3 digital lending platforms to seek instant loans from in Singapore

By Leandra Monteiro

According to a report by Armada Labs, the alternative lending market of Singapore is dominated by B2B lending. This is the case because applying to traditional lenders requires time to process an application. The average waiting time can be upto several weeks and sometimes even months. On the other hand, many alternative lenders resolve loan applications on the same day, making digital lending FinTechs a much sought-after option.

Keeping that in mind, here are 3 digital lending platforms to seek quick loans from in 2023:

• Credit Culture

Credit Culture, a subsidiary of DEY Private Limited, is the first FinTech company to provide digital solutions for personal loans in Singapore. Its innovative and proprietary technology enables the company to address current market inefficiencies, enabling consumers to benefit from a faster, cheaper and better loan application process.

Credit Culture is one of six entities operating under a pilot by the Ministry of Law for new moneylending business models. The pilot aims to better protect borrowers through business-led improvements in the industry.

Using innovative digitalised solutions in the lending industry, Credit Culture aims to lower the cost of credit for consumers and drive financial inclusion across a spectrum of income bands, including the lower income segment that does not have access to banking facilities.

• Validus

Validus is an all-in-one SME financing platform in Southeast Asia. Validus drives financial inclusion and prosperity for small businesses by leveraging data and AI to drive growth financing to the under-served SME sector, resulting in faster and effortless one-stop financial solutions that increase its customers’ productivity and cost savings. Validus’ SME-focused, full-suite business finance offering includes loans, business accounts, corporate cards, payments and expense management. To date, Validus has disbursed more than USD 2 billion in loans to small businesses across Southeast Asia.

Founded in 2015 to address the unmet financing needs of SMEs, Validus is headquartered in Singapore and is growing rapidly across its four markets, Indonesia, Singapore, Thailand and Vietnam.

• Wish Finance

A global blockchain platform as a Service for small business lending, WishFinance Platform is based on the technology created and tested by Singaporean financial technology company WishFinance SME lending company to solve the problem of high-risk lending to small businesses.

The platform uses a combination of technologies: BigData, loan portfolio analytics, Banking APIs, neural network monitoring and blockchain portfolio securitization and makes this mix available globally for holders of WSH tokens.

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