Bamboo Loans

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What our Nerds say about Bamboo Loans

TIM LEONARD

LEAD WRITER

Bamboo is a UK-based lender whose sole focus is providing personal loans direct to consumers. It is a relatively new but growing lender, with more than 150,000 people having taken out a Bamboo loan since its launch in 2014.

Bamboo personal loans

Bamboo offers loans for between £1,000 and £8,000, with repayment terms that range from 12 to 60 months. Bamboo loans are unsecured, which means you don’t need to put an asset forward, such as your home, as security against the loan.

Your personal circumstances, including your credit score, help determine the annual percentage rate, or APR, you would have to pay. If you proceed with the loan, your interest rate – and therefore your monthly repayments – are fixed for the term of your Bamboo loan.

You are allowed to make additional payments without an additional charge and can pay off your loan early by requesting a settlement figure using your Bamboo loans login. This will tell you how much you must pay to clear your loan entirely, including any interest and charges.

» COMPARE: Personal loan rates

Bamboo loan rates

Bamboo loan interest rates are fixed, which means the amount you repay each month will stay the same for the term of your loan. The interest rate you are offered will depend on your personal situation, including your credit score, but will be between the minimum and maximum loan APRs that Bamboo advertises when you take out a loan.

The APR is designed to help borrowers compare loans and rates by providing a single figure that reflects how much a loan might cost you annually, including standard fees and interest.

Bamboo and other lenders advertise a representative APR, but this isn’t necessarily the rate you will be offered – it’s simply a rate that at least 51% of those taking out the loan must get – you should consider the APR a guide, not a guarantee.

Bamboo guarantor loans

Bamboo doesn’t offer guarantor loans or guarantor loan top-ups. If you’re searching for loans you can take out with a guarantor, we can help you to compare guarantor loans and learn more about them.

Can I get a secured loan from Bamboo?

Bamboo doesn’t offer secured loans; it only offers unsecured loans that you can get without needing to provide security.

If you’re interested in secured options, we can also help you to compare secured loans and find out more about how they work.

Pros and cons of Bamboo loans

There are advantages and potential disadvantages of Bamboo loans to consider.

Pros

Advantages include the:

  • ability to get a quote without affecting your credit score
  • absence of any upfront or administration fees
  • possibility you could get a Bamboo loan with a bad credit score or a CCJ
  • potential to receive the money the same day your loan is approved
  • option to overpay without incurring a charge
  • option to apply for a top-up to your loan

Cons

Potential disadvantages of a Bamboo loan include:

  • a maximum loan amount of £8,000, which is low compared to many other lenders
  • longer repayment terms being available elsewhere
  • Bamboo doesn’t offer secured loans

How do Bamboo loans work?

Bamboo loans work in a similar way to most unsecured loans.

When you apply for a Bamboo loan, you’ll need to share details about your income, employment situation and outgoings. Bamboo can then evaluate your application and run a soft credit check to decide whether to approve you for a loan.

At the application stage, a hard credit check that has the potential to affect your credit score is conducted. This is different to the soft credit check that is made when getting a quote and won’t have an effect on your credit.

If you get approval by 3pm, and you accept the loan terms offered, it’s possible you could receive the money into your account the same day.

How to repay a Bamboo loan

You must repay your Bamboo loan, plus interest, in monthly instalments over the loan term that you agreed, until it’s completely paid off.

You’ll need to have a valid UK debit card from which Bamboo will collect your loan repayments using a continuous payment authority (CPA). Visa Electron, Visa Debit and Debit MasterCard are all accepted by Bamboo, but prepaid debit cards are not.

A CPA works differently to a direct debit or a standing order, as the payment instruction will sit with Bamboo rather than your bank. When setting up the CPA, Bamboo should seek your permission to take payments as and when they are due.

Can I pay my Bamboo loan off early?

You can pay your Bamboo loan off early. To do so, you’ll need to request a settlement figure which will be valid for 28 days. However, you don’t need to follow through with it if you don't want to. After the 28 days have passed, though, you would need to request a new settlement figure if you want to consider settling early again.

While settling early might allow you to save interest, Bamboo says that its loans may not be suitable if you plan to pay off your loan within the first few months of its term.

Can I top up my Bamboo loan?

Existing customers who would like to borrow more can apply for a Bamboo loan top-up. Usually, you need to have made 10 monthly payments on time to be eligible. A further credit check will be conducted when you apply for a top-up loan.

Does a Bamboo loan affect your credit score?

Your credit score could be affected when you make a formal application for a Bamboo loan and a hard credit check is carried out. It could also be affected negatively if you fail to keep up with your loan repayments.

However, simply getting an initial quote for a Bamboo loan will have no impact on your credit score.

What can I use a Bamboo loan for?

A Bamboo loan is able to be used for various purposes including:

  • buying a car
  • home improvement
  • debt consolidation
  • weddings
  • holidays
  • emergencies
  • education
  • special purchases
  • business

Am I eligible for a Bamboo loan?

