Bamboo guarantor loan review October 2020

Bamboo Guarantor Loan
Bamboo Guarantor Loan Find out more Go to site

If you struggle to secure credit because of a low credit score then you might have better odds with a Bamboo guarantor loan.

With a Bamboo guarantor loan you could boost the chances of getting approved by applying with a relative or close friend who promises to repay the loan if you don’t. If you’ve got a limited or damaged credit record, it’s not the end of the world, but your guarantor will need good credit, and both you and your guarantor will need to be able to comfortably afford the loan repayments. The good news is that provided you keep up repayments and clear your loan on time and in full, then a Bamboo loan can help you to improve your credit score.

Bamboo also claims that your loan can be paid out on the same day, provided your application process is completed and approved by 3pm. This doesn’t include weekends or bank holidays. More commonly, a guarantor loan can take a couple of days to organise, but if you’ve discussed things with your guarantor and they’re available to complete their parts of the application or to take any necessary calls, then that will help speed the process up.

It’s worth noting that unlike many guarantor loan companies, Bamboo doesn’t divide its guarantor loans into those where the guarantor is a homeowner and those where the guarantor is not a homeowner (although it may still ask and adjust its rates accordingly). If the person that you have in mind to act as your guarantor is a homeowner, then you might be able to secure a better rate.

Late repayments can cause you serious money problems. See our debt help guides.

Key details

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £8,000.00
Loan terms1 Year to 5 Years
Loan rate typeFixed
Product fee0%
Same day funding available
Same day funding noteFor applications approved and completed prior to 3pm.
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsCheque, Standing Order
Representative example: Borrow £10,000.00 over 3 years at a rate of 69.9% p.a. (fixed). Representative APR 69.9% and total payable £20,421.36 in monthly repayments of £567.26.

Am I eligible?

Available toNew or Existing Customers
Age18 or over
ResidencyUK resident (excludes Isle of Man and Channel Islands)
Credit profilesFair, Poor
Acceptance noteA guarantor is required.

Is the guarantor I have in mind eligible?

Age21-72
ResidencyUK resident (excludes Isle of Man and Channel Islands)
IncomeRegular income
CreditGood credit
Additional requirementsNot currently a customer or guarantor with Bamboo. Must have a UK bank account with valid UK debit card and be able to afford the monthly repayments.

How do Bamboo guarantor loans compare against others?

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
Amigo Guarantor Personal Loan
Check eligibility
View details
Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.
TFS Loans Tenant Guarantor Loan
Go to site
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £17,566.20 in monthly repayments of £487.95.
1plus1 Loans Guarantor Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 47.8% p.a. (fixed). Representative APR 47.8% and total payable £17,259.12 in monthly repayments of £479.42.
Bamboo Guarantor Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 69.9% p.a. (fixed). Representative APR 69.9% and total payable £20,421.36 in monthly repayments of £567.26.
Trusttwo Trusttwo (Tenant Guarantor) Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 36.9% p.a. (fixed). Representative APR 36.9% and total payable £15,644.16 in monthly repayments of £434.56.
TFS Loans Homeowner Guarantor Loan
Go to site
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 39.9% p.a. (fixed). Representative APR 39.9% and total payable £16,091.64 in monthly repayments of £446.99.
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Compare up to 4 providers

Name Product Total Payable Monthly Repayment Representative APR Link
UK Credit Limited Homeowner Guarantor Loan
View details
Representative example: Borrow £20,000.00 over 3 years at a rate of 19.9% p.a. (fixed). Representative APR 19.9% and total payable £26,133.12 in monthly repayments of £725.92.
Trusttwo Trusttwo (Homeowner Guarantor) Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 36.9% p.a. (fixed). Representative APR 36.9% and total payable £15,644.16 in monthly repayments of £434.56.
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Compare up to 4 providers

How do I apply?

The online form on Bamboo’s site should only take 10–15 minutes. As well as the standard personal details, you’ll need to submit details of your income, plus your address history for the last three years.

At this point you’ll see details of the best loan Bamboo can offer you and you can choose whether or not you want to proceed.

Once you’ve done your bit, Bamboo will send an email to your proposed guarantor for them to complete their part of the application. Make sure you’ve given your guarantor a heads-up. Both you and your guarantor will be invited to sign an electronic agreement.

Crucially, it’s worth noting that your loan will ultimately be paid into your guarantor’s bank account (and they can transfer it to you). This is a final safety precaution to make sure they’re aware of the loan.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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