Bamboo Loans is a direct lending company that offers short and long term loans that are quick, easy and simple. They want to be straightforward and transparent with their customers and not to confuse them with jargon they don’t understand. Their company is trusted by 50,000 customers and AEE London based in Southampton and Caerphilly.
Bamboo Loans have also won the award 2 years in a row 2017 and 2018 for the Best Personal Loan Provider at the consumer credit awards. The company claims to offer the best loan you can get according to your credit. They will never judge you on your financial condition or give you anything less than the best.
They will not try to confuse you through the entire process and will instead try as best they can to help you understand all the rates and fees. They offer quick responses, and you don’t have to go through any waiting period to get your answer. Bamboo also rewards its loyal customers providing them exclusive offers.
They pride themselves in being a fair and transparent lender and will let you know of the actual interest rate, APR that you will be eligible for before you send in the application, so you are never let astray by fancy terms that you don’t understand. Bamboo gives personal loans with easy repayment options.
They will confirm your financial conditions to make sure you can give the repayments but will never ignore your interest to boost their own profits.
How To Apply On Bamboo Loans
The first step to applying is really easy; you get a quote. By using the loan calculator available on their website, you tell them how much you would like to borrow and how for how long you would like to borrow it. Depending on that they will calculate how much APR and interest will be applicable to that money.
You can also choose the reason you want to loan the money, from personal loans to the wedding and car loans. You enter a few details, and you get a direct quote easily without even considering your credit.
After you get your quote, they will use the information you provided them to see if you are eligible to get the loan. The information they ask for includes your employment details, address, postal code, contact info etc.
These details will also decide if you qualify for an unsecured or guarantor loan. An unsecured loan is one with no guarantor loan. It is the best option for you if you want a loan between £1000 to £5000.
How Can I Get Accepted?
You are likely to get accepted for an unsecured loan if you have a good credit score. The interest rate offered will also be reflective of the credit score. If you don’t have good credit, don’t worry you might still get accepted for a guarantor loan.
Guarantor loans are the type of loan where someone vouches for you and the repayment of your loans. A guarantor is someone who can repay your loan if you are unable to do so.
This type of loan is helpful for those people who have no credit history or have a bad credit score. For guarantor loans they offer loans from £1000 to £8000 this allows more opportunity for people to get selected who might not from banks or other companies.
After you have been declared eligible for a loan, unsecured or guarantor. If guarantor loan, then you will need a guarantor. Step 3 is to fill out the actual application. They will ask for all your details such as your financial details, your employment details.
Will They Need To Speak To My Employer?
They might call to confirm your employment. You will need your bank details as well including your guarantor’s details such as email, phone and name as well if that’s the loan you are applying to. It’s good to keep these details with you at the time of filling out the application to avoid any stress or hassle. The final step in the application is 2 fill in all the details.
What If I can’t Find A Guarantor?
If you have trouble finding a guarantor you can make a list of people you trust or people you have good relationships with — your parents, siblings and then any other relative or friends.
You will have to confirm your employment status and where you live. If there is any more documentation that bamboo needs, you will receive a call and they will ask for what they need. They aim to make the entire process easy for you to understand, so you don’t have to do much work.
- You must be a minimum of 18 years when applying for the loan. So they can confirm you are a consenting adult.
- You must be a UK resident. That does not include Isle of Man and the Channel Islands. As they only offer loans to the resident of the country.
- You need to have a valid debit card and bank account in the UK. So they are able to receive the online payments from your bank.
- You should be financially stable enough to give the repayments on a monthly basis.
- You should also not have filed for bankruptcy in the last 5 years. This is so they can secure your financial situation.
- You can avail a loan from £1000 to £5000 so a high amount of loans can be taken. Most companies don’t allow their new customers to take very high loans. These loans are also unsecured, so you don’t have to reserve your car or house. With a guarantor, the amount of these loans can increase to up to £8000.
