If you're comparing loans in Singapore, chances are you've come across both Lendingpot and Lendela.

Both platforms aim to make finding a loan easier by allowing borrowers to explore options from multiple lenders instead of approaching banks and financial institutions one by one.

But Lendingpot and Lendela aren't exactly the same.

Lendela has a strong focus on personal loan matching and currently advertises access to more than 70 banks and loan providers. Lendingpot, meanwhile, operates dedicated Personal Loan and Business Loan platforms, with different application journeys designed around the information required for each type of financing.

Lendingpot also takes a selective approach to its lender panel, screening lenders before onboarding and reviewing their performance on an ongoing basis rather than focusing solely on having the largest possible lender count.

So, which platform is right for you?

Rather than simply looking at which platform has more lenders, it's worth comparing the types of financing available, how each lender network is managed, how the application works, the support provided and, most importantly, the actual loan offers you're eligible for.

Key Takeaways

1. Both Lendingpot and Lendela offer personal loan comparison in Singapore. Both allow borrowers to submit an application and explore offers from participating loan providers.

2. Lendela currently advertises a larger personal loan provider network, with more than 70 banks and loan providers.

3. Lendingpot takes a selective approach to its lender panel. Lending partners are screened before onboarding and their performance is reviewed on an ongoing basis.

4. Lendingpot has dedicated Personal and Business Loan platforms. Business applicants who subsequently want to explore personal loan options do not need to submit a new Personal Loan application.

5. Both platforms provide human support, so the difference isn't simply one of automated versus human-assisted loan matching.

6. Lendingpot offers 0.5% cashback on eligible personal loans, subject to the applicable terms and conditions.

Lendingpot vs Lendela at a Glance

*Terms and conditions apply.

What Is Lendingpot?

Lendingpot was founded in Singapore in 2018, starting as a digital business loan marketplace that connects SMEs with banks, financial institutions and alternative lenders.

In 2022, Lendingpot expanded into personal loans with the launch of its dedicated Personal Loan platform. Today, Lendingpot supports both individuals and businesses through two separate application platforms.

Read more: Know the Difference: Cashline vs Personal Loans

The Lendingpot Personal Loan platform, launched in 2022, is designed specifically for individuals looking for personal financing. Borrowers can complete an online application using MyInfo, receive personalised offers from participating lenders and compare their available options.

The Lendingpot Business Loan platform is built specifically for businesses and collects the additional company and financial information required for business financing. Lendingpot currently works with more than 45 partner lenders across its Business Loan marketplace.

This distinction is important. Lendingpot doesn't use the same application for every type of borrower. Personal and business financing have different information requirements, so each has its own application journey.

How Do Lendingpot's Personal and Business Loan Applications Work?

If you're looking for a personal loan, you apply through Lendingpot's Personal Loan platform. The application focuses on your personal information and financial profile.

If you're looking for a business loan, you'll need to use Lendingpot's Business Loan platform. A business financing application requires additional information about your company, its operations and its financial position.

There is, however, some flexibility between the two.

If you've already completed a Lendingpot Business Loan application but don't secure a suitable business loan, or decide that you would also like to explore personal loan options, you don't need to complete another Personal Loan application from scratch. Lendingpot can use the relevant information already provided to help you explore personal loan options.

It doesn't work the same way in reverse.

If you've only completed a Personal Loan application and subsequently want business financing, you'll need to complete the Business Loan application because additional information about your company is required.

For business owners who aren't sure whether business or personal financing will ultimately be the more suitable option, this provides another route to explore available financing without having to start the application process again.

What Is Lendela?

Lendela is another digital loan-matching platform operating in Singapore.

Its consumer offering has a strong focus on personal loans and currently advertises access to more than 70 banks and loan providers.

Like Lendingpot, the aim is to reduce the need for borrowers to approach multiple lenders separately. Applicants provide their information and can explore personalised loan options from participating providers.

Lendela has also expanded beyond personal lending and now offers business loan matching in Singapore.

