Bamboo unsecured personal loan review July 2022

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.

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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).

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Name Product Total Payable Monthly Repayment Representative APR Link
Bamboo Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 59.7% p.a. (fixed). Representative APR 59.7% and total payable £18,981.36 in monthly repayments of £527.26.
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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 59.7% p.a. (fixed). Representative APR 59.7% and total payable £18,981.36 in monthly repayments of £527.26.

Am I eligible?

Available toNew or Existing Customers
Age18 or over
ResidencyUK resident (not including the Isle of Man and Channel Islands)
Credit profilesFair
Additional requirementsMust 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.

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