Singapore-based metaresearch engine GoBear, has launched a new function for personal loans in Singapore and Malaysia.

The results of a recent in-house survey for GoBear highlighted the key hurdles that Singapore users are confronted with when searching for a loan. Unclear or confusing loan details, complicated information and the inability to effectively compare similar products were the main reasons users identified as blocking the path to borrowing.

GoBear users, however, can now use compare repayment amounts for personal loans in Singapore and Malaysia, with a new function that will present results to users in a new, graphic format.

The new loan comparison feature will aim to stem the need for easier online comparison;  users will be able to view their outstanding monthly repayments, including monthly loan repayments, interest payments and see the servicing costs of each loan product.

GoBear chief executive, Andre Hesselink, said that the need for simple and effective mechanisms was increasingly prevalent.

“We are constantly striving to help our users by making comparison easier. We want our users to quickly compare insurance or banking products without the need to reveal private and sensitive information, making the right choice in the shortest time possible,” he said.

“Personal Loans are very much in demand across South East Asia. With the simplicity and transparency of GoBear’s metasearch engine, all Singapore banks on board and a sleek user interface, choosing a personal loan is a quick and uncomplicated process.”