Boodle Loan Review
The term “Boodle” is a slang expression used to refer to money, and it has its roots in the Dutch word ‘boedel,’ which means property or estate. The Afrikaans language adopted this word and its meaning from Dutch, which could explain why it is commonly used among South Africans.
Boodle provides short-term loans to individuals in South Africa. In this article, we will explore the details of these loans, including the application process, eligibility requirements, and who Boodle loans are most suitable for.
Boodle at a Glance
- Loan amount: R100 – R8 000
- Loan term: 2 days – 6 months
- Interest rate: 0.17% per day / 5.3% per month
- Initiation Fee: R165 + 10% of the loan amount
- Monthly Service Fee: R60
What You Should Know about Boodle:
Boodle is an excellent option for those seeking a quick and easily accessible short-term loan. This financial service provider is popular among South Africans as it offers loans up to R8 000 with competitive interest rates. Boodle's convenient online platform distinguishes it from others, which allows users to apply for loans and handle their financial matters without leaving their homes.
- Boodle offers fast loan processing and payout, which ensures that borrowers can access the funds they need promptly.
- Boodle operates entirely online, making it convenient for users to apply for loans and manage their accounts without the need for physical visits or paperwork.
- Boodle offers flexible repayment terms, ranging from 2 days to 6 months, allowing borrowers to choose a duration that best suits their financial circumstances and preferences.
- Boodle has a lower maximum loan amount compared to other short-term lenders.
- The added fees could mount up on top of the loan repayments, catching borrowers off guard.
- Boodle does not have physical branches to get face-to-face assistance with loan applications or queries.
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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.
How Boodle Loans Stand Out?
Boodle sets its loans apart by providing a speedy processing time, guaranteeing that you will receive your funds within 10 minutes of your loan application’s approval. This impressive speed distinguishes Boodle from other lenders, offering customers the convenience and reassurance of receiving their money promptly.
Boodle Loan Products
Short-term Loans
Boodle provides short-term loans that range from R100 to R8 000, making them suitable for many South Africans’ budgets. Boodle offers flexible repayment terms, allowing borrowers to choose a timeframe that suits them. The repayment period can be as short as 2 days or as long as 6 months. Boodle charges a monthly interest rate of 5.3% (or 0.17% per day), ensuring fairness and transparency in its lending practices.
Benefits of Taking a Loan from Boodle
Boodle offers accessible and reasonably priced loan options that cater to the majority of South Africans. With the only prerequisites being an internet connection and a steady monthly income, individuals from various socioeconomic backgrounds can conveniently apply for loans through Boodle’s user-friendly platform. Their inclusive approach makes borrowing from them a significant advantage.
Boodle Loan Interest Rate and Fees
Boodle offers short-term loans at a fixed interest rate of 5.3% or 0.17% per day. When you apply for a loan, you need to pay an initiation fee, which consists of two parts. The first part is a fixed amount of R165, and the second part is calculated as 10% of the loan value above R1 000. Additionally, a 15% value-added tax (VAT) is applied to the initiation fee.
However, the National Credit Regulator sets a maximum limit on the total fee you will be charged. The highest amount you will have to pay is 15% of the loan value plus 15% VAT, and this ensures that the total fee remains reasonable.
How To Qualify For Boodle Loan
To qualify for a loan with Boodle, you only need these three things:
- South African ID Document: Boodle requires a copy of your South African ID to ensure a secure lending process and prevent fraudulent activity. This step confirms your identity and establishes your citizenship or residency in South Africa.
- Latest Three Months’ Payslips: Boodle wants to ensure you have the means to repay your loan, so they ask for your most recent three months’ payslips. These payslips serve as proof of your income and employment status. By assessing your earnings, Boodle can determine whether you can repay the loan.
- Banking Information: Boodle requires your bank account number and bank statements. By accessing this information, Boodle can verify your financial history and assess your overall financial stability.
How to Apply for a Boodle Loan
The best way to apply for a Boodle loan is to use BetterLoans. In addition to Boodle, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.
Boodle aims to provide its users with an easy and straightforward application process, ensuring a hassle-free experience. The entire application procedure is conveniently conducted online through the Boodle website.
By embracing digital technology, Boodle eliminates the need for traditional paper-based applications and time-consuming in-person visits, streamlining the process for users from start to finish. With just a few clicks, individuals can access the Boodle website, navigate through the intuitive interface, and complete their application in a matter of minutes.
How Long It Takes Boodle to Approve a Loan
According to Boodle, their streamlined application and loan approval process can be completed in less than 10 minutes, given that all the provided information is accurate and the applicant’s credit history is in good standing.
Is Boodle a Trusted and Reliable Lender?
Since 2011, Boodle has provided financial services to South Africans, ensuring their financial needs are met. Boodle is a registered entity with the National Credit Regulator (NCR) and strictly follows the ethical credit practices established by the NCR.
Boodle is dedicated to responsible lending and places the financial well-being of its customers as a top priority. The company operates within the regulations set by the NCR and aims to offer transparent and reliable financial solutions to the South African community.
Boodle has received almost 350 reviews on HelloPeter.com, with an average rating of 1.8 out of 5 stars. The customer reviews for Boodle’s service are mixed, reflecting diverse opinions and experiences. Overall, Boodle’s customer service performance is inconsistent based on the feedback on HelloPeter.com.
Boodle Contact Details
Office Address: 10th Floor, 19 Ameshoff St, Braamfontein, Johannesburg, 2001
Open:8 am – 4 pm weekdays, 8:30 am – 12:30 pm Saturdays
Email: [email protected]
Phone: 086 126 6353
Website: www.boodle.co.za
Frequently Asked Questions (FAQs)
What are the requirements to get a loan from Boodle?
Have a South African ID and be older than 18.
Be able to provide three months’ payslips.
- Have a bank account in your name and have the information ready.
How long does it take Boodle to pay out?
Boodle takes 10 minutes to pay out after the loan has been accepted.
Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.
