Think about it, if they "could" offer you a loan with minimal documents, why wouldn't we?
Integrations like Singpass or Xero simply provide a limited set of information — very often, not enough for a full credit assessment. So they could be simplified underwriting — meaning they’re making loan decisions based on limited data, which often results in higher interest rates - but without informing the consumer that they are being charged extra!
They could also be clickbait, giving you only an "indicative" offer where you head down to the lenders based on the indicative quote and, upon requesting your MLCB/CBS on the spot, have to turn you away due to your DSR. Or if their sole goal is to just get you into the door first.
Many websites in the US have been sued for misleading "offers" and certain sales tactics. See examples of these incidents here and here.
Most legitimate lenders simply require additional details beyond what these integrations can supply to complete a proper underwriting process. That said, these integrations will still help reduce some manual field-filling on our platform, and we plan to integrate them soon.
As FindTheLoan.com allows you to connect to multiple lenders at once, our forms for some loan types or borrowing profiles might be slightly longer than a single lender's.
Personal information (such as NRIC/Passport number) is required when it is necessary to establish or verify an individual’s identity to a high degree of accuracy for KYC purposes. Income information (like credit report, CPF contribution, payslip and NOA) allows our Financing Partners to gauge your repayment ability or Debt Servicing Ratio.
When applying for a Business Loan, they are required to allow the lenders to know if you, as an officer of the company, have any bad credit or pending litigation, which may impact your ability to run the company or repay a loan - especially for countries such as Singapore, where shareholders are often the guarantors for many loan types.