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Alternatives to Bamboo Loans

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Lender Ratings & Verdict

Bamboo Loans scores 4.9 out of 5 based on 13,200 reviews on TrustPilot. This score puts Bamboo right at the top of the ratings ladder. It's also worth noting that Bamboo has won the Consumer Credit Awards multiple times in recent years.

Bamboo vs Other Lenders

We've chosen to show the key differences against the "typical" or "average" guarantor lender:

Pros

  • The same APR% regardless of loan size and loan period which could be an advantage if you need a smaller loan for a shorter period.
  • Customer rating is the highest amongst its peers.
  • Full online account management is available unlike some other lenders.
  • Online application process is relatively fast.
  • Also offer a personal loan that does not require a guarantor.

Cons

  • There are 6 lenders with a lower APR% available dependent on loan value and duration.
  • The maximum loan size of £8,000 is the lowest of all guarantor lenders.

Compare Bamboo to other Guarantor Loans

Bamboo's representative APR is 49.7%, but we have lenders who offer guarantor loans starting at 29.9%. As a broker with access to multiple lenders we may be able to find you loans like Bamboo's at a lower rate. This calculator uses our representative APR is 39.9% to help you estimate monthly repayments.

Estimated Repayment

Monthly Payment:
£
Total Repayable:
£
Representative APR:
39.9 %

Your actual APR will depend on: your loan amount, the lender you choose, if your guarantor owns their home, etc.

Less than perfect credit accepted

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Representative Example

Borrow £3,000 for 36 months. Representative 39.9% APR fixed. Monthly payment £144.16. Annual interest rate 34.05% fixed. Interest payable £2189.76. Total repayable £5,189.76.

About Bamboo

Bamboo are one of the new wave of guarantor lenders that emerged in the years following the last credit crunch. They now help over 50,000 people each year get the loan they need. And they've been rewarded for their efforts by receiving excellent reviews and ratings from borrowers.

  • Loans from £1,000 to £8,000
  • Repay over 12 to 60 months
  • Representative APR 49.7% (fixed)

Bamboo's Representative Example

Borrow £2,600 for 36 months. Representative 49.7% APR fixed. Monthly payment £126.61. Annual interest rate 41% fixed. Interest payable £1,957.89. Total repayable £4,557.89.

They also offer standard unsecured loans of £1,000 to £5,000 for those whose credit score is fair to good. These don't require a guarantor.

Buddy Loans FAQs

Q

Does Bamboo Loans need my guarantor to own their home?

A

No, Bamboo are happy to accept non-homeowners as guarantors. Their website makes no mention of any special terms in relation to non homeowners. We have more information about non homeowner guarantors.

Q

Does Bamboo charge a variable interest rate?

A

No, Bamboo's interest rate is fixed for the duration of the loan, which can be up to five years. This is good to know because it means you can budget with confidence. Even if general interest rates rise you won't suffer from any increase in you monthly repayments.

Q

What is Bamboo Loans' APR%?

A

The APR is fixed at 49.7% regardless of the amount you borrow or the length of time you borrow it for. Bamboo's rate is a little higher than some other lenders. We work with some lenders who vary the APR so that it is higher for smaller amounts and lower for large amount. So, it could be that for smaller loan amounts (say £1,000 or £2,000) Bamboo is a reasonable option. Conversely on larger loans (over £7,500) we could have lenders that offer a lower APR. The lowest APR from any of our lenders in 29.9% for loans over £10,000. If this is of interest then apply here.

Q

How do I repay Bamboo?

A

Repayments are set up using a direct debit and paid on a monthly basis. The amount you repay will be specified by Bamboo before you sign any agreement. While you can estimate your repayments using our calculator the Bamboo Loans APR is 49.7% rather than our representative 39.9% so be careful when looking at affordability. If your monthly payment fails then Bamboo will always get in touch to help resolve the problem.

Q

What if I can't repay my Bamboo loan?

A

As with debt of any kind the first thing to do, if you are beginning to struggle with payments, is to contact Bamboo. They are duty bound to help look at alternative ways to ease your repayments and make them affordable. You do need to keep in mind though that you have signed an agreement with Bamboo. If they cannot contact you then they will contact your guarantor to help settle your account.

Q

How will being a guarantor for a Bamboo loan affect me?

A

You will be credit checked before any documents are signed as Bamboo need to know you are creditworthy. But once the agreement is signed and the borrower starts to make their monthly repayments you should hear nothing from Bamboo Loans. However, if the borrower is struggling to make payments and then fails to keep in touch with Bamboo or defaults then you will be needed to step in. If you fail to help bring the loan up to date then this will be recorded on your credit file too.

Q

Can my Bamboo loan be paid off early?

A

Yes, Bamboo state that you can make additional payments. However, there is no mention as to whether there are any penalty fees for doing this. While we'd always recommend paying down your debt as fast you can afford to you should check in advance to see if there are any charges for doing so.

Q

How fast can Bamboo approve and payout my loan?

A

Bamboo aim to payout loans the same day if possible and certainly within 24 hours of approval. The approval process will depend on what if any documentation is required and if your guarantor is accepted. Once your loan is approved the money is transferred to your guarantor's account who then passes it to you. Money is paid via your guarantor to ensure that they are not being defrauded.

Q

What's the best way for me to get a Bamboo loan?

A

Bamboo may have some of the best ratings but they certainly aren't the lowest cost guarantor lender. We think the sensible thing to do is use our free enquiry service. It can tell you instantly which of the many lenders we work with could lend to you in principle - and many of these other lenders can offer lower APRs and larger amounts than Bamboo. If you'd like to maximise your chances of a guarantor loan then use our enquiry service - no fees, and exactly the same deals as going direct!

Q

Who can be my guarantor for a Bamboo loan?

A

Typically you need to find someone who knows you well enough for them to trust you - this is form of "trust-based" lending. So with this in mind your ideal guarantor is likely to be: Parents, Brothers & Sisters - Aunts & Uncles - Sons & Daughters - Grandparents - Boyfriend or Girlfriend - Work Colleagues & Friends.

Bamboo specify that a guarantor must be aged 21-72 at the start of the loan, have a UK bank account with debit card, and can show they not only have a regular income but could afford to make your repayments if you could not. Sometimes lenders like Bamboo are not prepared to accept guarantors who are already financially linked to the borrower. But this is not mentioned on their website.

How to Find Bamboo

Office Address: 1st Floor, Grenville House, Nelson Gate, Southampton, SO15 1GX

Office Hours

Mon - Fri: 08.00 - 20.00

Sat: 09.00 - 14.00

Bamboo on Social Media

Facebook

Here's @bambooloans page:

Twitter

Here are Bamboo's most recent tweets:

YouTube

Here's the most helpful video from the Bamboo's YouTube channel:

Company Information

Company Registration

Bamboo Ltd is registered at 1st Floor, Grenville House, Nelson Gate, Southampton, SO15 1GX. Company registration number 05629336.

FCA Registration

Bamboo is authorised and regulated by the Financial Conduct Authority with firm reference number 720565.

ICO Data Protection Registration

Bamboo is registered with Information Commissioner, registration number Z1380902.

Important Bamboo Loans Links

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