Pandas can't get enough of Bamboo, but how tasty are Bamboo personal loans? Bamboo's range includes guarantor loans – where a friend or relative could help you to borrow the money you need. Find out how Bamboo loans compare in our review of this fast-growing lender.
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 hitched.
Borrow up to £10,000 within 24 hours with a guarantor
If a limited credit record is holding you back from the money you need, a guarantor loan can be a great option – allowing you to borrow money while building your credit score.
Amigo loans will not judge you based on your credit score
Loans of £500-£10,000 over 1-5 years
Loans normally paid out within 24hrs of the guarantor being accepted
Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.
Late repayments can cause you serious money problems. See our debt help guides.
Comparison of Bamboo loans
Table: sorted by representative APR, promoted deals first
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.
Key features of Bamboo loans at a glance
Loan amounts of £1,000-£5,000.
Loan terms of 1-5 years.
No set-up fees.
Unsecured. Your loan is not secured on an asset (such as a car or home).
Fixed-rate. Your interest will not change over the course of the loan, so you’ll know in advance exactly what you’ll need to pay each month and overall.
Early repayment option. You can repay all or part of a Bamboo loan at any time – there are no charges for doing so, and it could save you money on interest.
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:
Loan amounts of £1,000-£8,000.
Backed by your guarantor. You will need a friend or relative who promises to step in if you miss repayments on your loan.
Low credit score accepted. You can be accepted for a Bamboo guarantor loan if you have a low credit score or do not own your own home.
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 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.
Popular questions about Bamboo
A guarantor is someone who agrees back your loan by stepping in if you don’t make repayments.
If your application for a guarantor loan is successful, Bamboo will transfer money into your guarantor’s bank account. The guarantor can then transfer it to you. This is to prevent fraud and gives the guarantor the option of changing their mind.
Yes. Bamboo will not charge an early repayment fee if you choose to pay off all or part of your loan. Contact Bamboo to request a settlement figure, which will be valid for 28 days and will include charges for interest up until that date.
No. Your loan has an interest rate that’s fixed for the term of your loan and your monthly repayments will not change.
If you are having difficulties repaying your loan you must get in touch with Bamboo as soon as possible, as late payments can cause you serious money problems. If you are worried about debt, visit the Money Advice Service website. This is a service set up by the UK government to offer free and impartial advice.
Yes, Bamboo are regulated by the Financial Conduct Authority, so they’re pretty safe.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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