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We know that when it comes to loans, they don’t always happen quickly, and in some cases, this complicates people’s lives by prolonging the resolution of the issues they have. So when it comes to a fast loan, Boodle Loans is the solution.
With Boodle Loans, you have the opportunity to get up to R8,000 within minutes, which can help you quickly.
Boodle Loans
Boodle understands that financial situations can change quickly, or unexpected events can occur, and as a result, you may find yourself in need of a fast loan. So, Boodle is your opportunity to get something quick and convenient.
They give you the chance to obtain quick and secure loans to assist you with whatever you need in your daily life or in any unforeseen circumstances that may have arisen.
How does Boodle loan work?
How are the fees charged?
We know that every loan comes with fees; therefore, we will explain to you here how Boodle loan fees work.
We will list for you the fees that will be included in the loan, but on their website, it is possible to make a simulation that will give you the total interest amount that you will pay for a certain amount you want to borrow, allowing you to customize the payment period as well.
- Service fee: R60.00 per month plus 15% VAT;
- Initiation fee: R165.00 plus 10% of the loan amount for those exceeding R1,000, plus 15% VAT;
- Interest rate: 0.17% per day;
- Annual Percentage Rate (APR): 60%;
- Insurance premium: R4.50 per R1,000 per month on the daily balance.
What are the payment terms of the Boodle loan?
The payment method for this loan is very straightforward. They provide an average term of 2 to 32 days from the date the money was received, preferably made in a single payment, including fees and charges. Since the borrowed amount is relatively low, it’s possible to make a one-time payment.
But they don’t have many payment options since the primary one is automatic debit. This way, they ensure they will receive payment on the right day and prevent customers from incurring additional fees due to payment delays.
Advantages
- Quick and secure loan;
- Option for early payment;
- They have a calculator on the website so you can know exactly how much will be paid;
- Interest rates clarified before contracting.
Disadvantages of the Boodle loan
- High interest rates;
- Short repayment term for the loan;
- The only payment method is automatic debit;
- Limitation on the maximum loan amount to be taken, which is R8,000 at most.
How to apply for a Boodle loan?
What are the prerequisites for loan application?
Like any loan, to obtain a Boodle loan, you need to meet the criteria they have chosen. Therefore, we will tell you here what the prerequisites are for making the request.
- You need to be South African citizens, at least 18 years old;
- You must have a proven source of income, either through employment or another means;
- Have a good credit record;
- Understand that Boodle loans are short-term.
Apply through the website
To apply for the loan is very simple, on the website, you will have the assistance of the Smiledail tool to choose the amount you want, and this way, you will also know the interest amount that will be paid.
Next, you will fill out a form that will contain all your personal information, which they will use as a way to conduct a credit assessment.
After the assessment, you will receive a loan offer with the budget that has been made available to you. If you agree, simply accept it.
By accepting the offer, you’re all set; the money will quickly be deposited into your account, and you can use it however you like.
