Hippo Personal Loan Full Review

When it comes to personal loans in South Africa, Hippo is becoming of the most popular and advantageous options in the country.

Hippo is offering a personal loan of up to R350,000 with flexible repayment terms, competitive interest rates! Ideal to fund a the large steps you always wanted to make.

Got interested? Check out all the details you should know about a Hippos’personal loan, including its terms, fees, amounts, advantages, and much more.

Who is Hippo?

Hippo is a fintech based in South Africa that has been providing personal loans to growing net of customers since 2017.

The fintech is known for its entirely online application process, which allows customers to apply for loans through its website or mobile app, saving time and money.

The company is currently taking the scene among large banks, by offering competitive interest rates and flexible repayment terms to its customers.

How Hippo’s Personal Loan works?

Created to suit its clients’ major needs, Hippo’s personal loans are very flexible, and its funds can be used for a wide range of purposes.

You can use your personal loan’s funds to pay off your debts, plan vacations or a wedding, or even take the next step in your education.

With a Hippo Personal Loan, customers can borrow any values from R1,000, up to R300.000, while its interests can average at 25% APR.

When applying for your personal loan, you can choose a repayment term ranging from 12 to 72 months, which makes sure the loan suits your budget and avoid extra debts.

And the best of all: This is an unsecured personal loan, which means you don’t need to provide an asset to secure your loan installments.

Major Benefits

Hippo’s personal loans offer customers a range of benefits that go beyond their high amounts, long repayment terms, and fairly rates for an unsecured personal loan

Among the major benefits, Hippo’s clients can enjoy a fast application process with a decision being taken in hours and your funds getting deposited within 24 hours.

Budget Insurance also come with several other benefits, such as

• Fast application process;
• Fixed monthly repayments;
• Loan calculator

Are there any disadvantages?

While Hippo’s personal loans offer many benefits, there are also some potential disadvantages that customers should be aware of.

One of the biggest drawbacks is that the interest rates on these loans can be relatively high, especially for customers with lower credit scores.

Additionally, there are fees associated with these loans, including a monthly service fee of R69, and an initiation fee.

It is also important to note that customers who delay their payments will be charged with late fees, having to pay an additional percentage of the overdue amount.

Customers who default on several payments can face more serious consequences, such as damage to their credit score and even legal action from the bank.

Overall, Budget Insurance’s personal loans are a useful financial tool, and its major disadvantages are related to overdue payments and are also shared with other major lenders.

How do I apply?

You can tap on the green button below and check out the step-by-step guide, including all the requirements, on how to apply for a Hippo Personal Loan.

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