What is a Bamboo repeat loan?
A Bamboo repeat loan is for an existing customer who has finished paying off their first loan with us. It is done by taking out a new loan application and is processed just like any other loan. You decide how much you want to borrow, go through the application process and – if you’re approved – get the money in your account.
Repeat loans are a great option for people who want to borrow again and who want to use a lender they already trust. This could be for maintenance repairs, an investment in your home or any other emergency.
Benefits of a repeat loan:
- You are likely to qualify for a lower APR on your next loan with us. However, dependent on certain criteria, it can possibly remain the same or go higher.
- As a Bamboo customer, you always have the option to apply for top-up loans in the future. Find out more about top-up loans here.
Qualifying for a repeat loan means that you will need to pass our credit and affordability assessment. We always double-check your payment history and your personal situation to see that you can afford the new loan. We’re a responsible lender and wouldn’t want you to borrow money you can’t afford. While repeat loans are great in giving you a little boost or helping you get the money you need at a better rate, they are, of course, an extra source of debt.
When e-signing your loan agreement, you will be given the option to choose a monthly repayment date that suits you. For example, if you get paid at the end of the month, you can choose to repay on the 1st of every month.
If you haven’t chosen a monthly repayment date of your choice, by default, your monthly instalment date will be around the day of the month on which your loan is agreed.
A few days after your loan is paid into your account, you will receive an email to let you know when your first repayment will be due.
Once you have submitted your part of the loan application, we will then complete our checks. During this part of the application process, we may request some additional documents and also have a quick phone call with you.
After we have completed our review, you will then receive either an email or a phone call to confirm the outcome of the application. Timescales can vary during busy periods but we try to be as quick as we possibly can be.
All of our contact information can be found here.
We release loan funds twice a day (excluding Bank Holidays and weekends). For most of our applications, if an agreement is signed before 3pm on a weekday then funds should be paid to the bank account you have provided us before midnight that day.
If signed after 3pm or on a weekend/bank holiday funds should be in the bank account, you have provided to us by 1pm the next weekday.
For some applications, this process may take just a little longer, and please note that Bamboo reserves the right, on occasion, to delay paying out a loan on the same day.
