Instant Loans and How it Works
How Does An Instant Loan From Boodle Work?
Before you apply for an instant loan through Boodle, you will first need to know how it works. We designed the process to be transparent and easy to understand, so you will always know what you are applying for and how you need to pay it back. When you visit our main page, you will be presented with an interactive panel known as the SmileDial®, which will allow you to select the amount of money you need and the repayment term. The rest of the process is as simple as providing us with your details and waiting for the application to be processed (which only takes a few minutes).
It’s called an “instant loan” because you can get access to it instantly (after your application has been approved), but also because the repayment period is very short. This period can range from a few days to a few weeks, as the idea is that you are taking out an advance against your salary, which means you get access to your money earlier and will simply have to pay back the amount you received (otherwise you will have technically received more than what you were owed that month). We do offer longer repayment periods (up to 6 months), but this is still shorter than what is normally allowed by other credit providers.
How Your Instant Loan Will Affect Your Credit Score
As part of our business philosophy of responsible lending, we will never lend you money that you cannot pay back (or the borrowing of which will leave you worse off than before you applied). We will not always deny your loan outright, but we may adjust the loan amount downwards to improve affordability (in other words, you do not get the full amount, but you also do not get nothing).
Our instant loan amounts are usually quite small, which means repayments are also small. If you pay your instant loan repayment amount consistently and on time, it will positively influence your credit score. The net change may not amount to much, but since your credit score is a cumulative calculation based on all your debt and credit, every bit that moves the score in a positive direction helps.
What Happens When You Cannot Repay Your Instant Loan?
Our payments are always deducted from your account in the early hours of the morning on the days you scheduled for repayment. If you do not have sufficient funds in your bank account to process the debit order, our system will take note of it and make a second attempt later in the afternoon. If the debit order fails again, you will be charged a non-refundable administration fee (R75) and a member of our Collections team will get in touch with you to see if alternative arrangements can be made. The best thing to do is to simply talk to us before any of this happens and to let us know if you will not be able to make scheduled payments.
We are not “out to get you” and we certainly do not want to trick you into applying for something you will later regret. We are here to help you.
Contact us for additional assistance.