Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Loans like Bamboo
Bamboo provides loans with or without guarantors, and is popular with borrowers who have limited or bad credit, or who simply struggle to secure credit through the regular channels. If you're looking for similar lenders to Bamboo, the hunt is over.
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What is Bamboo?
There are a number of reasons why borrowers can feel let down by mainstream lenders. Tight eligibility criteria can act against those whose credit record isn’t perfect, those who have declared bankruptcy and those who have had CCJs. Other would-be borrowers may simply not have been able to build up a good credit history because they’ve never borrowed money or had a credit card.
Bamboo loans is a specialist lender which has opted to focus on catering to this section of the market. Thankfully, specialist lenders like Bamboo have now become more commonplace.
As well as straightforward unsecured personal loans (typically suitable if your credit score is fair to good), Bamboo offers “guarantor” loans – loans which are guaranteed by a relative or friend of the borrower. The guarantor promises to step in and pay off the loan in the event that the borrower is unable to do so.
There are a few innovative new lenders such as Tappily, that offer alternative takes on short term borrowing for less-than-perfect credit scores. Tappily was primarily designed to help people avoid expensive unauthorised overdraft fees.
Tappily line of credit up to £2,500 as and when you need it
- Tappily uses read-only access to your current account to provide a flexible line of credit.
- Avoid unauthorised overdraft fees by setting account balance triggers.
- Once approved, transfer money into your account within 15 minutes.
Representative example: Borrow £1,200 for up to 75 days at a rate of 124% p.a. (variable). Representative APR 49.7%.
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