DBS/POSB Personal Loan - What You Need to Know Before Using It

You wanted to read up on DBS/POSB Personal Loan? As we have seen so many “comparison” websites or bloggers reviewing it, we thought we would chip in, but with a twist. Because the information you need could have been easily gathered using Chatgpt, instead of some paid reviewer that might not be working in your interest.

Not all "comparison websites" are what they claim to be—many are nothing more than paid advertising platforms, serving the advertisers that pay them. Not the borrower.

Across markets from the U.S. to Australia, regulators are discovering that these platforms often highlight results based on payment, not on what’s truly best for the borrower or consumer. What you see isn’t always an unbiased comparison, but a curated list bought by those who pay the most. But regulators here don't seem to be even taking notice!

While general information, such as miles or points per dollar spent, is easy to research, loan amounts and interest rates are highly personal. They change from one borrower to another based on each individual’s credit score & profile. That rate they “reviewed” or “compared” for you is actually a teaser rate. Here’s how it works in detail. They are rates that you may or may not get, and in many countries, regulators are either suing them for clickbaiting consumers or publishing warnings on them.

But if you are pressed for time, you don’t have to read the article above - here is an image that says it all.

Credit: Head of Lendingpot. Strangely enough, Lendingpot appears to be exposing its own practices. For more of their contradiction or to join the conversation, click here. What’s more, when we pointed out the conflict of interest of brokers owned by lenders, they echoed it months later—despite being owned by IFS Capital & PhilipCapital!

Credit: Public review found on Seedly and Google.

The telltale signs have always been there. But too many consumers trust brands than do their research.

Every now and then, you’ll see them write comparisons like “this loan vs. that loan.” But think about it—if they claim to compare 10 loans, did they really take all 10 and pay interest on each one?

In the UK, at least 51% of borrowers must actually enjoy the quoted rate. Singapore, however, has no such law. And even if the rates are genuine, what about the loan amount or tenure? 

And thus we built FindTheLoan.com, Singapore’s 1st loan marketplace. Because the bigger risk is that by using a loan “comparison” website and choosing the recommended option, you could end up overpaying by thousands. Another bank might have offered a much cheaper deal. We explained this clearly in the article above. Via us, instead of teaser rates or applying with multiple lenders one by one, you can reach multiple lenders at once with your actual documents, and they will make a full credit assessment as if you had walked in to them individually, and they will revert with their actual offer. Just a few minutes to reach multiple lenders. The same time you would taken on just one bank's website.

If you think something doesn’t look right, we invite you to share your thoughts on this LinkedIn post or on our Reddit, TikTok, or Facebook post, if you prefer. However, we have tagged a number of MPs on LinkedIn who, during parliament, have asked about matters such as greater consumer protections. Weighing in there, and as more people share their thoughts there, could finally catch their attention to do something about the industry and better protect borrowers. Every comment, repost, or show of support matters — it increases the chances that policymakers take notice and act. Though lenders may continue fueling their growth and expanding their reach, and we cannot stop it - we can still speak out against misleading advertising—making it safer for SMEs, borrowers, and consumers.

If you enjoyed this article, we’d love for you to share it with others who might find it valuable. Even a quick like or comment here helps trigger the algorithm to reach more people! Our goal is to bring you insights that Big Finance doesn't want you to know, but they often get overshadowed by Big Finance's content due to the large budget they have. Every share helps amplify our work and reach more readers like you!

Subscribe to our LinkedIn newsletter here or on Medium here and never miss any new articles!

Give us a try — it’s free to get your personalized loan offers today!

Share on: