Bamboo Loans is one of the best loan companies in the United Kingdom. Although it was established recently in 2014, it offers between £1,000 and £8,000 unsecured loan to help people ease their pain of their financial problems. The company allows borrowers between a year and five to repay the loan. Although the company considers individual’s needs before fixing their interest rates, they still have an APR of 49.7%.
What they offer
Some of the benefits of Bamboo loans are:
- Bamboo Loans offers an easy-to-use web portal that borrowers can use for making payments. They can also access their account at any time via the portal.
- Both homeowners and tenants are accepted as guarantors. This is an added benefit because most lenders don’t accept tenants as guarantors.
- Applying for a loan is easy without all the stresses unlike other platforms. By punching some buttons, you will get everything done without wasting your time.
- Paying out loans for their customers is done at the speed of light. Within a few hours, you will have the money deposited into the account of your guarantor if you take the guarantor loan. Otherwise, the money will be paid directly into your account.
- While the services of some great loan companies are marred by the inefficiency of their staff, Bamboo Loans boast a good staff. This facilitates the application and lending process.
- There are no hidden charges except the 49.7% APR. Contrary to charging their customers as some lenders do, Bamboo charges them nothing if they pay before the due date. There are no agreement fees. No late payment penalties.
- The minimum age for the borrower is 18 and fo guarantors is 22.
- Your guarantor must have a good credit history.
- Customers of Bamboo are not accepted as guarantors.
- A UK bank account is a must have for your guarantor. This is very important because the company needs it for payment.
- You must have a good source of income, not some allowance. Remember, your guarantor may be called in to make the repayment if you fail to do so. An unemployed man will not be able to do that.
Applying for the loan can be done anywhere, including in the comfort of your home. After filling the loan application form online, submit it and wait for a response from the company. If you are considered eligible for the loan, you will automatically be informed of the loan type that suits you.
The two loan options are the unsecured loan and personal loan. If you are doubtful of your ability to personally handle your repayment and may need to call someone in, the guarantor loan is the ideal one for you.
On the other hand, you may consider the personal loan if you are confident of your ability to repay the loan without depending on someone to do it for you. Of course, your credit history will play a vital role in your eligibility for either of the two.