Are Hoopla Loans safe? | Tips to save on your Payment

Are Hoopla Loans safe? | Tips to save on your Payment

Loans are financial aids thought to give South Africans economic support to reach their goals. You can find all kinds of loans according to the loan amount you need. In this particular case, I will inform you about Hoopla Loans. This entity will serve as financial support if you are in the search of short term loans. As the cost to pay for these loans are affected by Hoopla Loans’ interest rate, I will devote some lines to go over that point. Of course, I will also refer to application and calculators to provide you with a complete pack of information about Hoopla Loans.

How do I know if Hoopla Loan is Legit?

Any lender will be legit as long as it’s registered in South Africa. This means, they must have proper authorization to lend money. If they have this permit, you will be sure to receive a fair rate to pay, as those who are not controlled tend to charge ridiculously high rates. In the case of Hoopla, they are not credit providers but brokers. So, they will only serve as a bridge between you and your lender. All the same, even though they are not lenders, they should be registered for you to get a safe loan.

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Does Hoopla Loans let me use an online loan calculator?

Sadly, I didn’t find any loan simulator at Hoopla Loans but, fortunately, I have a solution prepared for you which will be even better. If you could use a loan calculator, as you know, it would give you a head-up on the total cost of your loan with Hoopla. Still, there’s a multi loan calculator I recommend you use. First thing first, this tool is right here in our website, so you don’t even have to look for it. Second, you can use it the same as any normal loan simulator, but the difference is in the result. For a normal calculator, you get the detailed cost of a loan with a specific company. On the contrary, our loan calculator shows you the cost for a loan with multiple lender companies. Clearly, comparing those results will be essential to distinguish the cheapest loan offer.

How does Hoopla Loan interest rate can change loan payments?

Interest rate is what lending companies use to have profit on the loan operation. As I said, if the company works under the NCA control, rates will remain in a fair percentage. Now, there’s a characteristic about interest rates you should understand. You might find a variable or a fixed rate. A fixed rate is the most common and it works as follows: Hoopla will state an interest rate that will not change along the loan term. Put it in simple words, Hoopla will show you from the begging how much interest should you pay each month until the last installment.

As Hoopla contacts you with many lenders, you will probably find both types of rates to choose from.

Is there a special requirement to look at before going through Hoopla Loan application?

Banks and lending entities use requirements to avoid dealing with loan requests that can’t be taken into account. In the case of Hoopla Loan, the most relevant requirement is that their applicants should be South African citizens. As a result, if you’re a foreign, whether you have a work permit or not, you can’t apply for these loans. If you comply that request, you will be asked:

  • Information about your profession: where do you work, what type of job you have (permanent, contract, self-employed, etc.) how much are you paid.

  • information about your identity: full name, ID, cell phone number, address.

  • information about the sum of money you need.

After that information is provided, Hoopla Loan will study if you can pay the loan back. If you do, they’ll tell you to go on with the rest of the application. Once your easy loan application is complete, they present it to their lenders for them to decide to grant you the loan or reject the request. Remember that as they work with many loan providers, your chances of being accepted by any of them are high.

Can I only find Payday loans at Hoopla?

Hoopla loans focuses on all sorts of term loans. I can name:

At Hoopla, the highest loan quote that can be found is 250000 rands. As you can see, a payday loan won’t be lent for such high amount, so a personal loan should be considered in that case. If you look at the minimum loan amount, they say they accept loan request starting on just R100, so in this case payday loans play an important role.

Are Hoopla Loans reviews positive?

Whenever a potential borrower starts looking for a lender, many doubts come to their mind. Of course, this is logical as a loan process involve a risk for both, lenders and companies. If you need to focus on their reviews before deciding, I can tell you that no matter which of these loans you need and select, Hoopla Loans pride themselves on issuing their credits in a really short time. Besides, working with loan brokers can have benefits like, for example, finding someone willing to lend you money under the terms you need.

Despite everything, if you don’t want to burn your fingers, my recommendation is that you get as well-informed as you can about many lending companies to make the best decision.

What are Hoopla Loans contact details?

Hoopla Loans is a company working mainly online. They ask their loan applicants to go over the process through the internet, and so they don’t provide a telephone number to call. As regards a physical address, they are placed at Manhattan Corner, Office 2 in Century City. Still, they don’t process any loan, nor they answer any question there. If you have serious doubts about a loan at Hoopla or any other company, we can help you if you leave us your question below.

Hoopla Loans offer a great variety of loans and lenders. This can be a benefit if you know how to go through the loan process. Hopefully, I’ve provided you with every detail you were looking for to know who to ask for financial help. Before I go, please be invited to read about Konga Loans to know what other companies offer and contrast them.

Preguntas Frecuentes

Can Hoopla lend just R700?

Yes! As long as you are from South Africa, you can ask that amount. Get information about the interest rate for such low quote as they tend to be sky-rocket high.

Is a personal loan at Hoopla advisable to pay for a new car?

Yes, a personal loan is a viable option to get a car. Still, I would go over some car loan alternatives first to know which is the best option. Keep in mind, car finance products are made to suit perfectly to that process.

What’s the minimum loan quote Hoopla accepts for a personal loan?

Specifically for a short term personal loan, you as the applicant are demanded to ask at least R8000. If you ask less than that, you are likely to get a payday loan.

I sent my application but right through the end it didn't go through, what could be the problem?

There might have been some kind of technical problem. You could try uploading your information again to see what happens. If you try sending your online application and still it doesn't go through, you should call the bank to talk to a sales representative to see what is really going on with your application.

Good evening, I dont feel comfortable giving my bank account details for the application. Any way around this? I need a loan

For the loan application with Hoopla you do not have to worry about your bank account details because that information is not required. The information that the bank will need include details of the loan amount, personal details, address details, employment details as well as your monthly income. No bank account details are needed.

My partner is trying to get a 30,000 rand consolidation loan to clear his name. Is that possible through Hoopla?

If your partner has several credit accounts and is struggling to pay each month, then he can apply for a consolidation loan with Hoopla, through which he can obtain 30,000 rand based on an eligibility assessment. In this way, he can combine all his payments into one and just pay one single payment to one lender. Also, the company can take applicants with a negative credit score. 

Where does the money get paid into, as no bank account details are needed?

If you need a payday loan, you can obtain a sum starting from 100 rand to 250,000 rand. The entire application process can be carried out online and the money is granted within a few hours. It is important to provide your bank account details, as the money will be deposited right there. 

Morning, do you ask for upfront fees, registration fees or insurance fees before I can get the loan through my bank account?

The private company Hoopla Loans does not charge any fees in order to start the online application process. Remember that Hoopla Loans is an online platform/ application which offers multiple lenders, so some of them may charge an initiation fee; however, this will not be payable before the applicants receive the money. 

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