About Hoopla Loans
Hoopla Loans are an online payday loan broker for loans in the South African market. They use high-end technology to deliver quick online loans and reliable service to their small loan online market. Payday loans are small loans that people apply for to cover a small emergency, that they usually payback by their next salary payment date, hence the name. The value of the loan is usually between R100 to R8000, which all depends on the individual applicant’s credit risk profile or credit scoring.
Why use Hoopla Payday Loans?
Hoopla is not the actual lender but it connects the end user to various lenders. This includes big banks and funders. Each application that goes through the Hoopla website is therefore viewed by all these lenders, which increases the chances of getting instant loan approval. Applicants that have been previously blacklisted are also welcome to apply.
How to apply
There are a few loan options on offer, with varying interest rates and payment terms to accommodate each individual borrower’s affordability scale. Payment terms are usually from 1 up to 6 months. No fees are charged by Hoopla for the service. The requirements for applicants are that they must be:
- An 18 years or older South African resident or citizen
- Be permanently employed
- Not under debt review
- Have an income of at least R5000 per month
- They must also agree to a credit check
The applicant has to fill in a quick online form, all lenders review it and send through their offers. The applicant receives an SMS to say they have been approved. The customer must then accept or decline the offer online and complete the online contract. Payment is done to your bank account within minutes of finalizing the contract.
How Hoopla Loans helps you
Hoopla encourages its users to be financially savvy, payday loans cost more than other loans in terms of interest rates and the repayment installments. Hoopla discourages consumers from borrowing more than they actually need, or more than they can pay back on their next payday or within the repayment period. They also discourage users from creating a cycle where they rely on payday loans on a monthly basis. It is less costly to pay back the loan sooner than the full term repayment period. In comparison, missing an installment increases the repayment due to interest charges and penalties.