Loan comparison platforms like Lendingpot and Lendela simplify the process of finding the best loan offers, but there are differences in how they serve borrowers. Both platforms allow you to compare multiple lenders with one application, but they offer distinct features and benefits.

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In this comparison, we’ll look at the similarities and differences between Lendingpot and Lendela, helping you understand which platform may better suit your needs when choosing a loan.

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What is Lendingpot?

Lendingpot is a Singapore-owned loan comparison platform, fully operated by Lendingpot Private Limited, a wholly owned subsidiary of IFS Capital Limited, an SGX-listed financial institution and part of the PhillipCapital Group. The platform is vetted, regulated, and fully compliant with the Monetary Authority of Singapore (MAS) and Ministry of Law (MinLaw) requirements, ensuring borrowers are served in a secure and transparent environment. Lendingpot offers borrowers a way to compare loan offers from over 45 lenders, including both personal and SME loans.

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Lendingpot emphasises a user-first approach. Borrowers enjoy a seamless application process, supported by hands-on customer service that guides you through every step. Additionally, Lendingpot offers 0.5% cashback on eligible personal loans, adding value to the experience.

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Read more: Know the Difference: Cashline vs Personal Loans

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Another key feature is data protection. Lendingpot operates in full compliance with Singapore’s Personal Data Protection Act (PDPA), ensuring that your data is shared only with your consent, providing transparency and control.

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What is Lendela?

Lendela is another popular loan comparison platform that operates across multiple markets. It allows borrowers to submit one application and compare loan offers from more than 70 lenders. Lendela uses a reverse auction system, where lenders anonymously submit offers, protecting your privacy and credit score.

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Lendela does an excellent job of providing personalised loan offers from multiple lenders, giving borrowers several options to choose from. However, Lendela does not offer cashback or direct financial incentives like Lendingpot.

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Key Similarities

Both Lendingpot and Lendela share common features aimed at simplifying the loan application process:

• One Application, Multiple Offers: Both platforms allow borrowers to apply once and receive multiple loan offers.
• Personalised Loan Options: Each platform matches borrowers with a variety of lenders based on their financial needs.
• Access to Financial Literacy Resources: Both platforms go beyond just providing loan comparisons. They offer educational resources designed to help users make informed financial decisions.
• Data Protection: Both platforms are committed to ensuring borrower privacy. Lendingpot operates under PDPA compliance, while Lendela anonymises borrower data.

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Key Differences

Lendela and Lendingpot share similar goals of helping borrowers compare loans quickly and easily, but they differ in how they add value to the experience. Here's how they compare in key areas:

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1. Loan Options
Lendingpot offers a wider range of loan products compared to Lendela. While Lendela focuses mainly on personal loans, Lendingpot provides a broader selection, including business loans, home loans, and mortgages. For borrowers looking for more than just personal loans, whether for their business or home, Lendingpot offers more variety.

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2. Cashback Rewards
A standout feature of Lendingpot is its cashback rewards. Borrowers who successfully secure personal, business, or home loans through Lendingpot receive 0.5% cashback. This is a unique benefit that Lendela doesn’t offer, providing additional value to borrowers who choose Lendingpot.‍

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Read more: Can I Apply for Quick Financing in Singapore Without Credit History?

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3. Customer Support
Both platforms provide an easy, automated loan application process, but Lendingpot goes further by offering hands-on customer support throughout the loan journey. This includes personalised assistance to help borrowers understand their offers and make well-informed decisions.

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4. Local Ownership
Lendingpot is Singapore-owned and backed by local institutions like PhillipCapital and IFS Capital, meaning it’s tailored to the specific needs of Singaporean borrowers. This ensures that Lendingpot is highly familiar with the local regulatory environment and market conditions. While Lendela operates regionally, it doesn't offer the same level of localised expertise and oversight that Lendingpot can provide.

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Conclusion

While Lendela offers a streamlined and fast service for those looking for a simple loan comparison, Lendingpot provides additional benefits like a wider range of loan options, cashback rewards, and local expertise, making it a great choice for borrowers who want more flexibility and personalised support.