Hoopla Loans Reviews
Hoopla Loans is an online loan company in South Africa that provides needy people with personal loans on a daily basis. You can get short-term loans and long-term loans, as per your choice and convenience of repayment. The company is known to be one of the top companies in South Africa, providing loans to customers.
It works as a mid guy between the applicant and the credit providers. As soon as you apply for a loan, this online company searches for the appropriate credit providers according to your needs. It is one of the best reliable companies that comes with four out of five-star reviews.
If you want to take a loan from a trustworthy company, you can always opt for Hoopla loans and can apply to get the desired loan with personalized terms and conditions and customized interest rates for you.
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 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 loans from Hoopla Loans, you have to visit their official website.
For that, click on
- 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.
Reviews About Hoopla Loans
There are mixed reviews about Hoopla loans service. We will explain in the following detail some of the common 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
What are the eligibility criteria for applying for Hoopla loans?
In order to get a loan from Hoopla loans, you have to be 18 years old or more. You should have a South African identity card. Moreover, you should have a permanent job, and your monthly salary should be more than R 5000. You should also provide 3 months’ bank statements and proof of your residency to the team.
Do Hoopla loans provide short-term loans or long-term loans?
The Hoopla loans provide both short-term loans and long-term loans. It depends on what you choose and what package you select. 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.
Final Thoughts
Hoopla Loans is one of the oldest yet one of the most reliable and trustworthy loans providing companies that are available online in South Africa. The processing time of the loan after the application is submitted is only 15 minutes, which makes it one of the quickest and most effortless online systems to get the loan. The company provides you with both short-term loans and long-term loan packages according to your choice and convenience of repayment.
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.
