How do I Apply for the Hippo Personal Loans?

What to know before applying?

Hippo is a credit comparison company that can help you secure loans of up to R350,000 from different lenders! 

First of all, it’s important to know that Hippo is not the company that provides the credit itself and is not directly responsible for disbursing the money.

In fact, Hippo is a credit comparison company that connects potential borrowers with potential lenders to offer personal loan options to the South African public.

Through a modern and easy-to-use platform, you can quickly submit a request to access different possible credit options.

This way, you can find personal loan plans of up to R350,000, with interest rates generally around 27.25%. However, the rates can vary, either higher or lower, depending on the lender you choose.

Hippo’s personal loans can be used for various purposes, such as weddings, emergency purchases, covering expenses, debt consolidation, home improvements, or any other unexpected events.

However, you cannot use the loan for professional purposes, as it is specifically designed for personal use.

If you want to learn more about Hippo, keep reading.

Who can Apply?

Hippo is actually a credit research company open to anyone. Each lender will have their own criteria for selecting borrowers. Generally, to have good access to options in South Africa, you need to:

• Be at least 18 years old and generally no older than 65.
• Be a South African citizen and resident
• Have a secure source of income, whether as an employee, beneficiary, or business owner.

It’s more likely that you’ll secure a loan if you have a good credit history, which also helps you access lower rates.

During the application process, you may be required to submit the following documents:

• A valid ID copy
• Income statements to prove your earnings
• Proof of residence

Each of Hippo’s partner lenders may have their own conditions for granting a personal loan, so it’s important to closely follow the application requirements.

Learn How to Apply for the Hippo Personal Loans

Hippo’s platform is designed to offer an easy and fully online comparison tool. The company provides a loan calculator where you can get a quick estimate of how much you would pay based on the loan amount you intend to borrow.

To start checking your options, you need to enter your South African ID number. After that, Hippo will conduct an analysis based on your personal information.

During the process, you may need to provide details such as your full name, email address, address, phone number, and a breakdown of your monthly income.

Hippo may offer one or more personal loan options, and it will be up to the customer to choose the option that best fits their needs. Hippo is not necessarily responsible for closing the contract, as this is up to each lender.

More Details

According to Hippo, the company promises a quick process for checking credit possibilities.

If the documents are correctly submitted and the offers are accepted, you could receive the money quickly in your account.

This is why it’s important to have a valid bank account in South Africa, as the money will be deposited there. 

Most lenders offer the option to pay via debit order, authorized monthly. Hippo’s service is not only faster and easier but also offers good security, as the company aims to connect with reliable lenders in the South African market. 

Therefore, because it is a highly intuitive service, you are unlikely to encounter significant difficulties when going through the application process with Hippo.

Want to learn another option?

If you’re looking for a company that is specifically a bank, you can explore the comprehensive personal loan service offered by First National Bank, one of the most renowned institutions in the country.

The bank’s personal loan service offers up to R360,000 with payments over up to 72 months and fixed interest rates.

Additionally, there’s no payment required in January and no penalty fees—see how to apply.

Written by

Gabriel Gonçalves