So the idea that Lendela is for personal loans while Lendingpot is only for business loans is no longer an accurate way of comparing the two platforms.

Both now operate in personal and business financing, although their platforms, lender networks and application experiences differ.

Is Lendingpot Mainly for Business Loans?

It's understandable why some borrowers may still associate Lendingpot primarily with business financing.

Lendingpot started as a business loan marketplace in 2018, while its dedicated Personal Loan platform was launched later in 2022.

Since then, personal lending has become a dedicated part of Lendingpot's offering, with its own consumer platform and application journey.

Personal borrowers can apply online using MyInfo, receive personalised offers from participating lenders and compare the terms before selecting an offer.

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

Lendingpot also provides a dedicated support team to assist with personal loan applications.

Meanwhile, Lendingpot's Business Loan platform continues to serve SMEs, working with more than 45 partner lenders across products such as business term loans, invoice financing, property-backed financing, lines of credit, revenue-based financing and startup financing.

So while Lendingpot's roots are in SME financing, today it has dedicated platforms for both personal and business borrowers.

Which Platform Has More Personal Loan Providers?

On headline numbers, Lendela currently advertises the larger personal loan provider network, with more than 70 banks and loan providers.

But Lendingpot takes a different approach to its lender panel.

Rather than focusing on having the largest possible number of lenders, Lendingpot takes a selective approach to the lenders it works with.

Lending partners are screened before onboarding, and their performance is reviewed on an ongoing basis. Lenders that do not meet Lendingpot's service and performance expectations may be removed from the panel.

The aim is to maintain a lender network that is relevant and able to effectively serve Lendingpot borrowers, rather than simply increasing the headline lender count.

Lendingpot's selection and review of lending partners considers factors such as product suitability, service standards and their ability to serve borrowers — not simply which lender pays the highest referral fee.

There's another reason why lender count shouldn't be viewed in isolation.

Having access to 70 lenders doesn't mean an applicant will receive 70 offers.

Your actual options can depend on factors such as your:

• Income
• Employment profile
• Credit history
• Existing financial commitments
• Residency status
• Desired loan amount
• Preferred tenure
• Individual lenders' credit criteria

So when comparing Lendingpot and Lendela, it's worth looking at both the breadth and approach to managing the lender network.

Ultimately, however, the more useful question is:

What loan offers am I actually eligible for, and how much will they cost me?

That's where comparing the actual loan terms becomes more meaningful than comparing headline lender counts alone.

What Should You Compare Between Loan Offers?

Once you've received offers, don't simply choose whichever one displays the lowest advertised interest rate.

A good personal loan comparison should look at several factors together.

Interest rate tells you the rate used to calculate interest on your loan.

Effective Interest Rate (EIR) provides a better indication of the effective borrowing cost after taking into account factors such as the repayment structure and certain fees.

Monthly instalment tells you how much you'll need to budget for each month.

Total amount payable helps you understand what you'll ultimately pay over the entire loan tenure.

You should also look at processing fees, early repayment conditions, loan tenure and any applicable promotions or cashback.

This is also why Lendingpot's cashback shouldn't be viewed in isolation. A cashback reward can be useful, but it shouldn't outweigh a materially more expensive loan.

How Does the Application Experience Compare?

At a high level, both Lendingpot and Lendela are trying to solve the same inconvenience: having to approach multiple lenders separately just to find out what loan options may be available to you.

For personal loans, Lendingpot allows applicants to complete one online application and receive indicative offers from participating lenders. Rather than applying lender by lender, you can see your available options in one place and compare factors such as the indicative loan amount, interest rate and repayment period before deciding which offer you want to explore further.

This is also something that comes through quite consistently in Lendingpot's customer reviews. Borrowers frequently mention receiving multiple offers, being able to compare their options and getting follow-up assistance from the Lendingpot team throughout the process.

