Both Lendingpot and Lendela are well-known personal loan aggregator platforms in Singapore. Fundamentally, both sites offer the same services: borrowers who need financing sign up to be matched with loan providers based on their profile.
Both also offer a convenient platform for borrowers to compare loan offers from a curated list of bank and non-bank financial institutions. However, despite the similarities, they both also differ in a lot of ways, making the best choice unique to each individual. In this article, we’ll shed light on the similarities and differences between the two platforms.
Comparing personal loans can be a time consuming process, which is a challenge if you need funds urgently.
It takes considerable time and effort to visit each loan provider’s website, taking note of the loan terms and conditions, as well as any other relevant details such as interest rates and repayment tenors. You may have to contact loan providers should details be missing.
Both Lendingpot and Lendela remove the need for multiple site visits. Which means, less time is required to gain all necessary information to make an informed decision–often within the space of hours or days, rather than weeks.
Another advantage of multiple offers is that lenders are allowed to compare loan terms and conditions, choosing the most favourable ones to meet their needs and circumstances.
Both Lendela and Lendingpot allow you to register fairly easily. This process is done fully online and completed within minutes. Customers who wish to sign up can do so with their Singpass Myinfo account, granting the platform administrators access to the crucial documents and records needed without having to spend time uploading it.
Again, this seamless process provides an advantage for those looking for financing urgently. The use of Singpass saves you the hassle of gathering a list of personal documents and having to access different channels online to gather them.
Just as every borrower has unique circumstances, so too are their financial needs. Both platforms allow for a higher level of loan customisation; borrowers share their specific requirements, along with key details (often acquired through Singpass), to receive tailored offers from lenders.
Both platforms offer customers plenty of resources to help them in financial planning. Visitors are able to read extensively about the loan process, with many useful tips on how to manage applications and repayments. This knowledge helps borrowers feel more confident and equips them with the necessary knowledge to make informed decisions.
One stark difference between Lendingpot and Lendela is the spectrum of loan options. For example, while Lendela does offer some business loans, Lendingpot distinguishes itself through a greater variety of business loan products.
This means that apart from the conventional personal loans which include lines of credit, renovation loans, wedding loans and student loans, borrowers can access business and mortgage loans. Some of the business loans Lendingpot provides include business term loans, invoice financing, start-up loans and lines of credit. We also have home equity loans, mortgage refinancing solutions as well as conventional home loans for those looking for competitive offers.
Lendingpot rewards successful loan applicants with cashbacks. These special rewards are meant for approved business, personal and mortgage loans, ensuring that you reap the benefits of applying with us. Use these cashback offers to save more on your loan costs and bring down the fees you typically incur when applying for financing.
While we can’t attest to the level of customer service provided by Lendela, Lendingpot was built from the ground up to empower consumers with the best outcomes in approvals and pricing. Each unique feature of our brand has been in service of this goal, and we are happy to see that our clients agree as evidenced by more than 500 five star reviews by happy customers.
We welcome you to try Lendingpot for yourself and feel the difference. Sign up with your Singpass account and start receiving competitive loan offers from our partners or book a call with our expert consultant today should you have any questions.
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