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Getting an Online Loan
Am I eligible for a loan?
You must be 18 years or older and must have a regular form of income in order to apply for a loan.
What if I have a bad credit record?
Our lenders will consider clients with all types of credit records and will try to find a way to approve your loan.
How long will it take to get a decision on my application?
In most cases, you will get an instant online decision from one or more of the lenders or associated loan brokers on our panel. In other cases, you could typically expect to receive a decision via email, telephone or SMS with 1-4 hours (during office hours).
How will I know if my application has been approved?
You will either get an instant online decision notifying you of the lenders, or associated loan broker's decision, or you would receive an email, telephone confirmation or SMS.
I've just started a new job, can I still apply?
Each lender has their own lending criteria. Some may not want to offer you a loan if your employment has just started within the last 3 months, or if you are still in probation period. Other lenders may be more lenient and may be willing to lend to you even if you have just started new employment (subject to certain conditions being met).
About our Loans
What interest rate will I be charged?
Interest rates vary between each lender, however, you could expect to receive of between 5% upwards on the value of your loan.
Can I use the money for any purpose?
Yes, you certainly can. It's your money and you're free to use it for any purpose.
Can I settle my loan before the agreed repayment period?
In most cases, lenders will allow you to settle early with a small, or no penalty charge.
Are you a lender, or a broker?
HooplaLoans is an online loan matching broker that connects people to lenders. We are not a lender.
How does your application process work?
Our application process is done 100% online. An application must be submitted on our website, through our secure online application form. Our system then instantly and electronically checks our panel of lenders to assess whether they will lend to you. A lending decision may be given instantly online, or the lender may contact you via telephone or email to advise you of their decision.
Do you charge any fees?
No, Hooplaloans do not charge any application fees whatsoever, however, some Direct Lenders on our panel may add an initiation fee to your loan amount to process your application, but never before you receive your cash loan.
I am worried about submitting my personal details on your website, is it safe?
Our site uses the highest level of data encryption. You application details cannot be seen by anyone else other than us and the lenders who process your application. It is totally safe and secure.
Do you comply with the Data Protection laws?
Yes, we take all Data Protection regulations very seriously. We respect your privacy at all times.
Are the lenders on your panel licenced by the National Credit Regulator (NCR)?
Yes, all lenders on our panel are NCR licenced. We only work with safe and reliable lenders for your protection.