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Tuesday, 23 July, 2024

Apply for a Payday Loan with Hoopla Loans Today!

If you need a payday loan to see you through the month, Hoopla Loans is on hand to help you borrow R100 to R250,000 with funds available on the same day of applying.

We offer a completely online application process, with no fees for applying too. And with 84% of customers approved, we offer a fast, simple and effective way to get a payday loan today and repay typically over 3 to 60 months.

We are happy to work with all kinds of credit backgrounds, including bad credit histories and we will try to assist you in the best way possible. You can complete our online form in less than 5 minutes and receive an instant decision on the screen. To get started, simply click on the ‘apply now’ button below!

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What is a Payday Loan?

A payday loan is a type of short-term loan, often used for emergency expenses and to tide you over until your next payday from work. This type of product is usually used for around 3 to 6 months and is repaid over monthly instalments.

Payday loans are often for small amounts such as R100 to R8,000 and to cover household expenses, car repairs and other emergencies. They are not designed to be for long-term use and they may carry a slightly higher APR, but this is to reflect the short-term nature of the product.

See also payday loans in Gauteng and the Western Cape.

What Do I Need to Consider? Is a Payday Loan Right For Me?

Payday loans can be an effective way to borrow money over a short period, especially if you have been declined elsewhere or do not have any money saved up. The main thing to consider is that payday loans can be a little expensive if you use them too often or cannot repay them on-time, since they can attract late fees.

So when deciding if it is right for you, you need to be certain that you can afford to repay your loan on-time and will not fall into financial difficulty. Similarly, you need to choose any amount that is affordable and not necessarily borrow more than you need to - since this will simply accrue more interest.

Therefore, it is important to consider exactly how much you need to borrow and how long for, so that you do not fall into repayment trouble.

What is the Eligibility Criteria with Hoopla Loans?

  • Over 18 years of age
  • SA Citizen or Resident with ID number
  • In permanent employment
  • Earn a monthly income of R4,000 or more
  • Not currently under debt review
  • Agree to a credit check

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How Much Can I Borrow?

With Hoopla Loans, you can borrow R100 to R250,000 based on factors including your income, credit score and any other outstanding debts that you have.

To borrow larger amounts, you may need to demonstrate a stable income, a good credit score, low loan-to-debt ratio and other trust signals such as being a homeowner.

Our role is to perfectly match the amount you want to borrow with what you can afford to repay. Our payday loans online can be very effective to pay off a pressing bill or expense - so you want to borrow the amount that is just right for you.

How is Hoopla Different for Payday Loans?

Hoopla Loans is passionate about finding the right product for you. We have helped thousands upon thousands of South Africans to date and we have partnered closely with some of the country’s most well-known and reputable banks and lenders to maximise your approval and get you the best loan options possible.

We do not charge any fees for applying - and we never will. We are pleased to offer a completely free and online service to our customers and we are available 24 hours a day, 7 days a week.

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Is Hoopla Loans a Direct Lender?

No, we are not a payday loans direct lender. We are a licensed broker and our job is to help find a lender who can approve and fund your loan as quickly as possible, sometimes in just a few hours of approval.

We work with a number of reputable payday lenders, banks and unions who are licensed by the National Credit Regulator (NCR).

We appreciate that direct lenders are sometimes preferred, but do not worry, we will not pass on your details to any other companies without your permission and we will never charge you any fees for using our service.

How Do Repayments Work for Payday Loans?

Payday loans are typically repaid in equal monthly instalments over the duration of the loan, whether it is 3,6,9,12 or 24 months, or longer.

With equal instalments, you will know exactly how much you are repaying each month and this will be collected automatically out of your account, so you do not need to phone up or make a manual payment since this is all taken care of. Simple.

Your collections are made on a scheduled repayment date that you choose, typically your payday, which is the last Friday or working day of the month.

You will also have the option to repay early - and at any time - and you will often save money on the interest for doing so.

Can I Get a Payday Loan with Bad Credit?

Yes, we can offer payday loans for people with bad credit histories, taking all kinds of backgrounds into consideration. You will need to meet the basic criteria such as being employed, a full-time SA resident and able to meet monthly repayments on-time.

We are more interested in your future and not your past. If you are in a better financial position and looking to improve your credit score and make payments on-time, we are more than happy to consider your loan application.

To assist those looking for payday loans for poor credit, we may slightly adjust the amount you have requested to borrow and the loan duration to make repayments more flexible. See bad credit loans for more information.

How To Apply for a Payday Loan Online with Hoopla

Our loan process is 100% online and you can get started today by clicking on the ‘apply now’ button below. Start by entering a few basic details about yourself, including how much you wish to borrow and how long for. You will be presented with an instant decision on the screen and connected to the best lender based on your requirements.

There is usually an electronic agreement to review and sign, highlighting all the key terms of your loan agreement.

Subject to further checks and approval, the entire payday loan can be transferred to your bank account in a matter of hours or within a few days. Simple!

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