- They offer long term loans of 1-5 years so you can spread your loans repayments easily and it increases your affordability. These long term loans are for people you cannot afford a huge amount of payments every month.
- There are no set up fees, and they have fixed rates. They don’t charge you for the application you fill or while transferring the money to your account.
- There are no hidden fees added everything you will have to pay had been written in your agreement. The fixed rates are for your monthly payments you will have to pay the same amount every month which makes budgeting easier.
- They have early repayment options. If at any point you want to return the money you have borrowed you can do so without having to pay any extra charges. The repayments can be made at any point since you receive your money.
- Your guarantor can be your spouse or partner. Most companies do not allow your significant other to be your guarantor, but bamboo allows it as long as your spouse is financially stable enough to do so and that they are not a customer of bamboo themselves.
- With their secure and unsecured options you don’t necessarily need a good credit rating to get a loan. You can get a guarantor and have them vouch for you to get the loan.
- Your income cannot only be from job seekers. Which essentially means that you need to have a proper job in order to ensure that you will be able to make the repayments after taking the loan.
- Your guarantor needs a good credit score. They need to have a good enough credit score so that they are deemed reliable enough so they can repay the loan on behalf of you if you are unable to do so.
- If you have a bad credit score, your APR and interest rate will increase a lot. It can be a maximum of APR 49% which is a lot compared to what other competitive companies are offering.
When Will I Receive The Funds?
The money is sent frequently on Bamboo Loans. They send the funds twice a day. For you to receive the funds, you need to provide all the necessary details band required. If you have a guarantor, they must also send all the details required and sign the electronic agreement sent to them.
Once they have done the money will automatically be transferred to your account via bank transfer on their next fund transfer. The transfer of funds will exclude any bank holidays or the weekends.
To get the same day funds transfer you will need to have signed and sent the agreement by 3 pm after which the funds will be transferred to the next day. On the pay run.
If you sign the agreement before 3 pm on a workday, you will receive the money by midnight if that day. If the agreement is signed after 3 pm or on a weekend/holiday. The funds will be transferred by 1 pm the following day by the latest. They do try and be as accurate to these times as they can, but there can be some delays depending on your bank.
What Happens After The Application Process?
After you have sent your part of the application, they might still have to wait for your guarantors’ part of the application. When both of you have sent your applications, then they will conduct their final checks.
During these checks, you may be requested to submit some documents or to prove your identification. These firms are called bamboo acceptable forms of identification.
If you have been asked to prove your identity, they accept selfies which show your face and ID card clearly, scan and photographs of the documents which are clear. They, however, don’t accept screenshots so keep that in mind while applying.
You may also be asked your home address and income or bank account. These questions are for security purposes and prevent fraud and identity theft.
If you have been asked to provide any of the documents listed above make sure that the name and address on your id card match the one you have filled out on the application, The proof of your address is accurate to the last 3 months and The proof of your bank account shows your account number, its shortcode along with account name.
Why Is My Debit Card Not Being Accepted?
In order to protect itself against fraud, identity theft or money laundering, bamboo conducts checks of your data with other databases at random times. There could be four reasons why the card you are trying to add maybe getting accepted. Your account may be empty; it is required that you have at least £1 in your account or in the overdraft.
Another reason may be that that card you are adding is not supported, the only cards they accept are Visa Debit, Visa Electron or Debit MasterCard any other type card would not be eligible. They also do not accept prepaid cards.
Another reason could also be that the address on your card and on the application does not match. Their electronic system automatically tallies the 2 addresses, and if they do not match, your cars would not be valid.
Am I Eligible For A Top-Up Loan?
You can be eligible to apply for a top-up loan the earliest after you have made 3 to 4 repayments of your original loan. After you receive the top up, you will have to make at least six repayments before you can further apply for another top up.
They will let you know when you become eligible by notifying via email or text. You can also log into your account to apply for a top up. If you have opted out of receiving marketing communication, then you will not be able to receive the texts and emails.