Hoopla Loans Reviews
Hoopla Loans is an online loan company in South Africa. It offers personal credit on a daily basis to clients who need money. There are long term and short term loans, depending on your desire and time for repayment. It has been established as one of the biggest organizations in South Africa catering to the customer needs with various loans.
That makes it act as a middleman between the applicant and the credit providers. This online company seeks the right credit providers once you apply for the loan. This is one of the best reliable companies that offer services with four and half-star rating.
In case you are interested to take a loan from a reputed company, then you may go for Hoopla loans where you can apply and avail any sort of loan with general terms and conditions as well as suitable interest rates that suits you.
- What Kind of Loan is Offered by Hoopla Loans and How Low or High can it Go?
- Payday Loans
- Personal Loans
- Long Term Loans
- What Is The Loan Repayment Schedule And Amount?
- Personal Loans
- Long Term Loans
- For Your Information
- What Is The Application Procedure For Hoopla Loans?
- Contact Number To Call Hoopla Loans
- Reviews About Hoopla Loans
- Positive Reviews
- Negative Reviews
- FAQs
- Final Thoughts
Let’s look at the details of the Hoopla loans, including what is the minimum and maximum amount offered by Hoopla loans, its repayment schedules, application procedure, and contact numbers.
What Is The Minimum And Maximum Amount Of Loan Offered By Hoopla Loans?
There are three types of loans offered by Hoopla, these are,
- Payday loans
- Personal loans
- Long term loans
- Payday Loans
Payday loans are loans that are provided to all applicants with a minimum of R 100 and a maximum of R 1000 at once. These are the payday loans that are provided to every applicant who has submitted the application to get the loan and is eligible for that.
Personal Loans
Personal Loans South Africa are loans that are provided to all applicants with a minimum range of R 8,001 and a maximum range of R 20,000.
Long Term Loans
Then comes the long-term loans. Long-term loans are provided to specific clients that are eligible and can return the loans as per their scheduled time. The minimum amount of a long-term loan starts from R 20001 to the maximum range of R 250000.
What Is The Loan Repayment Schedule And Amount?
If you have applied for a payday loan and have borrowed R 100 to R 8000, you have to repay it within 6 months. This loan is mainly for short-term emergencies or to cover temporary expenses.
Personal Loans
If you have borrowed R 8001 to R 20,000, then you will get the time of 6 months to 2 years to return the loan. This loan is termed as a personal loan. The loan is mainly given to cover the financial requirements that are between small to mid-level limits.
Long Term Loans
If you have borrowed from Hoopla loans between R 20,001 to R 250,000, you will get a time of repayment between 1 year to 60 months. The loan is mainly provided for covering large financial requirements, for example, purchasing assets and debt consolidation.
For Your Information
The loan repayment amount varies with the loan received. For example, if you have taken R 15000 for 15 months, you have to repay the amount with 28% per annum. This also will add the charges fee of R 68 and initiation fee of R 1197. The total amount that is repayable would be R 22717.
What Is The Application Procedure For Hoopla Loans?
If you want to apply for Personal Loans South Africafrom Hoopla Loans, you have to visit their official website.
For that, click on:
- hooplaloans.co.za/paydayloans
- Click on the online application form and fill in the details.
- Make sure to provide the correct personal details now.
- Wait until your credit report and personal details are analyzed.
- Now agree to their terms and conditions.
- Click on ‘Get my loan” after clicking on Agree to terms and conditions.
- Now you have submitted your application form.
The lenders who are providing loans will look at the application, and once you get approved, you will receive a call, SMS, or email from that lender.
Now you will receive a loan offer from the lender.
Accept it by signing it online. As soon as you accept the offer, you will get the money in your bank account.
Contact Number To Call Hoopla Loans
In case you want to contact Hoopla Loans, you can dial 082 724 6110.
Hoopla Loans Reviews
There are mixed reviews about Hoopla loans service. We will explain in the following detail some of the common Hoopla Loans reviews made by the users who have taken loans from Hoopla loans.
Positive Reviews
Reliable Company
Most of the users have reviewed the company as a reliable and trustworthy company. However, there is a slight risk because the company provides you with numerous choices of lenders. The users reviewed that you have different types of lenders, and each offers you its own offer. It totally depends on the user whether he accepts and signs it or not.
Easiness In Submitting Application
Users have also positively reviewed the application procedure. They have said that since the procedure is all online, you don’t have to worry about receiving the call or waiting for the call for longer for verification. Users say that the application procedure is easy, quick, and fast.
Lesser Restrictions For Being Eligible
Users have also reviewed that the eligibility criteria do not have many restrictions. You can be eligible for getting the loan by fulfilling some of the basic requirements. This makes the company reliable for most users.
Negative Reviews
Safety Risk
Most of the negative reviews about the Hoopla loans were made by those whose applications were declined. Well, it’s normal and nothing to worry about because people usually criticize the things that they cannot approach. Those who make negative reviews say that the company is not trustworthy. They say it is a risk to your safety and security.
FAQs
1. What do I need to qualify during the application process in order to receive Hoopla loans?
Therefore, to take a loan from Hoopla loans, you have to be of or above the age of 18 years. You should have a South African identity card. In addition, you should have a permanent employment and your monthly earnings should be more than R 5000. You should also submit 90 days’ Bank Statements and proofs of residence to the team.
2. Are Hoopla loans loans for short or long term?
The loans provided under this offer include the short term loans and the longer term loans. It has to do with what you decide to go for and the loan that you prefer. With the increment in the loan price, the time limit at which you have to repay the amount and the interest rate are both increased.
3. What are Customers Saying in Hoopla Loans Reviews?
Some customers value the fast approval of loan in Hoopla Loans reviews and that most of the applications can be done online. Some of the features which include in the reviews include: loan options that are versatile in the sense that they can be short term loans or long term loans to suit the needs of those needing funds in South Africa. Yet, some of the negative responses originate from declined applications, which is characteristic of the loan business. By and large, Hoopla is perceived to be a credible platform in the context of emergency loans.
4. What are the interest rates at Hoopla Loans?
Hoopla Loans interest rates begin from 28% per annum although the interest rates can increase with the amount of loan and the credit score of the borrower. The rates for some of the payday loans are much higher and may range up to 68% of the representative APR for some of the terms of the loan.
5. How can one proceed and ask for a loan with Hoopla Loans?
This ishow to apply for Hoopla Loans: simply go to the **Hoopla Loans website** and fill the application form displayed on the home page. It is going to be necessary to forward personal information to the funding authority, including proof of income and residency, copies of other documents. Once Hoopla receives the completed form, specific lenders are assigned to you and if approved, your funds are processed in as soon as one business day.
Final Thoughts
Hoopla Loans is among the first but at the same time, one of the most reliable and trustworthy loans providing companies that can be found online in South Africa. The time it takes for the loan to be processed once the application form is filled is only 15 minutes and is one of the fastest and convenient online platforms through which one can get the loan. The company offers you both, secured and unsecured loans depending on the wish of the customer and the duration they would take in repaying the loans.
In simple terms, the company function in between the credit providers and the applicants. You apply for the loan and the company goes out looking for the most befitting credit provider based on the details provided.
Basically, the company works as a mid-guy between the credit providers and the applicants. You apply for the loan, and the company searches for the best credit provider for you according to your requirements.
The credit provider provides you with his offer. If you think it’s okay for you, accept it and sign it to get the loan directly into your bank account.
