Learn How to Apply for a Hoopla Loans Personal Loans
Hoopla's credit brokerage service connects the customer with lenders using a single form; here's how to fill it out!
What do I need to know before applying for a Hoopla Loans?
Hoopla is a South African technology service established in 2017 and operating under the trade name Hoopla Digital (Pty) Ltd. It acts as a broker, connecting customers with a pool of lenders to facilitate various personal loans.
The company categorizes loans into types such as consigned, personal, short-term, salary, bad credit, fast, instant, urgent, and debt consolidation. The application process involves filling out an online form, and once approved, customers can receive funds on the same day.
Hoopla’s service is free, and all repayments are directly handled with the chosen lender. The platform emphasizes a variety of options, online convenience, and same-day deposit possibilities.
So, if you are considering Hooplas as a financial solution, keep reading this article.
Who can apply for a Hoopla Loans Personal Loans?
The key point about Hoopla is understanding that it is not the entity providing the loans; rather, it is a technology service connecting applicants with lenders who have the necessary funds.
The South African personal loan market may have varying conditions and rules, but Hoopla’s aim is to offer a comprehensive application to enhance approval chances.
To be eligible for a loan of any amount, the brand imposes three main criteria:
- 1. Be a South African citizen (not open to foreigners)
- 2. Be 18 years of age or older
- 3. Have a regular and verifiable source of income
Additionally, Hoopla does not have significant additional requirements for clients seeking a loan offer.
Does Hoopla Loans offer loans to individuals with a negative credit history?
Yes, one of the significant differentiators of Hoopla Loans is that the company provides the opportunity for personal loans even for individuals with a negative credit history.
The company states that it collaborates with lenders who approve loans for low credit scores, each with their own set of conditions.
However, it’s important to note that every application undergoes a verification process and may be denied, even if it meets certain criteria.
How do I Apply for the Hoopla Loans Personal Loans?
Fast loans of up to R250,000 in the account!I WANT TO APPLY
* You will be directed to an external website
Here are the steps to apply for a loan with Hoopla:
Step one: The first step is to access the website and request the “Get a Loan” link, which will be graphically displayed on Hoopla’s platform.
Step two: The customer needs to fill out the application form, providing the following information:
- Desired loan amount
- Personal details: full name, email address, date of birth, ID number, mobile number, and current debt status
- Address details: complete address, city, and postal code
- Employment details: employment status (permanent, temporary, contract, commission, and self-employed), employer’s name, phone number, length of service, and department
- Income: Payment frequency (weekly, bi-weekly, monthly), payment date, bank name, and monthly income
Step three: After filling out the information, the customer submits the application. The next step is taken by Hoopla, which promises a quick check with the pool of lenders to find a suitable match.
Step four: Finally, upon receiving a positive response, the customer can sign the contract. Hoopla promises an immediate deposit; however, it is subject to availability.
How to Pay the Repayment?
The specific conditions will depend on the contract with the lender, as each partner may impose its own rules. In general, options may include automatic bank debit and credit card payments.
Want to try another option?
If you’re looking for an alternative to Hoopla, you can explore Southern Finance, which offers plans for up to R8,000 in short-term loans.
In this case, the customer will connect directly with the lender, and you can learn more about the operational process.