To be eligible for a Bamboo loan you must:

  • be aged 18 or over
  • be a UK resident (excluding Channel Islands and Isle of Man)
  • have a valid UK debit card
  • have a personal mobile phone number and email address
  • not be bankrupt

Bamboo loans eligibility requirements

Bamboo considers every loan application it receives on an individual basis.

When deciding whether to offer you a loan, Bamboo will assess whether it thinks you’ll be able to afford the monthly repayments. This includes looking at your income, employment status and your outgoings to cover your mortgage or rent.

Your credit score will also be checked to get an idea of how reliable you are as a borrower.

What credit score do I need for a Bamboo loan?

Bamboo doesn’t specify a particular credit score that will guarantee you getting a loan, but says your credit profile will help determine the interest rate you’re offered.

Generally, having a fair to good credit score will work in your favour when applying for any loan.

Can you get Bamboo loans with bad credit?

You will still be considered for a Bamboo loan if you have a CCJ or haven’t built up a good credit history, but won’t be eligible if you are bankrupt.

Generally, having bad credit can make it hard, but not necessarily impossible, to get a loan. You might need to consider a bad credit loan if your credit history appears to be a barrier to you getting a loan.

» COMPARE: Loans for bad credit

Do you need a guarantor for Bamboo loans?

You do not need a guarantor to get a Bamboo loan. Guarantor loans are not an option that Bamboo offers.

» COMPARE: Guarantor loans

How to apply for a Bamboo loan

All applications for a Bamboo loan must be completed online, using either a mobile, tablet, computer or other device.

However, if you have any questions or need help completing your application, you can call Bamboo customer services.

Bamboo loans application process

To apply for a loan from Bamboo, you must first use the Bamboo loan calculator to share the amount you would like to borrow, for how long, and the reason why you want the money. You’ll need to click ‘Apply Now’ and then provide a few more details relating to your work and where you have recently lived to get your initial quote, but this won’t impact your credit score.

If you’re offered a Bamboo loan, and you wish to proceed, you’ll then need to move on to the formal application. To complete everything in one go, it’s best to have your full employment, income and bank details to hand. You might also be asked to upload relevant documents.

Once you click ‘Submit’, you’ve given permission for Bamboo to conduct a hard credit search that could affect your credit history, and your application is fully under way. Bamboo will check any documents you’ve been asked to submit and send you an email as soon as these checks are completed. If you’ve been offered a loan, there will be an e-contract that you can sign and return online.

Note that the only way to apply for a Bamboo loan is online.

» MORE: Tips for applying for a loan

What documents are needed to apply for a Bamboo loan?

As part of the application process, Bamboo might ask you to upload various documents to help you prove your address, identity and income, such as the following paperwork:

  • passport
  • photo ID driving licence
  • birth certificate
  • residency permit
  • national ID card
  • utility or phone bill
  • bank statements for three consecutive months, dated within the previous four months
  • council tax letter
  • benefits/tax credit letters
  • store card bills
  • letter detailing your pension
  • cheque/paying in book
  • tax return
  • two payslips
  • open banking report through Credit Kudos

How long does a Bamboo loan take?

Bamboo says that it’s possible to get an initial quote for a loan within two minutes. If you then make a formal application, Bamboo says timescales can vary for completing the checks it must make on the documents you’ve been asked to submit, but adds that you’ll be updated as soon as possible.

If you’re approved for a loan, and return your agreement before 3pm on a weekday, you can usually expect to receive the money into your account the same day. Should you sign after 3pm, over the weekend, or during a bank holiday, the money should be with you by 1pm the next weekday. Note, however, that these timeframes are not guaranteed, and some applications might take longer to pay out.

Will I need a Bamboo loans login?

As an online lender, you’ll need to set up a Bamboo loans login and online account when you apply.

Through your Bamboo loans online account, you will be able to check the status of your application, download documents, make payments and add a new debit card, see the terms of your loan, and change your password.

Bamboo loans reviews

The Bamboo loans Trustpilot rating of 4.9 stars out of five comes from over 27,000 reviews. This means the company is rated as ‘Excellent’.

This information is correct as of 23 September 2022.

» COMPARE: Unsecured loans

Bamboo Loans FAQs

Do Bamboo loans contact your employer?

Some lenders might contact your employer to confirm that you work there. If a lenderwere to contact your employer, it should not discuss your personal financial situation or your application directly.

What time do Bamboo loans pay out?

When you’ve been approved for a Bamboo loan, and return your agreement before 3pm on a weekday, the money will usually be transferred into your account by midnight on the same day.

If your signed agreement is received by Bamboo after 3pm, over the weekend, or during a bank holiday, payouts are usually made by 1pm the next weekday.

That said, Bamboo says these timescales are not guaranteed and in certain circumstances it could take longer to receive the loan.

About the author

Tim Leonard
Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more

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