One reviewer described Lendingpot as a “1 stop centre for loans”, saying that the platform does the work of finding offers so that borrowers can compare them and decide which suits their requirements. Another said they were able to “connect with multiple lenders and compare offers”, while several others specifically highlighted the team's follow-up and assistance in finding another option when an initial offer did not work out.

Read more: How Singapore’s Licensed Moneylenders Serve the Underserved

There are even customers who have tried both platforms. One reviewer wrote that they initially used Lendela and received one offer before trying Lendingpot, where they received around 10 offers to consider. Another commented that Lendingpot gave them a greater amount of choice compared with their previous experience elsewhere.

Of course, the number of offers any borrower receives will depend on their individual profile and the lenders' assessment, so another customer's experience should not be taken as an indication of how many offers you will receive.

For business financing, Lendingpot operates a separate Business Loan platform. This is intentional: applying for a business loan requires additional information about the company that isn't needed for a personal loan application.

Once a business application is submitted, Lendingpot can match the company with suitable lenders from its network of more than 45 lending partners. Customer reviews from SME owners similarly highlight the ability to reach financing providers they may not have approached themselves, as well as the human support provided during the process.

Lendela similarly allows borrowers to submit their information once and explore personalised loan options from participating providers.

So, while both platforms are built around the convenience of one application to explore multiple potential loan options, Lendingpot combines the online comparison experience with human follow-up, while maintaining separate Personal and Business Loan journeys designed around the different information needed for each type of financing.

What About Human Support?

Both Lendingpot and Lendela provide human assistance, so this isn't an area where we'd describe one as purely digital and the other as human-assisted.

Lendingpot's Personal Loan platform provides a dedicated support team that borrowers can contact for assistance with their applications.

Its Business Loan platform similarly provides access to loan specialists who can assist businesses throughout the financing process.

Lendela also provides customer support during the loan-matching process.

So if human assistance is important to you, it's available through both platforms.

What About Lendingpot's 0.5% Cashback?

One difference between the personal loan offerings is Lendingpot's cashback programme.

Eligible customers who successfully take up a personal loan through Lendingpot can receive 0.5% cashback, subject to the applicable terms and conditions. Lendingpot's Personal Loan platform is also free for borrowers to use.

For example, if an eligible S$10,000 loan qualifies for 0.5% cashback, that would work out to S$50.

But here's the important part:

Don't choose a loan just because of the cashback.

A lower EIR, lower processing fee or better repayment terms could potentially save you more than a promotional reward.

Our view is that you should first compare the actual loan offers available to you. If you've found a suitable loan and it also qualifies for Lendingpot cashback, then the cashback becomes an additional benefit.

Which Is Better for Business Owners?

This comparison gets more interesting if you're a business owner.

Both Lendingpot and Lendela now offer business financing, so it would be inaccurate to say that only Lendingpot caters to SMEs.

However, business financing has been a core part of Lendingpot since the company was founded in 2018.

Lendingpot's Business Loan marketplace currently connects SMEs with 45+ partner lenders and covers a range of financing solutions, including:

• Business term loans
• Invoice financing
• Property-backed financing
• Lines of credit
• Revenue-based financing
• Startup financing

There is also the Business → Personal flexibility mentioned earlier.

If you apply for business financing through Lendingpot but don't secure a suitable business loan, or subsequently want to consider personal financing instead, you can explore Personal Loan options without completing another Personal Loan application.

This can be useful for small business owners who are open to considering different financing routes.

However, whether a business or personal loan is appropriate will depend on what you're borrowing for and your individual circumstances. Borrowers should understand the purpose and terms of any financing before proceeding.

Is Lendingpot Regulated?

This question requires an important distinction.

Lendingpot is a loan comparison and referral platform, not the lender providing your financing.

Similarly, Lendela operates as a loan-matching platform rather than providing the underlying loan itself.

The actual financing is provided by the relevant bank, financial institution or licensed lender.

Lendingpot screens lending partners before onboarding them and reviews their performance on an ongoing basis. Lendingpot also states that customer information is only revealed to lenders on a consent basis in accordance with the PDPA.

