What "free to use" actually means.
Lendela does not charge borrowers anything to use the platform. There is no subscription, no service fee, and no cost attached to receiving personalised loan offers.
Submitting your application, receiving matched offers, comparing rates side by side, and asking questions through the platform are all free. No payment is required at any point before you choose and formally accept a specific offer.
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Shorts · Lendela
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Shorts · LendelaYour data and the soft inquiry.
When you submit an application on Lendela, your profile details are shared with partner lenders so they can each generate a personalised offer. Your personal information is anonymised in the process.
The initial credit check at this stage is a soft enquiry. A soft enquiry does not affect your CBS credit score. Your score is only impacted if you choose a specific offer and formally accept it. Browsing and comparing does not leave a mark.
Soft enquiry: what happens when you compare options through Lendela. No CBS impact. Hard enquiry: what happens when you formally accept an offer and proceed with a specific lender. This only happens once, with one lender, when you have already decided.
MAS-licensed lenders only.
Every lender on the panel is licensed.
All financial institutions on Lendela are regulated by the Monetary Authority of Singapore, operating under the same consumer protection framework that governs all licensed banks and lenders in Singapore.
MAS regulation sets legal limits on fees, requires transparent disclosure of EIR, and establishes the borrower protections you are entitled to. Any offer you receive through Lendela comes with these protections already built in.
4 things to know before you start
No credit score impact
Comparing options through Lendela uses a soft enquiry only. Your CBS score is not affected until you formally accept an offer.
MAS-licensed lenders only
Every offer comes from a lender regulated by MAS. Consumer protections apply to every institution on the panel.
Free to use
No fees at any point before you choose. The platform charges nothing to receive, review, or compare matched offers.
No commitment until you choose
Receiving offers does not obligate you to accept any of them. It only becomes binding when you confirm the one you want.
