What is Boodle?
Boodle is an online lending platform that offers personal, quick cash loans to those who urgently need money. They can help you have a continuous cash flow while you wait for your next payday to arrive.
Boodle is a legitimate lender and is registered with MFSA. Their rates are compliant with the rules stated in the National Credit Act 34 of 2005.
Getting Your Loan
You start by inputting your loan details on the ‘SmileDial’ on their website. You can borrow as little as R100 up to as much as R4 000. No other personal loan provider in South Africa offers this kind of flexibility.
You can choose to repay your loan within 2 days after you receive it. If you want to take your time and manage your finances better, you can choose the maximum repayment period Boodle allows which is 32 days.
Before you can proceed with your application, you have to sign up and create an account with Boodle first. You have to provide a bit information about yourself which will help Boodle in the assessment process.
Once information is verified, Boodle will offer you a loan contract. If you’re good with it, you have to confirm the agreement and notify Boodle of our decision. Within 10 minutes, the borrowed amount will be deposited directly into your bank account.
Processing and release of funds may take longer if you decide to have your loan application checked manually. It will take at most 2 hours to release the funds which is still way faster compared to banks and other lending institutions. Overall, it will take you only 10 minutes to complete the loan application with Boodle.
To avoid getting you into further debt that you may not be able to pay, you’ll only be allowed to take one Boodle personal loan at a time.
Interest & Fees
The service fee for using Boodle is R60 a month, exclusive of the 15% tax.
For loans exceeding R1 000, an initiation fee or R165 is collected plus 10% of the loan amount in excess of R1 000. The 15% VAT has not yet been included in the projected repayment value.
The interest rate is currently at 0.17% a day. The annual interest rate or APR is at 60%.
For example, you take a loan amounting to R2 000 that’s payable in 16 days. The interest and additional fees for this service will amount to R404.47. Come repayment time, your expected loan amount will now be R2 404.47.
Repayments are done automatically and the amount will be debited on your account early in the morning of your specified repayment date. For loans in excess of R4 000, Boodle will run two debit orders to complete the whole repayment process.
Boodle’s loan application form is available online and can be submitted by anyone who satisfies the following preliminary requirements.
- A citizen of South Africa who is at least 21 years of age
- A personal bank account where your monthly salary is deposited regularly. Valid banks are Absa, Capitec, Standard Bank, Nedbank, and FNB.
- A valid email address and a mobile phone number
You can choose to have your identity verified online by providing your bank account details. If you don’t feel comfortable doing this, you can submit instead 3 months’ worth of bank account statements or payslips by uploading it during the application process.
If you have queries or concerns about Boodle loans, you can contact them through any of the following channels:
- Phone: 0861 BOODLE (266 353)
- Email (Info): email@example.com
You can also leave a message on their Contact page or on their Chat tool and wait for their agents to get in touch with you.