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Bamboo Loans @ www.bambooloans.com
Bamboo (often termed as Bamboo Loans) is a direct lender that started out their business in 2014. This was initially through www.bamboofinance.co.uk. They have however recently made a switch to trade from the address of www.bambooloans.com. As before, there are 2 products on offer. The first is a standard unsecured loan that is joined by a guarantor loan. This back-up option enables them to target subprime audiences and you can imagine many applicants who are declined being offered the chance of funding if they can find a backing. On this side the available sums are set between £1000 and £8000. The repayment options are 12, 18, 24, 36, 48 and 60 months.
Opting with £1000 over a full year triggers a charge of £235.72. The person backing the agreement must be aged between 21 and 72. There is no requirement for them to be a homeowner. They just need to have a good credit score. It was good to see that a same day turnaround is possible if the application is approved before 3pm. When we come to the personal loan, the key difference is that they head up to £5000. They also require fair-to-good credit scores. The representative example is matched at £235.72. There is a however a notice that your rate will reflect your credit status and so it may be the case that they’ll raise this.
The Bamboo loans are managed across 2 split departments. Anyone making an application is dealing with their team in Southampton that operates between Monday and Friday (8am/8pm) and Saturday (9am/2pm). Existing customers can reach their Caerphilly-based team between Monday to Thursday (8am/8.30pm) or Friday to Saturday (9am/5pm). They are CCTA members. A Bamboo login is provided to keep track of the balance. If an early settlement is required then this would need to be done over the phone. An equivalent of between 1 and 2 monthly interest charges would need to be paid to do this. We have witnessed good feedback for this lender that looks to be progressing well.
£235.72 /£1000 (12) (guarantor)
£235.72 /£1000 (12) (personal)
Data Taken from www.bambooloans.com: January 2017.