Comparison of Bamboo loans
What's in this guide?
What is Bamboo?
Bamboo is a direct lender, based in the UK and lending to around 20,000 people each year. It offers two main types of loans: unsecured personal loans, for borrowers who want to borrow up to £5,000; and guarantor loans, for borrowers who have a poor credit score or who need larger sums. Suitable for pretty much any responsible purpose, a Bamboo loan might help you to buy a car, make home improvements, consolidate debts or even get married.
What is a guarantor loan?
A guarantor loan is an unsecured personal loan which is “guaranteed” by somebody who trusts the borrower – typically a friend or relative. They agree to pay back the loan should you struggle to meet the loan repayments. This type of loan generally comes with a higher interest rate, as it represents greater risk to a lender, but it is available to people who might struggle to get finance through the regular channels. Generally, where an individual with bad credit is seeking a guarantor loan, the guarantor will need to have good credit. Guarantor loans are available from specialist lenders such as Bamboo.
Key features of Bamboo loans at a glance
If you want to borrow more or if you have a poor credit score, you may need a guarantor loan, where the following additional features will apply:
The rate you are offered by Bamboo will depend on factors like the loan value, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”, because each loan application is assessed on an individual basis.
Am I eligible for a Bamboo personal loan?
You can apply for a Bamboo loan if you meet the following basic criteria:
- You must be at least 18 years of age
- You must be a UK resident (not including the Isle of Man and Channel Islands)
- You must have a UK bank account and a valid UK debit card
- You must be able to afford the monthly payments
- You must not be bankrupt
Who can be a guarantor?
A guarantor for a Bamboo loan should be someone who is willing and able to make the payments for you if things go wrong. A guarantor for a Bamboo personal loan must also meet the following criteria:
- A guarantor must be aged between 21 and 72 at the start of the loan
- A guarantor must be a UK resident (not including the Isle of Man and the Channel Islands)
- A guarantor must hold a UK bank account and valid UK debit card
- A guarantor must not hold a Bamboo loan in their own name or already be a Bamboo guarantor for someone else
How do I apply?
If you think that a Bamboo loan is right for you, here’s how the application process works:
- Complete the online application form – as well as the usual personal and contact info you’ll need to provide some details on your employment and your regular outgoings.
- After you have submitted the form, Bamboo will send you details of the best available personal loan or guarantor loan for your circumstances.
- If you are applying for a guarantor loan, you will also need to provide contact details for your guarantor.
- Bamboo will send an email to the proposed guarantor so that they can complete their part of the application.
- Bamboo will then ask you for some documents to prove your identity. If all documents are received by 3pm, Bamboo will aim to pay out the loan the same working day.
Pros and Cons of Bamboo personal loans
- Loans available from £1,000 up to £5,000
- No charges for early repayments
- Fixed monthly payments
- Available to those with a poor credit score
- Higher interest rates
- Missing a payment could negatively impact your credit rating
Bamboo personal loans can be used for just about any purpose. And if your credit rating is far from perfect, you might want to check out what Bamboo has to offer.
It has unsecured personal loans and guarantor loans. Just remember that the rate you are given depends on a number of factors such as your how much you want to borrow, your income and your credit rating. Do a little research to find the best fit for your needs.
Frequently asked questions about Bamboo
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