How to get an easy online instant loan from Boodle within 10 minutes
Boodle: Quick overview
Loan amount: R540 – R8000 (for existing customers).
Loan term: 2 – 39 days or 3 – 6 months.
Interest rate: 0.17% per day.
Fees: Initiation fee (R165), service fee (R60) and insurance premium of R4.50 (per R1000 per month on daily balance).
Loan types: Short-term loans, payday and temporary loans.
Are online loans from Boodle legit?
Boodle is an online lending platform that has been created to provide South Africans with fast and secure short-term loans.
Once loans are approved, Boodle offers immediate payment. Registered under the NCR, all interest and fees are in accordance with the Regulations in Chapter 5 of National Credit Act 34 of 2005.
How to apply for Boodle loans online application form?
Here are the typical loan application steps.
- Visit the Boodle website on a mobile device or desktop/laptop.
- Using the ‘smile dial’, select the desired loan amount.
- Continue using the ‘smile dial’ to choose how many days you need the loan for.
- Click ‘Get Boodle Now’.
- You will be directed to a sign-up form where you will need to fill in: your name, surname, ID number, email address and cell number.
- The next step is to complete the ‘personal information’ page.
- Followed by completing the ‘income verification’ form.
- Receive your quote from Boodle.
- Once approved, simply wait for the payout.
Application requirements:
- Valid South African ID number.
- Have a South African bank account.
- Phone or computer with internet access.
- 18 years or older.
- Most recent payslip.
- Two months’ bank statements.
- A brief letter of motivation.
*Requirements 5,6 and 7 MUST be submitted during the application process.
Who is eligible for Boodle loans?
To be eligible for a loan, these are must-haves.
- South African residents with proof of ID.
- Good credit score.
- Applicants who provide all the above requirements.
Boodle loan interest rate?
Boodle charges a daily interest rate of 0.17%. The National Credit Regulator governs the company’s interest rates.
How long does Boodle take to approve a loan?
Boodle processes your application online. The system will assess applications and qualify those that meet all requirements relatively quickly. Once you accept your quote and your loan has been approved, you can expect your cash to be paid into your bank account within 10 minutes from Boodle.
Who is Boodle best for?
Boodle is best for borrowers who:
- Require some extra cash to get them through to payday.
- Don’t need large loan amounts.
- Need cash quickly and don’t have time for long application processes.
Pros of Boodle
Fast and convenient: Boodle’s system will quickly assess the validity of your application. Everything is automated and done online. There is no need for paperwork.
Transparency: Once you have selected your amount and for how long, Boodle is very open with disclosing the interest rate, additional fees, and how much you need to pay back.
10-minute payout: For those who find themselves cash-strapped while waiting for payday, Boodle processes payouts into your bank account in 10 minutes (only if approved).
Interest rate: With a daily interest of 0.17% and a maximum loan amount of R8000, Boodle offers borrowers the chance to pay back loans without excessive amounts that they can’t afford.
Cons of Boodle
Only short-term: Boodle only offers borrowers short-term financial assistance. For those who require a more long-term situation, this is not ideal.
No flexibility: Since Boodle offers short-term loans, borrowers will find that there is no leeway when it comes to repayments. Additionally, borrowers who can’t pay off loans in a short amount of time will risk affecting their credit scores negatively.
Boodle Loans Contact Details
For further enquiries or information, please see the below contact details for Boodle:
Phone: 0861 266 353
Email: support@boodle.co.za
