Calculate the cost of a Bamboo loan
What is Bamboo?
Bamboo is a direct lender, based in the UK and lending to around 20,000 people each year. It used to offer 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, but now only offers unsecured personal loans. 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.
Are Bamboo loans any good?
Bamboo is a direct lender providing loans to borrowers with fair and poor credit ratings.
When it comes to customer reviews, Bamboo currently has an “excellent” customer rating according to review platform TrustPilot, based on over 19,000 reviews. Many customers praised Bamboo Loans’ customer service and application process.
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.
Bamboo Loans customer reviews
Bamboo currently has favourable reviews from customers, according to review platform Trustpilot and Google reviews. It has a rating of 4.9 out of 5 on Trustpilot, based on more than 19,000 reviews, which gives it an “excellent” overall review rating. It also has a rating of 4.6 out of 5 according to Google reviews (updated 26 October 2020).
Many customers applauded the customer service and quick and easy loans process, with over 90% of customers on Trustpilot giving Bamboo an “excellent” rating.
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
Do bamboo loans do top ups?
Yes, you can top up or increase your Bamboo loan if you’re an existing Bamboo customer. The most you can borrow on a Bamboo unsecured loan is £5,000, which is the maximum amount you’ll be able to top your loan up to.
All Bamboo loan customers can apply for a loan top up, but your application will need to be approved, and will be subject to normal credit checks. To top up your loan, you’ll need to call Bamboo on Monday to Saturday.
Is bamboo loans a direct lender?
Yes, Bamboo is a direct lender that offers both unsecured personal loans for regular borrowers, as well as guarantor loans for borrowers with poor or limited credit history. If you’re looking to take out a Bamboo loan, you’ll need to apply directly with the lender.
How do Bamboo loans hold up against the competition?
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind.
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.
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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Loans like Bamboo
Bamboo provides loans of up to £10,000 with or without a guarantor. If you have less than perfect credit or struggle to meet the eligibility requirements of mainstream lenders, it’s not your only loan option.