Boodle Loan Review 2021

Posted on Jan 2, 2021 by Staff Writer

Rateweb | South Africa


Boodle Loan Summary

Boodle is a South African fintech lender, founded in 2010. Boodle offers personal loans from R100.00 to R4000.00 for first time clients and up to R8000.00 for return clients. Boodle interest rate is at 0.74% per day, with a service fee of R60.00 plus VAT and an initiation fee R165.00 plus 10% of loan amount plus VAT.

Boodle Loan Summary

Boodle is one of the main players in the microloan industry, along with with other microloan lenders like Lime24, Mpowa Finance, and FastaLoans. Their online lending platform has been helping South Africans to bridge the gap between paydays for some years now.

A research conducted by Tyme Bank found out that about 76% of South Africans run short of money by the 15th of every month. 43% of those get funds to push them till month-end from payday lenders like Boondle loans.

Their website is easily identified by the smiley face cash loan calculator, well known as the SmileDial. A feature that helps you to easily select the amount you need and the period of repayment you are applying for.

boodle loan

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.


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