Why MAS’s New Digital Advertising Rules Matter — and Why Borrowers Should Pay Attention

The Monetary Authority of Singapore (MAS) has released new Guidelines on Standards of Conduct for Digital Advertising Activities. They sound technical, but here’s why they matter: these rules are meant to ensure that ads for financial products — from bank loans to investment platforms — are fair, clear, and not misleading.

That sounds simple enough. Yet, many borrowers are still falling for digital ads that don’t tell the full story.

The real problem: misleading loan “comparisons”

If you’ve ever seen banners promising “as low as 2.22%” or “instant approval” on loan sites, you’re not alone. The truth is, those numbers often have little to do with what you’ll actually get. These sites — often calling themselves “loan comparison” or “marketplaces” — don’t really compare. Borrowers end up thinking they’ve compared the market, but in reality, they haven’t. As a result, thousands of borrowers each month may be making financial decisions based on incomplete or biased advertising and failing to compare, overpaying thousands.

The irony? One such platform, Lendingpot, once published an article warning that “rates are often misleading” — right under its own ad claiming loans “as low as 2.22%.” ( and without regard to the conflict of interest of operating as a "comparison platform or broker"—while owned by two lenders with another sister company being a lender. )

credit: Head of Lendingpot. We have no idea why Lendingpot is calling itself out. But for more of their contradictions, click here! 

Lendela, MoneySmart, and Seedly show similar patterns: users report being “approved” for loans that were later reduced or rejected entirely. These are not comparisons — they’re advertisements dressed up as such.

Gifts, vouchers, and the illusion of value

Many of these sites also dangle cash vouchers, gadgets, or promo gifts to entice borrowers to apply. MAS’s Guidelines on Standards of Conduct for Marketing and Distribution Activities (yes, there’s a separate one) warn that such inducements should not impair a consumer’s ability to make an informed decision. But that’s exactly what happens — borrowers chase a $100 voucher and end up with a loan costing thousands more in interest.

When you’re borrowing, the best deal isn’t the one with the biggest gift — it’s the one that actually costs you less overall.

Fake reviews and “endorsements”

There’s also the issue of fake reviews and deceptive endorsements. Some platforms feature testimonials that sound real but aren’t verifiable, or they cite endorsements from chambers and associations that have no direct connection. We have even caught fake ones by the ex-head of CIMB in his new company So, how commonplace do you think that is the case for brokers with lesser reputations to uphold?

Why this matters to you

MAS’s new guidelines are a step forward — but they only apply to licensed financial institutions and their official partners. That means many loan brokers and comparison sites aren’t directly bound by these rules. Until MAS closes that gap, borrowers need to stay alert.

Bottom line: the MAS guidelines signal that misleading financial advertising won’t be tolerated — but real protection begins with awareness. 

"The world will not be destroyed by those who do evil, but by those who watch them without doing anything",  Albert Einstein

We have started a campaign to expose these misleading advertising practices and to push for regulation, as overseas, loan intermediaries have been regulated for decades. If you think it is time to speak up, you can add your voice on TikTok, Reddit, LinkedIn or Facebook. More voices increase the chance that policymakers finally act, and we have tagged a number of them on LinkedIn. Those that have spoken about stronger consumer protections and safeguards for borrowers. Every comment, repost, or show of support counts. Consider helping other Singaporeans in learning this by taking a second to click share on any of the social media channels that you use. 

(For reference: MAS Guidelines on Standards of Conduct for Digital Advertising Activities)

Recommended next read: Loan Brokers, 10 Insider Tips Every SME or borrower Should Know
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