chances of approval.
- Transparent Comparisons
It allows borrowers to contrast the terms of a loan, interest rates, and processing fees of several lenders from one platform.
- Personalized Offers
Platforms make recommendations tailor-made for your financial profile so that you get the best-suited loan options.
What Should You Look for When Choosing a Loan Matching Platform?
The right loan matchmaking platform ensures a smooth and beneficial borrowing experience. The ideal platform would not only connect you with multiple lenders but also assure transparency, efficiency, and customer support throughout the loan application process. Different platforms serve different financial needs, so it is imperative to analyze their features before making a decision. Here are some critical factors to consider:
1. Lender Network
A good loan matching platform should have partnerships with reputable banks and financial institutions to offer a wide range of loan options.
2. Application Process
Look for platforms with a simple and quick application process, ideally with SingPass integration for convenience.
3. Interest Rates and Fees
Check the interest rates offered and any processing fees involved. Some platforms may charge a service fee or have hidden costs.
4. Cashback & Rewards
Some platforms offer cashback or other incentives, such as vouchers for borrowers who successfully obtain a loan through their service.
5. User Reviews and Reputation
Research customer feedback to assess the platform’s credibility and the experiences of past users.
5. Speed of Loan Disbursement
Consider how quickly the platform processes applications and disburses loan amounts once approved.
How Does Lendela Compare to Other Loan Platforms?
To determine whether Lendela is the best choice, let’s compare it with other popular loan matchmaking platforms like Lendingpot and ROSHI.
1. Lendela
What sets Lendela apart is its extensive network of lenders, the largest among all loan matching platforms in Singapore. Instead of manually comparing lenders, applicants can now fill out one application and receive multiple loan offers tailor-made for their financial profile. The platform is hassle-free, making it easy for borrowers to get a loan quickly. Besides, Lendela has partnered with some leading financial institutions, meaning that legitimate, competitive loan offers are a guarantee once the applications are matched. The platform also does not require users to have an existing banking relationship in order to qualify.
2. Lendingpot
Lendingpot attracts borrowers who are looking for additional perks, such as a 0.50% cashback offer on approved loans. The platform also boasts a highly responsive customer support team that assists borrowers in navigating their loan options and securing the best possible deals. While the application process may take a bit longer than Lendela, the cashback incentive makes it an appealing option for cost-conscious borrowers.
3. ROSHI
ROSHI is all about rewarding its customers. Our platforms offers up to 1% cashback on approved loans making us a great choice for borrowers who want to save the most. Additionally, ROSHI provides a price beat guarantee allowing applicants to obtain a lower interest rate, higher loan amount, or longer tenure if they provide a valid offer from another platform.
Successful applicants also receive extra perks such as a $20 grocery voucher. With a strong focus on affordability and rewards, ROSHI ensures borrowers get the best possible deal on their personal loans.
Current Personal Loan Rates
| Lender | Annual Interest Rate | Effective Interest Rate | Processing Fee |
|---|---|---|---|
| GXS | 0.00% | 4.13% | 1.35% of approved loan |
| DBS | 1.99% | 4.43% | $100 |
| POSB | 1.99% | 4.43% | $100 |
| OCBC Bank | 2.66% | 5.44% | 1.0% of approved loan |
| Trust Bank | 2.79% | 5.27% | $0 |
| CIMB Bank | 2.80% | 5.28% | $0 |
| Standard Chartered | 2.88% | 5.43% | $0 |
| HSBC | 2.92% | 5.50% | $0 |
| Maybank | 3.28% | 6.20% | $200 |
| Citibank | 3.45% | 6.50% | $0 |
| OCBC Bank | 5.43% | 11.47% | $200 |
Considerations
Lendela is a legit and efficient online loan matching platform that will ease the borrowing process, allow a hassle-free application process and give access to multiple lenders. It is, therefore, one of the recommended service providers among those seeking personal loans.
Other similar platforms such as Lendingpot and ROSHI have special offers for incentives like cashback or price matching. Just before moving ahead with your application, analyse which platform provides the best loan offer.
