The pandemic has introduced this already indebted nation to a new world of financial uncertainty. However, and luckily for those South Africans struggling to access traditional financing, the alternative lending industry has developed as a solution to this problem. Read on to learn how to get a Boodle loan to bridge the gap between pay days.
Boodle Loans, a Registered Credit Provider
A survey by Floatpays revealed that 76% of South Africans run out of money before the end of the month. The lockdown and other social restrictions, says Sebastien Alexanderson, CEO of National Debt Advisors, have negatively impacted the finances of 80% of the households.
As a result, many South Africans are not able to repay their debt on time. According to Jaco van Jaasrsveldt, Chief Decision Analytics Officer at Experian Africa, the rate of people who defaulted on their loans increased for the first time in the first quarter of the 2021.
Many South Africans, unable to take out new loans from traditional lenders, are turning to alternative creditors like Boodle (Boodle.co.za) to make ends meet. Overseen by the National Credit Act 34 of 2005 and founded in 2010, the company is committed to responsible lending.
Boodle Payday Loans | Overview
Boodle Loans is one of the main players in the payday credit industry, along with other lenders like FastaLoans, Lime24, Mpowa Finance, and CashLoans.co.za. Boodle offers personal loans from R100 to R6000. Their interest rate is at 0.74% per day, with a service fee of R60 plus VAT. Customers who want to take out a Boodle loan also need to pay a R165 initiation fee plus 10% of loan amount plus VAT.
South Africans interested in getting a Boodle payday loan can easily learn the interest and fees they will be paying thanks to the company’s simple loan calculator tool. All they need to do is select the desired amount and the repayment date. Boodle is a legit, transparent creditor that discloses all the borrowing costs.
Boodle Loans | Eligibility
In order to qualify for a Boodle payday loan, you must:
- Be over 18 years old
- Have an Identity Document of the Republic of South Africa
- Earn a regular income
- Have a South African bank account
- Have access to the Internet
If you do meet the requirements, you may continue with your Boodle loan application.
Boodle Loans Sign Up
First time borrowers need to create an account in order to provide Boodle with their personal details. Previous customers, on the other hand, just need to sign in. If you have never applied for a Boodle payday loan before, follow the steps and upload your proof of income and the rest of the documents required. After 5 minutes, you will receive a verification email.
Shortly after completing the online application, Boodle will run a quick credit check. Once the creditor determines that you are worth the credit, your Boodle loan will be paid out in less than 10 minutes. If, instead of choosing the fully automated process, you decide to take the manual route, you will receive your Boodle loan within 2 hours.
Repayment of the Loan
The company can collect the money on the due date automatically. However, if you decide to repay your Boodle loan earlier than expected, simply navigate to the login portal, select “repay” and follow the instructions.
Advantages of Boodle Loans
This lender discloses all the borrowing costs before you even accept the quote, so you will be dealing with a legit, transparent creditor. In addition, the process is completely paperless. Their platform is user-friendly and, once your application has been approved, they will deposit the funds in your account in no time.
Disadvantages of Boodle Loans
The interests and rates charged by alternative creditors are always greater compared to those offered by banks. The Boodle payday loans have short repayment timeframes, which will not allow you to to breath until you liquidate your debt.
However, and despite the high cost of taking out a fast loan, many South Africans are in need of financial aid at the moment. If you decide to take out a Boodle payday loan, be sure to honor your loan obligations. Otherwise, you will be spoiling your credit score.