Lendingpot is Singapore's leading loan matching platform. Our role as a middleman between loan providers and borrowers is to assist you in obtaining the best loan available for your specific needs. At Lendingpot, you may obtain personalized loan offers from a number of banks and financial institutions by submitting a single loan application. We assist you in comparing the offers and guide you all the way through disbursement with the loan provider that you choose. Our service is completely free, available online, and only needs a few minutes.
No, Lendingpot is not a lender in its own right. Instead, to ensure that our consumers have access to offers from as many loan providers as possible, we are collaborating with several banks and financial organizations. The Lendingpot service complies entirely with Singapore's Ministry of Law, and we do business in compliance with legal standards. Lendingpot doesn't need a license to operate, either, as we aren't ourselves loan providers.
In Singapore, we now collaborate with more than 45 banks and financial institutions, including HSBC, Standard Chartered Bank, and DBS for business and over 20 banks and licensed money lenders for personal loans.
Finding you the best financing available is our responsibility. The bank pays us a modest service charge when you use our service to accept an offer. Because of this, using our service as a client of yours is completely cost-free and we are able to share rebates with you.
Always. Your privacy and the security of your data are very important to us. In the process of securing the best loan offer for you, we will only divulge any information relevant to your application. The law also requires all of our banks and financial institutions to abide by Singapore's privacy rules.
The ultimate loan approval is always contingent upon the internal regulations, procedures, and eligibility standards of each loan source. As a result, it is challenging to determine your eligibility for a final loan prior to utilizing our application form. We boost your chances of acquiring a loan by working with several banks and financial institutions; even if one bank rejects your application, you still have a strong chance of getting accepted by others.
However, in order to apply with Lendingpot, you must meet these minimal requirements:
• You must be between the ages of 18 and 70
• You must have a monthly salary of at least $1,200.
• You must be a Singaporean with a salary, a PR, or an EP holder.
Absolutely. Your application carries no obligation, and you are free to reject any and all of the offers made to you. Please give us a try!
This is based on your yearly income. In Singapore, banks allow you to borrow up to eight times your monthly income and licensed money lenders up to six times your monthly wage.
The loan conditions, such as interest rate, duration, processing charge, etc., are determined by the particulars of your application. It is therefore challenging to predict the interest rate that you will be offered before you have filed your application. Keep in mind that interest rates might range greatly depending on the loan amount and length granted, as well as across banks and financial organizations. Prior to selecting the offer you like, be sure to evaluate all the offers made to you.
Mortgage brokers assist you in comparing home loan offers from all Singaporean banks and financial institutions. We are aware of the most affordable fixed and SORA home loan rates. The best housing loan rates in Singapore may be found right here if you're seeking for them. Lendingpot also has access to exclusive rates and packages that are not accessible to the general public as a result of our long-standing connections with our partners. We also collaborate with trustworthy banks and legal companies, to whom we entrust our clients with. They make sure the procedure for applying for a house loan is quick and easy. The best part is that our service is always free and we share rebates with our clients.
The fixed rate is safer and more reliable since it won't move in response to market changes. It is often higher than the floating rate, though, and if the market is down, you run the danger of getting locked in at a high rate. The SORA variable or floating rate is more unstable and subject to fluctuation. Recent COVID-19 epidemic has caused floating rates to reach a new low. They have however recovered above pre-covid levels. Therefore there is a risk to either rate choice. Simply said, there is no absolute better option. Your future expectations, risk tolerance, and anticipated market swings will all play a role in determining whether a fixed rate or variable rate is better for you.
Generally speaking, if your lock-in and claw-back periods for your mortgage loan are due to end or if there is a sizable disparity between your loan interest rate and current market rates, it is a good time to refinance. If unsure, don't hesitate to get in touch with us for a free consultation.
Usually, one must pay for valuation and legal expenses. Some banks may additionally levie a one-time processing fee for commercial properties. There may be additional costs if there are unique situations. However, the subsidies provided by the new bank can typically cover the cost entirely or in part. In order to prevent you from paying extra or hidden fees now or in the future, we make sure you understand all the charges and translate any technical terms.
Yes, you can accept the proposed indicative offer so that you can set an appointment with the lender to go down and renegotiate the terms.
No, the offers that are made by the moneylenders on the platform are on in-principle approval only. The more complete documents and correct information that you provide, the more accurate the offer may be. Finalized loan amount, interest rates and terms will only be informed to you when you meet the moneylender at their branch.
