Unsecured loans explained

What is an unsecured loan and how much you could borrow?

An unsecured loan could be a good option if you’re looking to borrow money. Typically, unsecured loans are for people who have a fair to good credit score. If you are not eligible for an unsecured loan you may be offered a guarantor loan. The interest rate offered will reflect your credit profile.

Why choose an unsecured loan?

Perhaps you have been building up your credit score for a while but your bank have been unable to lend to you.

One big advantage of unsecured personal loans is you don’t have to be a home owner to apply. If you do own your home, it will not be used to secure your loan.

Another advantage is that with an unsecured loan, payments are usually fixed so you know what you’ll be paying each month. Once you’re making repayments, this can also help you build up your credit score.

How much could I borrow?

You could borrow from £1,000 to £5,000 , and with an unsecured loan from Bamboo the money could be in your bank account today if you are approved by 3pm.

How does an unsecured loan work?

Once you’ve decided how much you’d like to borrow, simply complete an online form with a few details including your bank account details, employer details and current address. We’ll take a look and make a quick decision on the best unsecured loan for you.

Our decision will be based on a number of things, including your current credit score. You’ll see at a glance what your monthly repayments will be, the total length of the loan and the APR (Annual Percentage Rate of interest).

Why choose Bamboo for your loan?

Instant quote with no impact on your credit score.

Your loan could be in the bank today if you are approved before 3pm.

Representative APR 49.7%. A guarantor may be required.

Simple online application process.

Friendly support on hand to help you with your application.

Affordable monthly repayments.

Difference between a guarantor and an unsecured loan

The support of the guarantor helps you get a loan if you don't have a good credit score. A guarantor loan requires a guarantor who is also responsible for any payments on the loan you do not make.

However, if your credit score is fair to good, an unsecured loan may be a better choice for you.

How much would you like to borrow?

For how many months?

The rate you are offered will depend on your personal circumstances. A guarantor may be required.

Representative Example
On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89. 35 monthly repayments of £126.61 and a final payment of £126.54

Rates from 26.9% APR to a maximum of 89.9% APR. Loan terms from 12 to 60 months.