Bamboo pride themselves on being a straightforward, transparent and ethical lender. They entered the market in 2014 and offer loans of up to £5000. Loan periods are between 12 and 60 months with a representative APR of 49.7%
Unlike some of the other lenders in the market they charge the same amount of interest whether the person securing the loan is a homeowner or a tenant. The interest rate charged is based on the credit record of the borrower and the lowest current rate is 26.9% APR.
Having spent a great deal of time researching the market and developing sophisticated software to manage applications Bamboo have positioned themselves as a plain English and professional lender. They recognise that many people find applying for a loan a daunting experience which can be made worse if you have a poor credit history.
They will search the credit history of both the applicant and the person securing the loan on their behalf and accept that each set of circumstances are unique to those applying and will made any decisions accordingly. They will also check the income of both the applicant and the backer to ensure repayments are affordable.
You can ask anyone to secure your loan on your behalf; a friend, colleague or family member but they must be over 21 years of age and have a regular income. They will also need a fair credit history but they are not required to be a homeowner. It is important that they understand the implications of the role as your co-applicant and that they read all the relevant documentation.
All documentation is available to the applicant online in their own personal folder at any time. Their call centre opening hours are from 9am to 8pm on Monday to Friday and from 9am to 2pm on Saturdays.
If your application is successful it is often possible to receive the money the same day although this cannot be guaranteed.