GXS Bank's working capital loan the one for you? We "reviewed" it for you!

GXS Bank's working capital loan the suitable bank loan for you? With so many comparison websites reviewing it, we decided it was time to add our perspective. So you don't fall for these biased reviews.

We know you were searching online when you found this article. We get it — you want to know how banks charge, how long responses take, or how loans are structured. Unfortunately, as explained here, you’ll only know after applying. While MAS issued the Guidelines on Standards of Conduct for Digital Advertising Activities in September, we feel they’re still not broad enough. Unlike in the UK, where 1% or 1-hour loans must cover at least 51% of borrowers, that standard isn’t enforced here. Even more concerning are third-party lead generators not part of the banks. And this is why you need to read this article.

Across markets from the U.S. to Australia, regulators highlight that comparison websites often prioritize results based on payments, not necessarily what’s best for the borrower. What looks like an unbiased comparison is usually a curated list bought by those who pay the most.

While information like credit card rewards is easy to verify, loan amounts and interest rates are highly personal. They differ for each person’s credit score & profile. The rates you see online are usually just teaser rates. Learn what they mean in the detailed article we wrote. Or simply look at this admission:

Credit: Head of Lendingpot. Ironically, Lendingpot seems to expose its own practices. And when we highlighted lender-owned broker conflicts in another article of ours, months later they echoed the same line. This, despite being backed by 2 lenders - IFS Capital & PhilipCapital. Maybe they arrived at it on their own—but it does look like someone’s been peeking at our notes. For more of their contradiction, see or join the conversation on our LinkedIn post. 

These platforms often publish “this loan vs. that loan.” But can they really test ten loans by borrowing and repaying each one? This isn’t an isolated occurrence — we’ve found similar issues with other popular loan intermediaries, including SingSaver, Roshi, Lendingpot, and Lendela. In many countries, regulators are already suing comparison websites for clickbaiting consumers or issuing public warnings. 

In the U.K., U.K. law requires 51% of consumers to qualify for the advertised rate. Singapore lacks this safeguard. A flashy 1% on $3,000 isn’t useful if your target is $15,000 or for just one month? The real risk? If you accept a loan pushed by a “comparison” website without checking elsewhere, you could end up thousands of dollars poorer. Often, another bank would have been willing to give you a better rate. We’ve unpacked this in more depth in the article above.

And that’s why we built FindTheLoan.com, Singapore’s 1st loan marketplace. Instead of teaser rates or applying with multiple lenders separately, you can reach many lenders at once with your actual documents. They’ll make a full credit assessment as if you had gone in individually, then return with their real offer.

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

MoneySmart alone claimed to have 60 million website visitors across Southeast Asia. We cannot stop lenders from working with them, making them richer and amplifying their reach. Or venture capitalists investing money into them. But we can call out misleading advertising, and we need your help. If you agree that the problem has persisted long enough, and you think Singapore should start regulating finfluencers, do let us know your view on Facebook, Reddit, TikTok or LinkedIn. More voices increase the chance the policymakers we have tagged on LinkedIn finally act. Every comment, repost, or show of support counts. Or simply to prevent another Singaporean or SME from being misled. From UK to US, India to China, regulators are taking action. It is time to let Singapore's regulator know too, and we need your help. 

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Next on your recommended reading list: Loan Brokers: 10 Insider Tips Every SME or borrower Should Know

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