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Bad Credit Loans
Obtaining credit is becoming more difficult for a large number of South Africans these days due to the increased amount of debt they are incurring as well as their adverse payment history. If you have taken out any credit in the past and have defaulted on your loan payments then the chances are that your credit profile has been negatively affected.
Being blacklisted or having a poor credit score on your credit profile means that it will make it very difficult for you to obtain a loan in the future as most lenders will deem you as high risk and will not be able to offer you a loan.
Fortunately with Hoopla Loans, if you have a bad credit history there is a chance that we may still be able to help you. We have various lenders on our panel from time-to-time that are able to offer bad credit loans. Getting approval for bad credit loans is not as difficult as you may think. The application process is the same as for standard loans with the only difference being that the interest rates will be higher, and the terms and conditions of the loan may be more stringent.
Please note that our service isn't designed to help you repay or manage existing debt, so please don’t apply for a loan unless you're sure you will be able to comfortably repay it. The best option in this case would be to avoid committing to extra debt and making your financial situation even worse
Is it possible to get a Payday Loan while under Debt Review?
I need money now! Can I get a loan? This is a question many South Africans ask while they are under Debt Review or Debt Counselling. The honest and short answer is No… Hoopla Loans’ Credit Providers are all licensed by the National Credit Regulator (NCR) and it is against the law for them to grant a loan to someone under Debt Review as this would be viewed as a Reckless Lending practice.
While you can’t take on any new debt while under review, you will be able to apply and get credit once you have completed the debt review process & you have been issued with a Clearance Certificate.