No, Lendingpot’s loan matching service is free. There would be no fees incurred to you.
For bank loans, it can be as fast as 15 mins, depending on the complexity of your case while for moneylender loans, you can get it within the day.
The average cost of renovating a four-room HDB flat is about $50,000 to $60,000. But this can vary depending on the condition of the house you are purchasing. Having to replace fixtures and flooring would add an additional $15,000 approx.
Borrowers should create a buffer of at least 10% of their expected renovation costs. If the renovation loan is still unable to cover this amount, you can take up a personal loan to cover the costs.
A renovation loan can be used only for renovation costs for these particular works:
• Electrical and wiring works
• Built-in cabinets
• Painting and redecorating works (e.g. wallpaper)
• Structural alterations
• External works within compound of the house
• Flooring and tiling
• Basic bathroom fittings
A renovation contract/ detailed quotation from a contractor is required to obtain a renovation loan. Following this, your funds will be disbursed in the form of a cashier’s order to the name of the contractor’s company, thereby making sure that the money goes straight to the contractor. Site visits are also conducted to ensure that your loan used for the stated renovation works as listed in the quotation.
No, usually lenders would grant a maximum loan amount equivalent to your salary. For a higher loan quantum, you may apply for a personal loan or get a mortgage cash-out.
If you are not a student, yes, you can still qualify for a payday loan.
Yes, you may apply for a payday loan as long as you show a proof of your income (e.g. 12 weeks Grab statement).
Payday loan is suitable for borrowing smaller amounts of money (an amount that can be covered with your monthly salary).
It is suited for working professionals who have maintained a steady employment but are in need of access to cash immediately.
Payday loans often has higher interest rates than personal loans. But, by doing some research, it is possible to find a lender that is able to offer a payday loan with reasonable interest rates. One such lender is Friday Finance. Friday Finance charges an admin fee of 7% with a 3.5% refund upon full repayment and offers a 2% interest rate!
Alternatively, you can also apply through brokers such as us that would be able to compare the rates for you. Not to mention, Lendingpot provides this service for free!
Even though payday loan lenders do not run credit checks, they would still report non-repayment or late payment of the loan. If you fall behind on your payday loan payment, the default payment or debt will be reflected in your Moneylenders Credit Bureau report which will then decrease your credit score.
Yes you can, however, be mindful that you may be subjected to an early repayment fee. Please speak to your loan provider for more information.
For bank loans, usually an email will be sent to you whether your loan application has been approved.For moneylender loans, you may login to our portal at app-personal.lendingpot.sg/login or check your email to view your offers. Note that the loan quantum, interest, etc are indicative. These will be finalized when you head down to the lenders’ premises.
For bank loans, the loan amount and interest are usually final once an approval email is sent to you and the amount will be credited directly to the indicated bank account.
For moneylender loans, the loan amount and interest can be discussed on a case-by-case basis once you have accepted their indicative offer.
Yes, you can, please contact the banks on how to make these change requests:
i. DBS: 1800 111 1111
ii. UOB: 1800 222 2121
iii. OCBC: 1800 363 3333
Yes, you can apply for the Tuition Fee Loan (TFL) again in the following semester by the stipulated deadline. The approval of the TFL will be subject to eligibility and loan criteria. If you require financial assistance for the semester, you can refer to the University’s website for other financial assistance schemes available.
If you are transferring to another undergraduate programme within the University, you may continue with your existing Tuition Fee Loan. The loan quantum will then be based on the course fees of the new programme.
No you can’t, you can only cancel and submit a new application. You may submit your application online to cancel your "Application to use CPF savings for Education" through my cpf Online Services - My Request using your Singpass.
CPF will inform you in writing and you will need to make alternative arrangements in cash.
You can only use your CPF savings to finance one course of study at any point in time. You need to cancel your existing application before you submit a new one.
With just 1 application using MyInfo which takes less than 3 mins, Lendingpot will connect you to multiple lenders at once. You can compare the terms that the lenders offer and choose an offer of your liking.
You may contact the lenders directly for this arrangement.
There would be late payment charges incurred. We would suggest making your payments promptly so that there wouldn’t be late payments or bad records shown on your Credit Bureau and Moneylenders Credit Reports.
No, Lendingpot’s loan matching service is free. There would be no fees incurred to you.
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