A Newbie’s Guide to Online Personal Loans – Guide

Oct 09, 2019

Financial loans have taken many forms over the past decades, evolving to suit various needs and get on with the times. Modern developments have also added a significant amount of convenience, accessibility, and user-centeredness to loans, particularly with online loans in South Africa.

From quick-approval online payday loans to same-day loans, there is a wide range of options to choose from based on your needs. One type of online loan has been gaining traction and is commonly regarded as one of the best choices on the market today—online personal loans.

The special part of online South African personal loans is that they’re not just a “one-size-fits-all” type of option. Instead, they come in different forms to cater to any type of need or want. Online personal loans are one of the simplest ways to borrow money without having to go through a complicated approval process.

The benefits of online personal loans

Aside from their “custom-fit” nature and quick and easy approval process, online personal loans also come with a few key benefits: 

They are easy to find: A quick search on the internet will return a seemingly endless list of different lenders and establishments that specialize in online personal loans. Additionally, finding the perfect online personal loan is much easier with online reviews that can be used to weed out the bad lenders from a pool of good ones. 

Online personal loans can be used for a wide variety of purposes: Compared to standard car loans and housing loans, online personal loans can be used for any type of personal purpose. Whether it’s for a medical bill, a trip abroad, or a wedding, you can use an online personal loan however you like.

The process is hassle-free: Unlike standard financial loans that take a week or two to process and have dozens of forms to fill out, online personal loans have a quick processing experience that can be done in 15 minutes or less.

 

What can you use an online personal loan for? 

When people look for a quick, easy, and convenient loan option, they tend to forget about online personal loans and their customizability. Another challenge or common issue, however, is that people don’t exactly know what to use an online personal loan for. Here are a few of the most common ways that they are used: 

1. Truly “personal” needs

Whether you’ve been meaning to take a much-needed vacation but aren’t exactly lucrative at the moment or want to turn your wedding plans up a notch, then there’s no doubt that an online personal loan can help. Through a simple approval process, attaining your personal goals or catering to your personal needs can be much easier with a bit of financial assistance in a matter of minutes.

2. Automobile financing

Although car loans are around to help buyers finally get their hands on a sweet ride, more buyers are applying for personal loans to finance their auto purchases due to low rates and fast approval periods. Regardless of whether you’re getting a four-seater family sedan or a two-door sports car, an online personal loan can always be of service for your automobile-related needs. 

3. Home improvement projects

Another common purpose for online personal loans is home improvement projects. From small-time bathroom renovation projects to full-blown roof replacements, there’s no budget too small or big that an online personal loan can’t finance. 

Online personal loans are an effective solution for South African borrowers who need a bit of financial flexibility. The best part about online personal loans is that they can cater to a rather large borrowing range. This makes them the best option to go for if you need a bit more cash than a small-time loan can give you. By running a quick search and going through the application and approval process, you can get the financial assistance you need in the quickest, easiest, and most convenient way possible. 

If you’re in South Africa and would like to take out an online personal loan with instant approval, feel free to contact Hoopla Loans today to see what we can do for you!