4 Situations You Need a Personal Loan: Our Guide

January 14, 2021
personal loan

Let’s face it: No matter how much you prepare for the unexpected, sometimes, you’re still not entirely prepared, and that’s all right. Emergencies and other types of surprises that you haven’t prepared for can come up at any time. In various dire financial situations, a personal loan may just be the necessary solution you need to get back on track. 

If you’re not sure if your emergency warrants a personal loan, here are four situations that will require it:


  • Medical Emergencies


In South Africa, medical care is expensive, especially if you or a loved one needs an urgent surgical procedure. If you have no healthcare insurance, paying the medical bills will certainly be a challenge. However, you don’t want to compromise your or a loved one’s care, which is why you can get a personal loan to help you through the process. 


  • Debt Payment


Some people would often resort to a consolidation loan to pay off smaller debts, but you can use a personal loan to consolidate them instead. Getting a personal loan can help you make a more positive change to your finances as it can help you combine the debt into an easy-to-pay single loan that often comes with a lower interest rate. When looking to take out a loan to pay off your debt, be sure to explore your options to find a provider with the lowest interest rate. 


  • Big Purchases


Not everyone has enough money for big purchases, and in some cases, a big purchase is necessary. At this point, a personal loan will be ideal, especially if you have already maxed out your credit. Such big purchases can include paying off the mortgage for your home, entering into college, or planning for a wedding.


  • Home Repairs


If you find yourself stuck with home repairs you need to address immediately, a personal loan will help you fix that burst pipe or hole in your roof. These things happen unexpectedly, and it’s one of the things that homeowners are often unprepared for. With a personal loan, you get quick access to money to cover the cost of the repairs. 

Get Your Personal Loan Today

If you find yourself in a situation that is warranted for a personal loan, it’s crucial that you research properly. You will want to get the best loan with low-interest rates and one that you can pay off quickly every month. 

Keep in mind that even though personal loans are easy to get approved for, it’s essential you only apply for the amount you truly need. This is because getting more than you can afford will put you in bigger trouble that could put you in more significant debts in the future. 


Personal loans in South Africa can be acquired online due to the high number of online lenders that offer this type of loan. With so many out there, you must take the time to get to know the lender well and ensure you understand the terms, or you could end up with more than you asked for. 

Look for a reputable lender that can ease the financial burden off of your shoulders that you can trust. It is also a good idea to read about personal loans and how they work before applying for one. That way, your knowledge can help you find the best lender and loan amount that you can pay for easily. The more you know about personal loans, the wiser you will be when choosing the best rate for your needs. 

If you are looking for an affordable loan in South Africa, look no further, as Hoopla Loans can provide you with the most reasonable rates for a personal loan. Get in touch with us today to apply!