Updated September 28, 2026 · BorrowCue Editorial Team
Lendela vs Novo
Lendela vs Novo: the differences
| Compare |  Lendela |  Novo |
|---|---|---|
| Loan amount | SGD 1,000 to SGD 200,000 | up to $50,000 |
| Arrangement fee | SGD 0 | 0 (none: application, origination, servicing fees: None) |
| Credit check | None | Hard |
| Funding time | Around 1-2 days from application to disbursement; some within hours | Instant: funds land in your Novo account instantly, same day as approval |
| Lender type | Marketplace | Direct lender |
| Eligibility | Age 21 or older; Singapore citizen or PR (foreigners also considered, higher income threshold); min annual income SGD 20,000-30,000 citizens/PR | US business owners must hold a Novo business checking account; eligibility builds over about six months of account activity and is based on credit history plus real-time cash flow, final Novo determination |
| Loan types | Personal, Debt consolidation, Business, Secured, StudentCovers more | Business |
| APR | up to 48% | Not confirmed |
| Term | 3 to 72 months | Not confirmed |
| Representative example | Personal loan: $20,000 at APR 6.95% over 5 years, total payable $26,940, monthly cost $449 | Not confirmed |
| Rate type | Not confirmed | Fixed |
| Free early repayment | Not confirmed | Yes |
| Origination fee (%) | Not confirmed | 0% |
| Credit needed | Fair | Not confirmed |
| Use cases | Home improvement | Not confirmed |
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Key differences
- Novo scores higher overall: 9.1 vs 8.5.
- Lendela is available in 1 more country.
- Support channels: only Lendela offers Phone.
- Loan types: only Lendela offers Personal, Debt consolidation, Secured.
Our verdict on each
Lendela
Lendela suits Singapore borrowers who want a fast loan without a credit check. The marketplace matches amounts of SGD 1,000 to SGD 200,000 over terms of 3 to 72, with an APR of up to 48% set by the lender you are matched to.
Novo
Novo suits US business owners who already bank with it and can let eligibility build. The line reaches up to $50,000 at a fixed rate, with fees of 0 (none: application, origination, servicing fees: None) across application, origination and servicing, and approved funds land in the Novo account the same day.
Score breakdown
| Area | Lendela | Novo |
|---|---|---|
| Cost | Not confirmed | 9.4Fees of 0 (none: application, origination, servicing fees: None) for application, origination and servicing. |
| Offer | 8.9HigherFees are SGD 0 to arrange a personal loan and SGD 0 on the mortgage side. | 8.5 |
| Trust | 8.2 | 9.2Higher |
Feature by feature
| Loan types | Lendela | Novo |
|---|---|---|
| Personal | Yes | No |
| Debt consolidation | Yes | No |
| Secured | Yes | No |
| Business | Yes | Yes |
| Student | Yes | No |
Licences and countries
| Country | Lendela | Novo |
|---|---|---|
| United States | Not confirmed |
Additional countries for Lendela: 2. Additional countries for Novo: 1.
How they place
| Ranking | Lendela | Novo |
|---|---|---|
| Lines of credit | 10 of 328 | 17 of 328 |
| Business loans | 10 of 435 | 12 of 435 |
Sources behind this comparison
Lendela
- sg.lendela.com: 16 facts, checked September 26, 2026
- hk.lendela.com: 1 fact, checked September 26, 2026
Novo
- novo.co: 14 facts, checked September 26, 2026
Every fact side by side
| Fact | Lendela | Novo |
|---|---|---|
| Pricing model | Not confirmed | Fixed rate |
| Features | Same day funding, Credit line | Same day funding, Credit line |
| Legal entity | Lendela Pte. Ltd. | Novo Platform Inc. |
| Headquarters | Singapore | Not confirmed |
| Founded | 2018 | Not confirmed |
| Support channels | Email, Phone, Help centreCovers more | Email, Help centre |
Mortgages
| Fact | Lendela | Novo |
|---|---|---|
| Initial rate | 2.4% | Not confirmed |
| Product fee | SGD 0 | Not confirmed |
| Purpose | Purchase, Remortgage | Not confirmed |
Where each stands against the rest
| Fact | Lendela | Novo | Median |
|---|---|---|---|
| APR | up to 48%highest quarter | Not confirmed | 8.99 |
| Term | 3 to 72 monthsabove the median | Not confirmed | 60 |
| Origination fee (%) | Not confirmed | 0%below the median | 0.25% |
Median across 1005 listed lenders.
Pros and cons
Lendela
Pros
- No credit check at all, and a fair credit profile is enough to apply.
- The range covers personal, debt consolidation and business lending under one roof.
- Funding is quick, with disbursement within hours on some applications.
Cons
- A marketplace model (marketplace) means the matched lender sets the rate, so up to 48% is a ceiling.
- That ceiling is steep next to 10% to 23% at Monzo Flex.
- Support runs on email, phone and help centre, with no live chat listed.
Novo
Pros
- Fees of 0 (none: application, origination, servicing fees: None) for application, origination and servicing.
- Rate type is fixed and the product is fixed rate, so a budgeted payment holds.
- Free early repayment, so a strong month can clear the balance.
Cons
- Eligibility is reserved for US business owners holding a Novo business checking account.
- A hard credit check sits behind every application, with credit history and real-time cash flow both weighed.
- Support runs on email and help centre only, with no phone route for urgent questions.
Who each suits
Lendela
Who it suits
- Singapore citizens and permanent residents with a steady income who need money quickly.
- Borrowers with fair credit, or who would rather avoid a credit check altogether.
- Anyone funding home improvement work, its named use case: home improvement.
Who should look elsewhere
- Not for lowest rate seekers: Monzo Flex runs at 10% to 23%.
- Not for shoppers after a cost free product: Cashspace ES lists 0%.
- Not for borrowers outside Singapore: Cashspace serves the Philippines at PHP 12 to PHP 36.
Novo
Who it suits
- US business owners who keep a Novo business checking account and can let eligibility build.
- Owners who need cash the same day as approval and plan to clear the line early.
- Companies that prefer a single direct lender and one banking relationship.
Who should look elsewhere
- Businesses unwilling to open a Novo business checking account, since the account and its activity sit inside eligibility.
- Owners after a personal rather than company product, with Vivus ES at €50 to €1,400 the nearer comparison.
- Borrowers needing less, where Plazo ES at €500 to €5,000 sits closer to the need.
Country by country
| Country | Lendela | Novo |
|---|---|---|
| Hong Kong | Yes | No |
| Singapore | Yes | No |
| United States | No | Yes |
Questions about each
Lendela
What APR does Lendela charge?+
The published APR runs to up to 48% on personal loans, and that figure is a ceiling rather than a rate every borrower pays. Because Lendela is a marketplace, the rate depends on the matched lender and on your own credit standing.
Are there fees to arrange a loan?+
The origination fee on personal loans is SGD 0, and the product fee on the mortgage side is SGD 0, so arranging a facility itself costs little. Interest remains the main price of the money, and the representative example shows how instalments add up.
Novo
What is Novo, and who can borrow from it?+
Novo is a direct lender, so it lends from its own balance sheet rather than passing applications to third parties. The legal entity is Novo Platform Inc., and borrowing goes to US business owners who hold a Novo business checking account.
How much can I borrow?+
The line reaches up to $50,000, well above the €1,315.44 median in the business loan comparison. It works as a credit line rather than a single advance, so a company draws what it needs and repays as revenue arrives.
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