UOB's Working capital loan. What You Need to Know Before Using It

UOB's Working capital loan. 

As we have seen so many “comparison” comparison websites or bloggers reviewing it, we thought we would chip in, but with a twist.

Still think you can trust reviews or comparison websites?

Not all comparison websites 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. The irony? We called out lender-owned brokers for conflicts of interest, only for them to repeat our line months later—despite being under IFS Capital & PhilipCapital! It seems more like careless copying of our articles than genuine insight.

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, advertised rates must be real for at least 51% of customers. No such standard exists in Singapore. And even then, consider the details: a 1% rate means little if it only applies to $500 while you require $50,000. The bigger issue is that if you use a loan “comparison” site and take the recommended loan, you may lose out financially. By not applying with another bank, you could end up paying thousands more than needed. We explained more about this 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, quantum, interest and tenure.

Thousands of Singaporeans trusted these sites. If you think what we exposed 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. We cannot stop lenders from working with them, which only makes them wealthier and widens their influence. (Though India and China is looking into it.) But we can expose misleading advertising and protect SMEs, borrowers, and consumers.

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