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About HooplaLoans Payday Loans
When applying for certain types credit with a lender, it is common practice for a credit check to be done on your profile. However, depending on the use, amount, or terms and conditions of the loan, there are certain lenders we use from time-to-time on our panel that offer no credit check loans. This means that due to the structure and use of the loan, the lender does not require all the normal standard validation information on your credit report in order to assess your risk profile.
This also means that there is no need to run a credit check with various credit bureaus in order for the lender to make a lending decision, however, some lenders may still require various forms of documentation from you to prove your identity and income. It’s important to remember that when applying for no check credit loans that the loan the lender may offer you could be charged at a much higher interest rate, as well as payable over a shorter period of time.
Bad Credit Loans
Obtaining credit is becoming more difficult for a large number of South Africans these days due to the increased amount of debt they are incurring as well as their adverse payment history. If you have taken out any credit in the past and have defaulted on your loan repayments then the chances are that your credit profile has been negatively affected and possibly blacklisted.
Being blacklisted or having a very poor credit score on your credit profile means that it will make it very difficult for you to obtain a loan in the future as most lenders including all the major banks will deem you as high risk and will not be able to offer you a loan.
Additionally, if you are under a debt management or debt review programme then most lenders will also not be able to lend to you.
Fortunately with Hoopla Loans, if you have a bad credit history there is a chance that we may still be able to help you. We have various lenders on our panel from time-to-time that are able to offer bad credit loans. Getting approval for bad credit loans is not as difficult as you may think. The application processes are the same as on standard loans with the only difference being that the interest rates will be higher, and the terms and conditions of the loan may be more stringent.