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.


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.

Still have doubts? Let us help!

We’re happy to answer your queries.


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