Frequently Ask Questions
Who is CompareLoan?
CompareLoan is a catalyst of sustainable growth for the personal loan. Our smart online lending marketplace connects License Moneylenders to the consumer for easier and quicker financing at affordable rates. Founded in 2019, CompareLoan.sg is Singapore leading personal loan financing platform.
How is CompareLoan different from a licensed moneylender?
CompareLoan does not hold a moneylenders licence and does not operate as licenced moneylenders. We seek to provide support to licensed moneylenders as well as consumer needing a personal loan.
Does CompareLoan itself lend money?
CompareLoan primarily facilitates in bringing together consumers & licensed moneylender on its platform.
Why should consumer choose CompareLoan?
CompareLoan offers the opportunity for licensed moneylender to earn a higher rate of interest against diversified risks. We aim to create a strong social impact in a safe jurisdiction like Singapore. Consumers may also receive lower borrowing rates. We understand the financial stress of shortage of funds and specially caters to and supports them through the platform.
Who can access the platform?
Only registered licensed moneylenders to approve by IPTO and consumers have access to the platform.