Lendingpot is part of SGX-listed IFS Capital Limited.

Regardless of which comparison platform you use, you should still check which institution is actually providing your loan and understand the lender's terms before accepting an offer.

Lendingpot vs Lendela: Which Should You Choose?

There isn't one answer that will apply to every borrower.

Lendela may be worth considering if having access to a large stated personal loan provider network is particularly important to you. It currently advertises more than 70 banks and loan providers and has a strong consumer personal loan focus.

Lendingpot may be worth considering if you want to compare personal loan offers from a selectively managed panel of participating banks and licensed moneylenders, value having access to a dedicated support team, or want to receive 0.5% cashback on an eligible personal loan.

For business owners, Lendingpot also provides a dedicated Business Loan marketplace with more than 45 partner lenders and multiple types of SME financing. And if you've already applied for a business loan through Lendingpot, you can subsequently explore Personal Loan options without completing another Personal Loan application.

Read more: How Lendingpot Helps Clients Secure Low Interest Rates

Ultimately, though, the platform is only the starting point.

The loan you actually receive matters much more.

Compare your available offers based on their interest rate, EIR, processing fees, monthly instalment, total repayment and loan conditions before deciding.

The right platform is the one that ultimately helps you find a financing option that suits your circumstances.

Lendingpot vs Lendela FAQs

Is Lendingpot only for business loans?

No. Lendingpot operates separate Personal Loan and Business Loan platforms.

Its Personal Loan platform allows individuals to apply online using MyInfo, receive personalised offers from participating lenders and compare their available options.

Its Business Loan platform is specifically designed for SMEs and collects the additional company information required for business financing.

Do I need to apply twice if I want to compare personal and business loans on Lendingpot?

It depends on which application you complete first.

If you've already completed a Business Loan application, you can subsequently explore Personal Loan options without submitting another Personal Loan application.

If you've only completed a Personal Loan application and later want to apply for business financing, you'll need to complete the Business Loan application because additional information about your company is required.

Why does Lendela have more lenders than Lendingpot?

Lendela currently advertises a personal loan network of more than 70 banks and loan providers.

Lendingpot takes a selective approach to its lender panel rather than focusing solely on headline lender numbers. Lending partners are screened before onboarding and their performance is reviewed on an ongoing basis. Lenders that do not meet Lendingpot's service and performance expectations may be removed from the panel.

The number of lenders on either platform also doesn't represent the number of offers every borrower will receive. Actual offers depend on your profile and individual lenders' eligibility and credit criteria.

How does Lendingpot select its lenders?

Lendingpot screens lending partners before onboarding them and reviews their performance on an ongoing basis.

Factors considered include product suitability, service standards and the lender's ability to serve borrowers. Lendingpot may remove lenders from its panel if they do not meet its service and performance expectations.

Lender selection isn't simply based on which lender pays the highest referral fee.

Which has more lenders, Lendingpot or Lendela?

For personal loans, Lendela currently advertises the larger overall provider network, with more than 70 banks and loan providers.

For business financing, Lendingpot currently states that its dedicated Business Loan marketplace has more than 45 partner lenders.

However, headline lender numbers don't tell you how many offers you'll actually receive. Your available options depend on your financial profile and each lender's eligibility and credit criteria.

Are Lendingpot and Lendela lenders?

No. Both operate as loan comparison or matching platforms. The underlying financing is provided by the relevant bank, financial institution or licensed lender.

Does Lendingpot offer cashback on personal loans?

Yes. Lendingpot currently offers 0.5% cashback on eligible personal loans completed through its platform, subject to the applicable terms and conditions.

Lendingpot's Personal Loan platform is also free for borrowers to use.

Does Lendingpot offer business loans?

Yes. Lendingpot has a dedicated Business Loan platform with more than 45 partner lenders.

Financing options include business term loans, invoice financing, property-backed financing, lines of credit, revenue-based financing and startup financing.