Frequently Asked Questions

About Lendingpot

What does Lendingpot Personal do?

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.

Is Lendingpot a Lender and is licensed?

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.

Who are Lendingpot’s lending partners?

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.

How is Lendingpot service free of charge?

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. 

 Is my personal information secure with Lendingpot?

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.

Personal Loan

Am I eligible for a loan?

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.

Can I reject a loan offer?

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!

How much can I borrow? 

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.

What are the interest rates available? 

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.


New Home Mortgage | Home Equity Loan | Refinancing Loan

Why should I talk to a mortgage broker when I can go directly to the bank?

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.

Should I get fixed or floating rates for my mortgage? 

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.

When should I refinance my mortgage?

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.

What are the other cost of refinancing?

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.

Wedding Loan

I am not comfortable with the proposed loan quantum and interest from the lenders. Am I able to negotiate?

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.

Are the offers provided by the moneylenders’ guaranteed approvals?

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.

What is the processing time for banks and moneylender loans?

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.

Renovation Loan

Roughly how much should my renovation cost?

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.

What if my renovation loan is insufficient to cover my renovation cost?

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.

What can I use my renovation loan to pay for?

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

How will the bank know what I am using my renovation loan to pay for?

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.

Payday Loan

Can I borrow more than my salary for payday loans?

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.

I am working part-time, can I still qualify for a payday loan?

If you are not a student, yes, you can still qualify for a payday loan.

I am a Grab Driver/ Gig economy worker, am I still qualified 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).

What is a payday loan suited for?

Payday loan is suitable for borrowing smaller amounts of money (an amount that can be covered with your monthly salary).

Who is a payday loan suited for?

It is suited for working professionals who have maintained a steady employment but are in need of access to cash immediately.

Are payday loans interest rates high?

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!

Will my credit score be impacted?

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.

Student Loan

Bank Loans /Money Lender Loans

Can I settle my loan repayment earlier?

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.

How will I know my loan will be approved by the banks or moneylenders?

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 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.

Can I negotiate or change the loan quantum/interest that has been given to me?

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.

Bank Loans /Money Lender Loans

Can I change the loan quantum, the disbursement year/semester, loan repayment and/or interest or guarantor for my MOE Tuition Fee Loan?

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

If I am not successful in the MOE Tuition Fee Loan application, can I apply for it again?

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 I change my course of study to another undergraduate programme, do I need to re-apply for a new MOE Tuition Fee Loan?

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.

CPF Education Loan Scheme

Can I amend the online application for the CPF Education Loan Scheme?

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.

What if I do not have enough CPF Savings to make the payment?

CPF will inform you in writing and you will need to make alternative arrangements in cash.

What should I do if I submitted an application to use CPF savings for education under Institution A, but have now enrolled with Institution B

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.

Emergency Loan

What is the difference between applying for a loan on my own as compared to applying with Lendingpot?

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.

What happens if my payment with the moneylenders is delayed?

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.

Still have doubts on your personal loan? Let us help!

We’re happy to answer your queries.


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