Below, you’ll learn everything you need to know about a Boodle’s personal loan, including its features, requirements, advantages, and much more.
Who is Boodle?
Boodle is a South African lender well know for providing online personal loans to their customers, within a user-friendly platform.
The company provides small, short-term loans that are designed to meet the immediate financial needs of their customers
Boodle operates entirely online, which allows for a fast and efficient loan application process, and customers can typically receive their loan funds within 10 minutes of approval.
How does a Boodle personal loan work?
Created to cover an unexpected expense or financial emergencies, Boodle is offering a short-term and unsecured personal loan that can be requested online.
New customers can borrow anywhere from R500 up to R8,000 to be used for whatever reason you might need it.
As short-term funding, Boodle’s personal loan have some quick repayment terms options, with customers being able to choose their repayment terms in days or months.
You either repay your Boodle Personal Loan on terms ranging between two and sixteen days or two and six months.
Still its interest rates are around 0.17% per day, with a maximum annual interest of 60%.
By offering an unsecured loan, Boodle does not require any collateral, such as a car or a house, to back up the loan’s payments.
Instead, when granting your personal loan, Boodle relies 100% on your creditworthiness and ability to repay the loan.
Main Benefits
Boodle personal loans offer a range of benefits to borrowers, especially those in need of quick access to funds.
That is why Boodle has a fast and straightforward application process that can be completed entirely online.
Once approved, funds are typically disbursed within 24 hours, providing borrowers with rapid access to the money they need.
Still, one of the major advantages with Boodle’s personal loan is its really competitive interests, especially for an unsecured loan, with rates being limited to 5% per month.
Finally, Boodle provides their clients with a personal loan calculator, that allows you to preview how much you will need to pay back over the loan’s course.
Main Drawbacks
As with many other financial services, Boodle does have a few points of attention, so it is important to consider the potential drawbacks before applying.
One of the main drawbacks are the fees associated with the loan, since Boodle will charge you for an initiation fee and monthly Service fees.
As today, Boodle charges a service fee of R60 per month plus 15% VAT, and initiation fee of R165 or 10% of the loan value, whichever is less.
These fees make Boodle’s personal loans quite expensive and often the fees themselves can be higher than the loan’s interest.
For example, if you borrow R6000 with Boodle and choose a repayment term of four months, you will pay approximately R1,967 in fees and interests.
It is also important to mention that Wonga have a mandatory insurance, which will be add up to the loan’s motley payments.
They usually charge R4.50 in insurance for every R1000 you have borrowed.
Another potential issue is the risk of a debt spiral, which can occur if borrowers are unable to repay the loan on time and incur additional fees and penalties.
Loan application
How to apply
Check out all the requirements and learn how to apply for a Boodle Personal Loan right away!
