Bamboo loans: At a glance
WARNING: Be aware that the Financial Conduct Authority (FCA) is warning that unauthorised clone firms are posing as Bamboo Loans that ask for a fee before you can take out a loan. Bamboo says it will never charge an upfront fee.
Bamboo Personal Loan
1 to 5 years
£2,000 to £15,000
49.7%
No
Representative APR 49.7%. Based on a loan of £2,500 over 24 months at an interest rate of 41% p.a. (fixed). Monthly repayments of £154.38. Total amount payable £3,703.74. Maximum APR 69.9%.
- Must be aged 18 or over.
- Must be a UK resident.
- Must be able to afford monthly repayments.
- Must not be bankrupt.
NerdWallet has partnered with Monevo who will check your eligibility.
You can apply online for loans of £2,000 to £15,000 from Bamboo, and repay the money over one to five years. These loans can be used to cover a range of costs, such as holidays, home improvements, a new car and to consolidate debts.
You don’t need to have a good credit history to get a loan from Bamboo, but you will need to be able to afford to make the repayments in full and on time. Bamboo allows you to make extra payments or repay your loan early, which could help you save money on interest. However, the lender may apply several days’ interest charges if you want to pay back your loan early.
Unlike many other lenders, you can’t repay a Bamboo loan through direct debit. Instead, you make repayments through a continuous payment authority (CPA), which is when recurring payments are taken using your debit card details, instead of your bank account details.
» MORE: Best loans for bad credit
Bamboo loans pros & cons
Pros
- You could get the money in your account on the same day your application is approved.
- You can change your payment date during the loan term.
Cons
- You may need to pay interest charges to settle your loan early.
- You can’t apply for a joint loan.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
Am I eligible for a Bamboo loan?
To be eligible for a Bamboo loan you need to:
- be aged 18 or over
- be a UK resident (excluding Channel Islands and Isle of Man)
- have a valid UK debit card
- be in full or part-time employment or retired and able to afford the repayments
- provide a personal mobile phone number and email address
- be able to afford the monthly repayments and be in a generally good credit standing
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Bamboo loans frequently asked questions
Bamboo is not a payday lender. It is an online, direct lender that offers unsecured loans.
Bamboo doesn’t state that it will contact your employer during the application process.
Bamboo is authorised and regulated by the Financial Conduct Authority (FCA).
No, Bamboo will never charge an upfront fee. But beware of clone firms posing as Bamboo Loans, which may ask for a fee before you can take out a loan.