How Much Can You Get For A Personal Loan?April 10, 2019
More than 75% of South Africans find themselves without money at the end of the month.
That’s why millions of people are borrowing money. If you’re struggling to make ends meet, a personal loan can give you the help you need.
So, how much can you get for a personal loan?
In this post, we’ll tell you. Read on to find out how it all works.
How Much Can You Get for a Personal Loan?: The Process Explained
Follow these steps to find out how to get the most out of your loan.
Submit Your Details
Before you can get approved for a personal loan, you’ll have to provide some paperwork.
This includes documents to show your bank account details and proof of income, such as payslips and bank statements for the account your salary goes into every month.
You’ll also have to provide proof of residence. You can do this with a contract, a utility bill or a statement that shows your home address. On top of this, you may also have to show an ID. A passport or driving license will suffice.
Check Your Credit Score
Your credit score will have a huge impact on the amount of money you can borrow.
Lenders will use this as the main tool for assessing how much they can give you. If you have a good track record, they’ll feel confident that you can pay the full amount back on time. If not, they may lower the amount or simply reject your application.
That’s why you shouldn’t wait until after you’ve been rejected to find out your credit score. Instead, check first, then fill out your application based on that.
The National Credit Act entitles South Africans to one free credit report every year. Make the most of it by contacting TransUnion, XDS, Compuscan or Experian to claim it. That way, you’ll know exactly where you stand.
If you’ve already had one free credit report this year, you will have to pay a small fee in order to get another one.
Look for a Lender
Once you have all the above information, you’re ready to reach out to lenders.
Search for lenders that cater to other borrowers like you. Otherwise, you could be wasting your time. Also, check their interest rates and any lending or admin fees to make sure you know exactly how much it will cost you.
Hoopla Loans makes all of this easy. We’ll search the market for the right lenders for you and present you with a range to choose from.
Before you accept, check the reputation of each lender. Some companies operate scams to take advantage of borrowers in need.
To avoid falling into this trap, learn how to protect your self from fraud.
Get Your Maximum Personal Loan Amount Today
At Hoopla Loans, we offer quick and easy payday loans that are designed just for you.
Using a simple 4-step process, we can transfer money into your account within minutes.
That’s why hundreds of people use our lending services every day.
To find out how much can you get for a personal loan from us, start your application now.