ICBC working capital loan. The loan for your SME?

ICBC offers SMEs, from project loans to working capital loan. ICBC or The Industrial and Commercial Bank of China

But as we have seen so many “comparison” review sites or bloggers reviewing it, we thought we would chip in, but with a twist.

Not all review sites 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. Take a moment to catch the irony!

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. We were the first to expose the conflict of interest in brokers owned by lenders. Months later, they repeated the same line—while being owned by IFS Capital & PhilipCapital themselves! Perhaps this is what happens when you copy without thinking? We don't know if that is indeed the case, but you can be the judge from just how many such mistakes they made.

Credit: Public review found on Seedly and Google

This is how comparison websites truly work, and you can find such evidence everywhere if you just take a second to look for it. 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?

UK rules dictate that at least 51% of customers qualify for an advertised rate. Singapore offers no such protection. And even when rates are legitimate, what about the loan amount or term? A 1% rate isn’t meaningful if it’s only for $500 instead of the $5,000 you need. But here’s the bigger concern: if you used a loan “comparison” platform and went with their suggested loan, you might have missed out on savings. That choice alone could cost you thousands more, as another bank might have given you a cheaper rate. More is explained in the article above.

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.

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.

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