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.
We've chosen to show the key differences against the "typical" or "average" guarantor lender:
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.
Your actual APR will depend on: your loan amount, the lender you choose, if your guarantor owns their home, etc.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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.
Mon - Fri: 08.00 - 20.00
Sat: 09.00 - 14.00
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Bamboo Ltd is registered at 1st Floor, Grenville House, Nelson Gate, Southampton, SO15 1GX. Company registration number 05629336.
Bamboo is authorised and regulated by the Financial Conduct Authority with firm reference number 720565.
Bamboo is registered with Information Commissioner, registration number Z1380902.
Written/Reviewed by: Marcel Le Gouais