The South African Social Security Agency (SASSA) offers financial assistance or grants to the vulnerable segment of society. However, these grants are not always sufficient to fully alleviate the financial burden faced by the beneficiaries, highlighting the necessity for additional financial support through SASSA loans.
Moreover, SASSA loans serve as a valuable resource to provide timely support to those in financial crisis during their time of need. Therefore, many people, despite receiving grants, opt for a loan. There are various financial institutions that offer loans to the recipients receiving grants or funds from SASSA.
However, remember that the South African Social Security Agency (SASSA) does not offer loans directly, but there are other financial institutions that, in the name of SASSA, offer loans to the recipients. Therefore, you can reach out to these financial institutions if you wish to borrow money.
Financial Institutions Offering SASSA Loans
Now, let me tell you one by one which bank or financial institution in South Africa offer SASSA loans to the beneficiary.
Capitec SASSA Loan
Capitec Bank is one of the financial institutions in South Africa that provide SASSA loans. These loans are specifically tailored to meet the requirements of SASSA beneficiaries who receive social grants that can not cover their financial needs. Furthermore, Capitec Bank provides short-term loans to the borrower, which must be repaid within six months.
Who Qualifies for Capitec SASSA Loans?
However, before you apply for the Capitec SASSA loans, there are certain requirements that you must fulfill in order to borrow money successfully. Now, let’s look at these requirements one by one:
- You must possess a valid South African ID.
- The applicant must be a recipient of SASSA social grants.
- You must own a valid Capitec Bank account.
- Lastly, you must fulfill certain Capitec Bank credit requirements.
How Can I Apply For The Capitec SASSA Loans?
There are multiple ways through which the recipient can apply for the Capitec SASSA loans. You can use the following ways:
Capitec Website: You can borrow money from Capitec through their official website
Capitec App: To borrow money from Capitec, you can also download their website, which simplifies the whole application procedure.
Lastly, in order to apply, you can also visit the Capitec Bank branch near your location and ask for assistance from them regarding the SASSA loans. The Capitec Bank offers competitive interest rates, ensuring that the total cost of borrowing remains manageable for recipients. However, before you apply for the loan, you must be clear regarding the interest rate and the ability to repay back the borrowed amount.
Findbond SASSA Loans
Findbond offers both short-term and long-term loans; therefore, you can choose whatever suit your requirements and financial circumstances. Finbond Mutual Bank provides Finbond SASSA loans, and these loans offer a range of amounts starting as low as R500. Furthermore, these loans allow borrowers to choose how long they take to repay the amount (up to 24 months).
What Are The Requirements For The Findbond SASSA Loans?
In order to qualify for the Findbond SASSA loans, you must complete the following requirements set by the bank:
- You must be over 21 years of age.
- The applicant must be a South African citizen.
- You must have your own valid and active bank account.
Now, let me tell you about the documents that you must need in order to apply for the Findbond SASSA loans:
- The applicant’s three-month income statement.
- Address verification documents.
- The applicant’s authentic ID documents.
- Personal details
- Your bank records for the past three months.
How Can I Apply For The Finbond SASSA Loans?
The application process for a Finbond SASSA loan is simple and straightforward, and you can apply for it from the comfort of your home. First, before applying, ensure that you fulfill all the criteria and requirements and prepare all the necessary documents. Now, let me inform you how you can apply for the Finbond SASSA loans:
- You can apply for the loan using the Finbond website finbondmutualbank.co.za/.
- Next, you must fill out the application form available on the website. You must enter authentic and valid information to avoid future trouble.
- Lastly, agree with the terms and conditions and click “submit.” Afterward, you only have to wait for a response from the Finbond side. In addition, if you are selected, they will call you.
Before applying, ensure that you read the terms and conditions and the interest rate associated with the load in order to avoid any trouble when repaying the borrowed amount.
Easypay SASSA Loans
EasyPay Everywhere, in the name of SASSA, offers loans to beneficiaries who may find it challenging to meet the financial requirements solely with social grants. Easypay SASSA loans are offered to those who are already receiving SASSA grants. If you are able to repay the borrowed amount, you can apply for the Easypay SASSA loans.
Eligibility Criteria For Easypay SASSA Loans
While SASSA loans aim to provide support to the recipients, there are certain eligibility criteria set by the financial institution that the applicant must follow to apply for the loan successfully. The eligibility criteria include:
- First, the applicant must have been an EasyPay Everywhere customer for a minimum of three months.
- You must be a citizen of South Africa.
- The applicant’s age must be over 18.
- For a one-month loan, you must possess a three-month transaction history.
- You must also possess an official grant approval letter and SASSA bank verification.
- Valid and authentic ID documents.
- The applicant’s salary slip.
- Lastly, you must pay a visit to the branch near you to verify your identity using the biometric information.
How Can I Apply For The EasyPay SASSA Loans
You can effortlessly apply for the EasyPay SASSA loans as long as you fulfill their eligibility requirements; however, you must have an account with EasyPay everywhere because this account will let you receive your money or loan without any deductions. Now, let’s focus on how to apply for the loans using the following instructions:
You can apply for the EasyPay SASSA loans using your phone, and all you need is a good network:
- Take out your phone and navigate to the dialing keypad.
- Dial the short code *120*3737*7#.
- Next, provide your authentic and valid ID number and click on the call button.
- Follow the instructions and press “1” to check your bank statement.
- Next, provide the PIN code (ATM PIN) and give your monthly expenditures.
- Lastly, choose the type of loan you want.
You will immediately get a response indicating whether you are accepted or not. Therefore, wait for a few minutes. Furthermore, you can also use 0801 11 18 80 number to apply for the SASSA loans.
There is also another method that you can use to apply for loans, and that is by visiting the SASSA office near your location and completing the loan application personally with the assistance of the SASSA officials.
In addition, before SASSA provide you with the loans, they also check your credit history and your previous debts. Therefore, always keep a positive credit history in order to increase your chance of successfully getting a loan. Moreover, remember it is illegal to hand over your SASSA grant card to any money lender as collateral for the loan as it might lead to legal consequences.
Does SASSA offer loans?
No, SASSA only offers grants to financially assist the vulnerable segment of society. However, there are multiple financial institutions that offer SASSA loans to the beneficiaries receiving grants from SASSA. Therefore, you can approach these financial institutions in order to get loans.
Where can I get SASSA loans?
SASSA grants can not completely erase the burden of the beneficiaries; therefore, they have no choice but to seek additional financial assistance, such as SASSA loans. If you are a recipient of SASSA grants and are looking for a source to borrow money from, then you can apply for SASSA loans offered by Capitec Bank, Finbond Mutual Bank, and EasyPay Everywhere.
In conclusion, the South African Social Security Agency (SASSA) does not directly offer loans to individuals; instead, they offer social grants to deserving individuals. Even though social grants can relieve some financial stress, they may not always cover all the necessary expenses and unforeseen circumstances that recipients face in their lives. As a consequence, additional financial assistance or resources, such as SASSA loans, become essential for beneficiaries to lessen their financial burden.
SASSA does not offer loans, but there are multiple financial institutions operating in South Africa in association with SASSA that offer loans to the beneficiaries receiving grants. These financial institutions include Capitec Bank, EasyPay Everywhere, Finbond Bank, etc.; you can reach out to these institutions if you want to borrow money. However, before you apply for the SASSA loans, you must meet certain requirements offered by these financial institutions in order to qualify for the loan.