Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
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Hoopla loans calculator – Estimate your monthly payments
Need to apply for a Hoopla loan in South Africa? At CompareLoans, we aim to help you narrow down your options so you can choose an affordable loan. That’s why we created the Hoopla personal loan calculator – a free but effective tool that shows you the monthly payment that’s best for you.
What are the Hoopla loan repayment options?
The good news is Hoopla loans not only offer flexibility in how you can use them, but they also have flexible repayment options. You can use the cash advance for debt consolidation, a holiday, a wedding, or any other purpose. At the same time, you have the following available options when paying back the loan:
- Loan terms. Loan terms vary between 2 months and 60 months. You will be able to choose a repayment period that suits you, depending on your monthly budget.
- Early settlement. You’re allowed to finish paying off your loan faster if you want to avoid paying more interest or monthly service fees. Depending on the lender, making early or additional payments has a small or no penalty fee.
- Different payment methods. Payment can be made via EFT, debit order, or other methods.
Hoopla loans calculator: How it works
Keeping the repayment options in mind when calculating your monthly payments helps you to understand how the whole process works. Our Hoopla loan calculator is easy to use, and you can quickly make an informed decision with these steps:
- Select your loan amount. With Hoopla loans, you can borrow any amount between R8001 and R250 000 for both personal loans and long term loans. Start by entering your desired amount using the first slider.
- Select your loan term. Use the second slider to enter the number of months you need to finish paying back your Hoopla loan.
- Click “Calculate Repayment.” Once you click this button, the estimated monthly repayment results will be immediately available in the comparison tables just below the calculator.
- Repeat the process. Is the result shown not a perfect fit for your budget? Use the sliders to make adjustments and click calculate again.
4 questions to ask when using the Hoopla loans calculator
- Can I afford the monthly instalments? – Affordability partly depends on the loan term you choose. You can lower your payments by selecting a longer term, but by the end of the loan agreement, you’ll have paid more in interest.
- Will I be able to make early repayments? – Even when you choose a longer term, you can still reduce the cost of borrowing by paying off the loan early. This automatically reduces your loan term.
- Will my finances remain stable until I finish repayments? – Consider this carefully when choosing your loan term. If you’re unable to make payments down the line, consider a shorter period because skipped or failed payments can result in a bad credit score.
- What is the total cost of the loan? – This requires you to factor in how much you’ll be paying every month and for how long, plus any other upfront costs.
A representative example of a loan from Hoopla
Let’s take a look at an illustrative example that helps you understand how your monthly payments factor into the total cost of the loan:
- Loan amount: R15 000
- Loan term: 15 months
- Initiation fee: R1197
- Monthly admin fee: R68.40
- Fixed interest rate per annum: 28%
- Total cost of the loan: R22 717
Advantages of using the Hoopla personal loan calculator
- Encourages responsible borrowing when you only choose a loan with affordable monthly payments.
- You can quickly compare different loan options and make a final decision within minutes.
- Easy to use – there are no complicated calculations involved since you only have to input your loan amount and term.
- A personalised monthly payment that suits your monthly budget and expenses helps to improve your credit score long term. It also helps you avoid penalty fees from missed payments.
What you should know when using the Hoopla loan calculator
The Hoopla loans calculator is for illustrative purposes only. You’ll need to apply for a Hoopla loan to get an exact quote. Furthermore, the calculator doesn’t guarantee approval, but if you do get approved the details of your offer will be based on your personal risk profile and other lending policies.
How to make your Hoopla personal loan application
Click the “Go to Site” button in the comparison tables above. The link directs you to the Hoopla website where you can fill out an application form in less than 5 minutes. You must be 18 years or older with a regular monthly income and an active bank account to qualify for the loan.
Hoopla only works with authorised financial services and registered credit providers. Find out more about their payday loans and personal loans.
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