Boodle Loan Review 2022

Boodle is a fintech lender based in South Africa that was formed in 2010. For first-time customers, Boodle offers personal loans ranging from R100 to R4000.00, and for returning customers, up to R8000.00. Boodle charges a service fee of R60.00 plus VAT and an initiation cost of R165.00 plus 10% of the loan amount plus VAT, with an interest rate of 0.74 percent each day. Boodle, along with other microloan lenders such as Lime24, Mpowa Finance, CashLoans.co.za, and FastaLoans, is a major player in the market.

For several years, their internet loan platform has aided South Africans in bridging the gap between paydays. According to a study done by Tyme Bank, around 76 percent of South Africans are cash-strapped by the 15th of each month. Payday lenders such as Boondle loans help 43% of individuals who need money to get by till the end of the month. The SmileDial, a smiley face cash loan calculator, is instantly identifiable on their website. A function that allows you to quickly select the amount you require and the repayment period you wish to apply for.

Eligible applicants for Boodle Loans:

  • Have an Identity Document of the Republic of South Africa
  • Be over 18 years old
  • Have a South African bank account and access to the internet
  • Must have a regular income

Boodle Loan Application

1. Select your desired amount

Select your desired amount

Their website home page welcomes you with an innovative loan calculator shaped like a smiley face, hence the name SmileDial button. The SmileDial button has two levers that you have to slide in order to set the amount you are applying for and the loan term. As you are sliding the amount and time span levers, the interest on your loan is instantly shown just below the button. This lets you know how much interest Boodle will be charged you before you proceed with the application.

2. Sign up an account

sign up for a boodle account

You should then create a profile online by providing them with your contacts and personal details. The process takes about 5 minutes and you receive your account verification email.

Part of the information you should provide is your payslip or bank statements. Boodle runs an income verification to determine if you will be able to honour the loan terms.

3. Credit checks

boodle Credit checks and loan offer

Once you complete and confirm the online application, Boodle will then run a quick credit check. The more accurate and precise your information is the quicker the credit check process. Once Boodle determines that you are worth the credit, then your loan application will be accepted and paid out in less than 10 minutes. However, should their system red flags you as a risky person to lend money, Boodle will present you with an offer that they think is suitable to lend you. In the worst-case scenario, your application will be declined.

4. Accept your quote

Accept your boodle quote

Once you accept your quote, you will receive your Boodle loan into your bank account with 10 minutes. Should you choose not to automatically complete the process; the manual route will take you about 2 hours, which is still a fair time frame.

Loan amount limits

As a new client, you can get up to R4 000 loan amounts.  The returning clients with a proven record of good payments can access up to R8 000 loans.

Boodle has 5 smiley ranks that you can adjust for a loan amount. As a new client, you will only have one option, which is the first rank with a maximum loan amount of R4 000.

The better you manage your debt the more ranks are unlocked for you. The total amount is R8 000 when all smiley ranks have been unlocked.

Repayment of the loan

To repay the loan; you can log into your profile, click the ’’repay’’ button and follow the instructions. Otherwise, Boodle collects the money on the due date using an automatic system.

Boodle loan fees

The total cost of borrowing is calculated and displayed on the screen the very moment you slide the SmileDial button in the application phase. The cost displayed to you shows the total amount of interest and the fees charged on the loan.

The cost is determined by the amount you are borrowing and the number of days you want the loan for. Apart from these, there are no other fees you will be asked to pay.

Competitive advantages of the Boodle loan

  • The Boodle online lending platform is one of the fasted and easy loan application processes. The system is able to collect, assess and deposit the loan to your account in less than 10 minutes.
  • The application process is entirely paperless and there are no hassles since the platform is user friendly and there is a live chat should you wish to speak to their representatives before completing the application.
  • There is transparency. Boodle discloses all your borrowing costs before you even accept the quote.

Competitive Disadvantages of the Boodle loan

  • The interest and fees charged are higher compared to what a traditional bank would offer you
  • Boodle is a payday lender hence short repayment periods which will not allow you to breath before paying back the loan


Even though the cost of servicing a payday loan is just too high, we all have times when we really need financial aid. Taking this type of loan will require you to honor your loan obligation so that you do not spoil your credit score.

Boodle Loan Review 2022

Parddon Khumalo

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