How much do you need?
Tell us the details in the online application form below:
Boodle Loans South Africa could be the perfect option for borrowers looking for a quick and convenient online loan.
In this in-depth Boodle loans review, RandWallet will cover everything you need to know about this credit provider to help you decide if this lender can meet your needs.
✅ How Much Do You Need?
WHO IS Boodle?
Boodle (Pty) Ltd is a registered financial services provider with an innovative online lending platform designed to ensure a positive experience for South African borrowers. The company was founded in 2011 and has a wide range of specialities.
The list includes Fintech, Online Lending, Financial Services, Personal Loans, Consumer Financing, BNPL, eCommerce, Online Payments, and Payment Solutions. The company is a proud member of Micro Finance South Africa (MFSA).
KEY FEATURES
- Loan amounts range from R500 to R8 000.
- Repayment terms range from 2 days to 32 days or 2 months to 6 months.
- Interest is charged at 0.17% per day.
- Fees include a service fee, an initiation fee, and an insurance premium.
ILLUSTRATIVE EXAMPLE
If you borrow R4 000 over 2 months, you’ll make 2 monthly payments of R2 573.36 That means the total cost of the loan will be approx. R5 147. The interest (0.17% per day) and fees alone will be R1 146.73 This includes a service fee of R60 per month, an initiation fee of R165 plus 10% of the loan value above R1000. You also pay an insurance premium.
PROS
✔️ Quick and simple application process
✔️ Fast funding.
✔️ Flexible repayment options.
✔️ Excellent customer support.
CONS
❌ Limited borrowing power for new applicants.
WHY WE LIKE IT
The lender says it’s not just a credit provider, but a lifestyle facilitator. The lender makes it super easy for South Africans to get loans online 24/7/365 within minutes. Boodle understands that in life, things happen – whether unexpected, happy, or unfortunate. This lender is there to offer financial help and facilitate positive outcomes.
SUMMARY
The lender provides innovative financial solutions with a super quick online loan application and fast funding. You can get up to R8 000 with up to 6 months to pay.
Boodle LOANS ARE BEST FOR YOU IF YOU:
- Need a small loan for short-term needs.
- Need cash quickly.
- Are looking for a payday loan with flexible repayments
Full Boodle Personal Loans Review
Get a more detailed look at how Boodle payday loans work.
Pros Explained
Easy and super quick application
Applying for a payday loan is 100% online and as easy as making a few clicks. It only takes a few minutes to fill out the application, and the quick 4-step process is easy to follow from start to finish.
Loans can be paid out within 10 minutes
The lender says that an impressive 97% of its loans are paid out within 10 minutes. Hence, this payday loan option could be your best bet if you are looking for fast funding. These quick loans are ideal for borrowers who need extra cash urgently.
Up to 6 months to repay
Long term loans have flexible repayment options, while the 6-month loan is the best option if you’re looking for smaller repayments that are easy on your budget.
You can also choose a term length of 1, 2, 3, 4, or 5 months. On the other hand, you can also choose short term loans you can pay off in as little as 2 days to reduce borrowing costs
Online loan provider with a human touch
Sometimes you need to talk to a real person when dealing with an online loan provider.
The good news is that borrowers can apply online and via the phone. They can also connect with the company’s support team via live chat, email, or popular social media platforms.
Cons Explained
You have to build your rank to borrow more
The lender limits the amount of money and the number of times you can borrow, especially if you’re a first-time borrower. However, if you continue to pay off your loans successfully, you can qualify for larger amounts and longer terms.
How Does Boodle Work?
This credit provider specializes in small loans from R500 to R8 000 with short repayment periods. The idea is to give you a quick cash boost to help you survive until your next salary. However, borrowers can extend the loan term if they have a good track record.
One thing that sets this lender apart is the Boodle SmileRank®, which is made up of five smiles. One smile means you can borrow R4 000 over one month. If you build up your ranking to 5 smiles, you’ll then be able to qualify for a loan of up to R8 000. Loans for borrowers with low credit scores may be available, depending on how bad your credit history is.
The good news is that you can enjoy quick and convenient future loan applications once you become a Boodle veteran. That’s because the lender already has your information if you applied for a loan before. So your application can be approved quickly, and you can have money in your bank account in as little as 10 minutes.
Are Boodle loans legit in South Africa?
Yes, Boodle loans SA are legitimate. The lender has been established in South Africa since 2011 and is a registered credit provider. The credit provider practices responsible lending and has a strict fraud and credit vetting procedure, as well as rigorous affordability checks.
In addition, the company values transparency, so you’ll be able to see the interest rate plus all fees and charges before you apply. It has a strict Privacy Policy and a safe and secure online platform. That means you can rely on this lender to keep your personal info safe.
How to Apply for a Boodle Loan
Here’s what it takes when applying for Boodle cash loans.
What You Need to Qualify
- Be at least 18 years of age
- Have a valid South African ID
- Banking details
- Proof of income – Latest bank statements/payslips
Boodle Loan Application Process
Here’s how to apply with this lender online:
1. Choose Your Desired Amount and Term
Slide the SmileDial to the left or the right to choose your desired loan amount and repayment period. You’ll be able to see the total interest and fees for your selected input. Once satisfied, click apply to get started.
2. Fill in the Application Form
Fill in all the required details and be as specific as possible so that the lender can arrive at a quick lending decision. If you’re a new client, you’ll first need to create an account and provide relevant details, such as your name, income, and ID number.
3. Select an Income Verification Process
If you accept the offer, the next step is finalizing the application process. You can choose to submit your latest bank statements electronically or upload the bank statements/payslips manually.
The lender can only pay out the money if you have an account with major banks in South Africa. The list includes ABSA, FNB, Standard Bank, Nedbank, and Capitec.
4. Get Cash In Your Bank Account
Once you submit your application, the lender will verify the information and perform a quick credit check. You’ll get an offer if you qualify, and this quote is valid for 5 working days. Your loan will be paid into your bank account soon after you accept your quote.
Boodle Loans Contact Details
📌Contact number: 0861 266 353
📌Registered Address: 19 Ameshoff Street, Braamfontein, Johannesburg, 2001
📌Email Address: support@boodle.co.za or info@boodle.co.za
Other Loans Like Boodle
Here’s a quick list of other loans like Boodle:
- Fasta Loans. FASTA offers short term loans from R800 to R8 000 over 1, 2, or 3 months.
- Lime Loans. Lime24 offers R500–R8000 for 37 days for new customers.
- Wonga Loans. Wonga offers R500 to R4000 with 3 months to repay for new customers. Existing customers can qualify for up to R8000 with up to 6 months to repay.
- Unifi Loans. Unifi provides quick loans from R1000 to R8000, which can be paid over 1 to 6 months.
Frequently Asked Questions
Boodle customers can only take out one loan at a time. As a responsible lender, Boodles wants to ensure that your debt is always manageable.
How long it takes to get paid from Boodle loans depends on whether you choose the fully automated online or manual process. If you choose the automated option, cash will be paid into your bank account within 10 minutes. If you choose the manual option, the process can take up to 2 hours.
Boodle loans are a top option when it comes to easy online loans. The application takes minutes, and you can get money in your bank account within 10 minutes. The process is easier and faster if you’re a returning customer.
If you’re unable to make payments on time, contact Boodle as soon as possible and let them know. Boodle can help you with a reasonable payment arrangement so that you settle your debt with minimal damage to your credit score.
Watch Video: Boodle Loan Applications In Less Than 10 Minutes
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.