In a study conducted by Tyme Bank, 76% of South Africans report having money problems by the 15th of each month. 43% of those get funds from payday lenders like Boodle loans to get them through the month. Boodle is a major player in the microloan industry, along with other microloan providers such as Lime24, Mpowa Finance, CashLoans.co.za and FastaLoans. They have been providing South Africans with online loans to bridge the gaps between paydays for several years now.
About Boodle Loans
Founded in 1999, Boodle has become one of the most competitive payday loan providers on the market. They deliver the lowest fees and flexibility of any payday lender. Company success is due to the expertise of its diverse team.
With Boodle, you’ll find a range of loan products designed by loan experts and analysts to meet your needs. You will receive the highest level of customer service from their techs and customer care specialists.
How does boodle loan works
Boodle is a South African fintech lender, founded in 2010. Boodle offers personal loans from R100.00 to R4000.00 for first time clients and up to R8000.00 for return clients. this financial producers rate is at 0.74% per day, with a service fee of R60.00 plus VAT and an initiation fee R165.00 plus 10% of loan amount plus VAT.
Their website is easily identified by the smiley face cash loan calculator, well known as the SmileDial. A feature that helps you to easily select the amount you need and the period of repayment you are applying for boodle loans.
Maximum/minimum loan amount offered by Boodle loans
New clients can apply for up to a R4 000 amount as a loan. Returning clients with a proven track record of making timely payments may access up to R8 000. Boodle has five smiley ranks that you can change for a loan amount. If you are a new client, you only have one option, which is the first rank with a maximum loan amount of R4000.
Eligible applicants for Boodle Loans:
- Have an Identity Document of the Republic of South Africa
- Be over 18 years old
- Have a South African bank account and access to the internet
- Must have a regular income
Boodle loan fees
When you slide the SmileDial button in the application phase, the total cost of borrowing is calculated and displayed on the screen. The cost shown to you represents the total amount of interest and fees charged on the loan. A cost is determined by the amount borrowed and the length of time for which you want the loan. Aside from these, you will not be charged any other fees.
How to apply for boodle loans
Boodle makes applying for a loan seamless with their online platform. Follow these steps to get your loan in just 10 minutes.
1. Select your desired amount
You can use the Boodle loan calculator to determine the amount you would like to borrow. In addition, you can specify how many days you would like to repay the loan.Charges and fees will appear on your screen instantly. In the end, you will know how much you would be paying back.
When happy, continue to the next step.
2. Complete the super quick application
Create an account with Boodle and provide accurate information about yourself. The information you provide will be used to determine the best service for you.
3. Credit checks and loan offer
Wait for credit and affordability checks to be performed by the system.
4. Get your Boodle loan fast
After all the information has been submitted and you’ve accepted the offer, funds will be deposited directly into your account.
Advantages of the Boodle loan
- Boodle’s online lending platform is one of the fastest and easiest to use. In less than 10 minutes, the system can collect, assess, and deposit the loan into your account.
- The entire application process is paperless, and there are no hassles since the platform is easy to use, and there is a live chat function should you wish to speak with a representative before completing it.
- Efficacy and transparency are present. Before you even accept a quote from Boodle, all of your borrowing costs are disclosed.
Disadvantages of the Boodle loan
- There are higher interest rates and fees than what you would find at a traditional bank
- Payday lenders like Boodle offer short repayment periods, so you cannot take a break before paying back the loan
Boodle loan contact details
Contact 0861 BOODLE (266 353) for more information about Boodle loan. Find out more on how to apply.
Alternatively visit their website at www.boodle.co.za to read more and apply online.
Even though payday loans are costly to service, there are times when we are in need of financial assistance. To avoid ruining your credit score, you will need to fulfill your loan obligation in order to get this type of loan.