Boodle Review

Customer Service
Fees
Ease of Use
★★★★☆
★★★★☆
★★★★☆

Boodle was the first payday loan provider focused on servicing South Africans. The company provides a decent user experience, however since the local launch of Wonga has faced an uphill battle when trying to attract new customers away from the more established competitor. Whilst there’s still plenty of space for new competitors, the South African online payday loan industry is pretty much determined by Boodle vs. Wonga – so which one do you chose?


First Impressions

From the outset, Boodle presents itself as a fun, simple brand that is determined to take the complexity out of payday loan applications. Instead of confusing customers with complicated financial jargon they offer what they term “Boodle lingo” – an accessible way of communicating some of the more complex issues around payday loans. But don’t let the friendly look and jargon fool you – just like any other payday loan provider their attitude can change as soon as you miss a repayment date!

Apart from the look and feel, the website features the now almost standard “slider” with which to determine the amount as well as the duration of your payday loan and like Wonga, Boodle is very transparent with fees and charges.

Unfortunately when we trialed the widget, we actually received an error, where the numbers didn’t update properly – let’s hope the Boodle team fixes this asap:

Boodle Costs & Charges

The amount that you have to repay is made up of three factors – the once-off arrangement fee, the monthly service charge as well as the daily interest payment. Once interesting to note, is that except for the monthly payment fee, Boodle offers the exact same fee structure as Wonga – this makes them slightly cheaper overall than their competitor!

On the flipside, Wonga offers you the first 3 days of your loan interest free, which makes up for the marginally higher monthly fee.

You can see the impact of these charges on your repayments below – all loans shown the maximum 31 day repayment period:

Amount Total Fees Total Repayment
R 100.00 R 80.63 R 180.63
R 200.00 R 103.89 R 303.89
R 500.00 R 158.08 R 658.08
R 1000.00 R 258.98 R 1258.98
R 2000.00 R 402.28 R 2402.28
R 2500.00 R 473.93 R 2973.93

How Much Can I Borrow

Boodle has raised their default max loan amount to R 2500, which goes up to R 8000 if you’re Boodle Rank – a measure of your ability to repay loans – is high enough.

Boodle Application Process

Boodle proudly claims that their application process “takes 5 minutes, and best of all no documents required.” The “no documents” part refers to the process being paperless, rather than not requiring any documents to complete, as you will need to know your ID number and bank account details. As a whole, the application process is broken down into 5 simple steps and overall the procedure was straight-forward and hassle free.

Tip: You will need access to a valid email address as you will have to confirm your application via an email that is sent to your address.

A nice touch is that you can chose between any of the 11 official languages in South Africa which should make the process even simpler for non-English speaking applicants.

Boodle Review – Final Verdict

Boodle was the first payday provider to launch online in South Africa, which shows in some nice local touches throughout the website as well as the application process. Overall Boodle is also slightly cheaper than Wonga, with their monthly service charge coming in at R 50 vs the slightly higher charge of R 57.

The main reason Boodle came in as a close second to Wonga is the fact that their approval rate is slightly lower, meaning that you’re less likely to get approved by Boodle. This is mainly because Boodle places a larger weighting on your credit rating whilst Wonga seems to have a more lenient algorithm.

Customer Service
Fees
Ease of Use
★★★★☆
★★★★☆
★★★★☆

Comments

  1. How do i log in? Or check if my loan is approved?

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