ICBC (Industrial and Commercial Bank of China) Personal Pledged Loan

Personal Pledged Loan, by the way probably means you need to be a gurantor to the loan and they can sue you for non payment, like all other banks. It could means it need to be secured, though not much information can be found on ICBC's website. And this is what we are trying to tell you. 

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. 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.

As we have seen so many “comparison” comparison portals or bloggers reviewing it, we thought we would chip in, but with a twist. Telling you how many so-called loan comparison websites actually work.

Credit: Public review found on Seedly and Google

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

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.

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. Even more striking—after we pointed out the conflict of interest in brokers owned by lenders, they parroted the same claim months later. This, despite being owned by IFS Capital & PhilipCapital! Perhaps they’ve simply been copying our work without realising the mistakes it creates for them.

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.

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: