How to apply for Hippo Personal Loans?
Learn how to apply for a loan from one of our partner lenders through a simple step-by-step process using a single form.
Discover How to Apply for a Loan with Hippo
Hippo, South Africa’s first comparison site, is a reliable platform that connects customers with a wide range of financial products and services, including personal loans. Although Hippo does not directly provide loans, it simplifies the application process by allowing users to complete a form on their website in just two minutes.
With its user-friendly interface and additional features such as a personal loan calculator and informative content, Hippo offers an enhanced user experience.
It’s important to note that the loan disbursement timeframe varies depending on individual lenders, and individuals with poor credit may have limited options through Hippo.
Nevertheless, Hippo serves as a valuable resource for South African customers, providing them with access to various lenders and the opportunity to explore personal loan options of up to R350,000.
If you believe that Hippo could be the right choice for you, continue reading to learn about the application process.
Eligibility Requirements for Applying
Hippo’s financial services provider system offers a range of products to cater to diverse needs, including insurance and loans. The personal loan option from Hippo follows the trend of connecting customers with potential lenders.
While specific conditions vary depending on each lender, such as loan amounts and repayment terms, there are common requirements for submitting an application on the Hippo website. These include being a South African citizen, having a regular source of income (some lenders may require formal employment for at least six months), being over 18 years old, and having a valid bank account to receive the loan funds.
In addition, Hippo emphasizes that credit verification is a crucial process for its partner lenders. Consequently, individuals with very low credit scores or currently undergoing debt collection may encounter challenges in finding a suitable loan plan.
The Application Process at Hippo Personal Loans
The application process for personal loans is conducted directly on the Hippo platform, consolidating requests in one place to access the company’s partner lenders.
The application form begins by requesting a valid South African ID number.
According to Hippo, the form can be completed in just two minutes. The company also requires additional details such as the applicant’s full name, email, phone number, desired loan amount, repayment term, and the purpose of the funds.
In terms of income, the customer must provide information about their income source and bank account details.
Documentation-wise, applicants may need to submit a copy of their valid South African ID, proof of residence, and three months’ worth of bank statements or payslips at some point during the process.
Upon submitting the application, Hippo Personal Loans conducts a credit assessment, gathers all necessary information, and searches for a suitable solution. If approved, available lenders will contact the customer directly.
The negotiation and contract signing occur between the customer and the chosen lender.
As a result, repayment conditions, rates, and the payment timeline will vary for each customer. However, it is worth noting that the loan funds will be deposited into the customer’s bank account. If a customer’s application is declined, they can reach out to Hippo later to submit a new request.
Considering Other Lenders?
While Hippo offers a valuable service for connecting customers with lenders, some individuals may prefer a direct service where the funds are provided by the company itself. If this is the case for you, consider exploring the personal loan options offered by Nedbank, one of the major financial institutions in South Africa.
