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Bamboo unsecured personal loan review
For those whose credit record is less than perfect and might have struggled to get approved for a loan, the specialist lender Bamboo offers fixed-rate unsecured personal loans. Loan amounts between £2,000 and £15,000 starting from 69.9%.
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What is Bamboo?
If you’re looking to borrow from £2,000.00 to £15,000.00 and don’t have excellent credit, a Bamboo personal loan could be worth a closer look.
Because this loan comes with a fixed interest rate, you’ll know in advance what you’ll be paying each month and overall.
You don’t need to own a home to apply (and if you do, your home won’t be used to secure your loan).
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Key details
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £2,000.00 to £15,000.00 |
| Loan terms | 12 Months to 60 Months |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Same-day funding note | For 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 methods | Cheque, Standing Order |
Am I eligible?
| Available to | New or Existing Customers |
|---|---|
| Age | 18 or over |
| Residency | UK resident (not including the Isle of Man and Channel Islands) |
| Credit profiles | Fair |
| Additional requirements | Must have a UK bank account and a valid UK debit card |
How do I apply?
The online form on Bamboo’s site should only take 10–15 minutes. As well as the usual personal info, you’ll need to submit details of your income and employment plus your address history for the last 3 years.
You’ll normally receive an instant decision, which is based on factors like your income, expenditure and credit history. If you are offered a loan, take a close look at the offer – rates are tailored to the individual. So you might not be offered the advertised representative APR.
Bamboo states the funds could be in your bank account the same day, provided you’re approved by 3pm. This doesn’t include weekends or bank holidays.
Bamboo customer reviews
Bamboo has received positive reviews from customers, according to review platform Trustpilot. It currently has an “excellent” rating of 4.9 from over 29,000 reviews (updated July 2023). Many customers praised the simple, quick and straightforward application process.
Customer support information
You can contact Bamboo by phone on 0330 1596010 or by email at contactus@bambooloans.com with any queries.
Our verdict
If you’re looking for speed and ease, Bamboo offers a quick and simple application process to secure a personal loan. With their excellent customer service, you can get quick answers to any queries. A bad or low credit score may limit your options, but with Bamboo’s free quote service, you can check the likelihood of being approved for a Bamboo loan without damaging your credit report. However, as with all loans, if you can’t make the repayments, you risk damaging your credit score.
Frequently asked questions
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