Hoopla Loans Personal Loans Full Review
Hoopla is a technology service that delivers a diverse range of lenders to the customer, enabling various personal loan options.
Fast loans of up to R250,000 in the account!
Hoopla Loans is a credit broker dedicated to connecting South African citizens with lenders to provide personal loans ranging from R100 to R250,000 with repayment plans spanning 3 to 60 months. The aim is to deliver low and budget-compatible installments for the clients.
First and foremost, it’s essential to understand that Hoopla Loans is not a credit provider. This means that the funds for personal loans are not supplied by Hoopla but rather by the brand’s partnering lenders.
In this way, Hoopla collaborates with South African lenders. Therefore, the company’s service involves receiving applications for various types of personal loans and presenting them to banks, credit companies, and other money providers featured in the brand’s portfolio.
If you need more information about Hoopla’s services and are interested in a personal loan, continue reading the article.
Who is Hoopla Loans?
Hoopla Loans, operating under the trade name Hoopla Digital (Pty) Ltd., is a South African company established in 2017.
It is crucial to understand that Hoopla is not a credit-providing entity. In reality, Hoopla’s service revolves around technology that connects customers to a pool of available lenders.
As such, Hoopla’s role is to streamline the process of researching on multiple websites by consolidating applications into a single form.
What are the main conditions for a loan with Hoopla Loans?
Hoopla categorizes the personal loans it offers into the following topics: consigned, personal, short-term, salary loans, bad credit loans, fast and instant loans, urgent loans, and debt consolidation.
Despite the categorization, the conditions are similar. Thus, the customer may be eligible for plans ranging from R100 to R250,000, divided as follows:
- Payday loan: R100 to R8,000
- Personal Loan: R8,001 to R20,000
- Long-term loan: R20,001 to R250,000
In terms of repayment, customers can find plans ranging from 3 to 60 months. However, there are companies that offer quicker repayment, even as early as the next month.
Repayment fees depend on the loan amount, credit, and repayment term. It also depends on the chosen lender. In general, the customer needs to pay an initiation fee of R1,197, an administration fee, and an annual interest rate of up to 29% APR.
More details about Hoopla Loans
The Hoopla working process is as follows: first, the customer accesses the website hooplaloans.co.za and fills out an information form.
According to the company, the customer can submit all the information in just 5 minutes. After submitting the data, Hoopla’s pool of lenders analyzes the customer’s conditions, especially the credit score. If the customer has a good chance, the lender will send a loan proposal.
Once the customer accepts the contract, they can receive the money in their account on the same day as approval.
What are the benefits?
- 100% free: The customer doesn’t need to pay anything for Hoopla’s brokerage service, as it is entirely free to use. In this way, all payments are handled directly with the lender, with no fee to Hoopla.
- Variety of options: By presenting loan requests to a pool of lenders, Hoopla can offer different options to customers, including variations in amounts, terms, and rates.
- Online convenience: The entire application and contract signing process takes place directly on Hoopla’s online platform. Therefore, the customer doesn’t need to leave home or deal with the hassle of repeatedly calling a call center.
- Same-day deposit: Hoopla provides the option for the lender to deposit the money on the same day as approval. However, it’s essential to note that this depends on conditions and is not guaranteed to happen every time.
The option to connect with multiple lenders may not be ideal for certain audiences who prefer to apply for a loan directly with the entity providing the funds. Even though Hoopla offers an efficient service, customers have the right to have their own preferences.
Want to learn how to apply?
Hoopla consolidates the application process for its various types of short, medium, and long-term loans into a single form.
Therefore, before filling in personal data and information, it’s worthwhile to thoroughly understand all the conditions of the service.