What You Need to Know About Emergency Loans in South Africa

Dec 30, 2020
Long-Term Loan Management

Financial struggles in life are sometimes unavoidable, and if you find yourself unemployed in South Africa, keep in mind that not all is lost. This is because there are ways to ease your financial struggles that come with life. However, many unemployed individuals don’t know where to start to get through financially due to the high amounts of stress they’re in. The easiest way to get through trying times is by taking out an emergency loan. 

If you are struggling financially and want to take out an emergency loan, here are several important points to know about this loan option:

1. You Don’t Need To Worry About Below-Average Credit

What’s best about emergency loans is you don’t need to worry about a below-average credit score. This means that you can find lenders out there that can provide you with an emergency loan despite your credit report. Furthermore, you will be surprised to find that these lenders offer quick approvals, and the process can be done online. In the end, all you need is to do your homework and search for a reputable emergency loan lender, such as South Africa’s Hoopla Loans!

2. It’s A Simple And Quick Process

As mentioned, lenders who offer emergency loans follow a different approval process. Compared to traditional lenders, these institutions provide a quicker and easier process. In fact, most emergency loans can be done online—all you need is fill out the form, and submit the requirements you need. 

You will be surprised that most processes of short-term emergency loans only take a few minutes. There are even some that provide you with the guarantee that the money will be deposited into your account of your choice within a specific time.

Tips To Help You Secure An Emergency Loan

Before you apply for an emergency loan, here are some tips you need to keep in mind: 

  • You must know your credit score even if the lender is known to approve applications with below-average credit scores. By knowing your score, it can help you explore interest rates based on it. It will also be your starting point to improve your credit score when you’re through with your financial struggle or emergency. 
  • Get to know the application processes of various lenders you plan to work with. Albeit the process may be quick and straightforward, certain documents may need to be submitted. For this reason, you need to have these documents on-hand, or you could delay the process. But if you don’t have the documents, you can ask for other alternatives. 
  • Short-term emergency loans are convenient, but they often have higher interest rates compared to traditional loans. The rates vary, which is something you need to be mindful of when you’re shopping around. You also need to make sure that the rate is reasonable or you could find yourself in deeper financial trouble. 
  • Always remember to read the fine print. Before you sign anything, read every detail and make sure you agree to the specific terms of the loan. The loan amount must be there as well, and other important details, such as late fees, so you won’t be surprised with any hidden charges later on. 

Conclusion 

At this point, you now know that emergency loans have many benefits to offer. Aside from helping you cope with your financial emergencies or struggles, they can also help avoid overdraft bank charges. On top of that, they will provide you with the financial flexibility to help you get back to a stable financial level. The important thing here is to find a reputable lender that can provide you with reasonable rates. 

Are you looking for reliable emergency loans in South Africa? Hoopla Loans is here for you. We offer a safe and secure application process that will help you rise above your financial difficulty. Get in touch with us today to learn more about our services!