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Bamboo unsecured personal loan review February 2021
For those whose credit record is less than perfect and who might have struggled to get approved for a loan, the specialist lender Bamboo offers fixed-rate unsecured personal loans.
What's in this guide?
What is Bamboo?
If you’re looking to borrow between £1,000 and £8,000, and don’t have excellent credit, a Bamboo personal loan could be worth a closer look.
Because this loan comes with a fixed rate of interest, you’ll know in advance what you’ll be paying each month and overall.
You don’t need to own a home in order to apply (and if you do, your home won’t be used to secure your loan).
Key details
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £8,000.00 |
| Loan terms | 1 Year to 5 Years |
| 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, basic personal details, you’ll need to submit details of your income and employment plus your address history for the last three years.
You’ll normally receive an instant decision. This will be 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 that 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.
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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