How to Apply for the SASSA Loan Via Cellphone?

Do you want to apply for a SASSA loan via cellphone? It is quite convenient because you can apply for a loan without going anywhere. SASSA itself does not offer any loans. However, there are third parties that offer loans to only SASSA grant holders. These parties include Moneyline and EasyPay.

I will discuss the step-by-step process of applying for the SASSA loans via cellphone. I will also explain precautions when applying for SASSA loans. Lastly, I will talk about the drawbacks of these loans.

Eligibility Criteria to Apply for SASSA Loan

Before applying for the SASSA loan, you have to fulfill the following eligibility criteria:

You should be a citizen of South Africa or a permanent resident.
You should be 18 or older.
You must have a reliable source of income to cover your expenses.
Further, you should be a current SASSA grant holder.
You should have a bank account. Please note that this bank account must be under your name.
You should have an active mobile number.

These requirements can vary from lender to lender. They can also check your recent loan history.

Step-by-Step Procedure to Apply for the SASSA Loan Via Cell phone

You can easily apply for the SASSA loan by visiting their office, but if you have any disability, then you can also apply via cellphone by following these simple methods:

Method 1: Apply for the EasyPay Loans SASSA

You can easily apply for the Net1 Easy Pay SASSA loan by following these instructions:

First, open the dial pad on your mobile phone and dial *120*3737*1#.
Now, select “5” to provide your National ID card number. Please ensure you have provided an accurate ID card number.
You will be asked to enter the amount you need.
After entering the amount, you will be asked to enter your total monthly expenses. Please provide the total expenses in the prompt.
Now, you will receive an SMS from Easypay. This SMS contains a loan agreement and the payback information.
Please carefully read this agreement and then sign it. But remember, once you sign the agreement, there is no turning back.
After signing, reply with your full name.
Lastly, you will receive an SMS detailing whether your application is accepted.

EasyPay usually processes your application within one day. Once your application is accepted, they will transfer the loan to your bank account.

Method 2: Apply For the Moneyline SASSA Loans

You can easily apply for the Moneyline SASSA loan by this method:

Open your phone and dial *130*3737*1#
A prompt will display on your screen asking for your 13-digit ID card number. Please enter your accurate ID card number in the given prompt.
Then, you will be asked to press “1” to allow Moneyline to access your bank statement and credit card details. If you are willing to get an SASSA loan, then you have to press “1”.
Now, you have to enter your ATM PIN. After providing your PIN, they will have access to your bank account. Therefore, think carefully before providing your PIN because they will access sensitive information.
Now, enter the total amount of your monthly expenses.
Moneyline will send an SMS containing the loan agreement and payback details.
Kindly read these agreements carefully and only sign if you agree.
After signing, please reply with your full name.
Within 24 hours, you will receive a message detailing whether you are eligible for the SASSA loan or not. If your application is declined, they will mention the reason for the rejection of your application.

Once your application is accepted, Moneyline deposits the loan into your bank account.

Note: The loan amount will depend on your monthly income and recent credit history.

Loan Amount and Repayment

The loan amount will depend on your monthly income and credit history. Different loan providers offer different amounts. Mostly, these companies offer loan amounts from R250 to R1000. If you have a stable monthly income, you can apply for loans up to R25000. Remember, you have to repay the borrowed amount with high interest rates of 5% to 40%.

Your monthly installment will be directly deducted from your monthly SASSA grant payment Please keep in mind if you are unable to pay back your loan on time, lenders can take legal action against you. Please carefully consider whether you can manage the loan repayment.

Other Loan Options for the SASSA Beneficiaries

In addition to the third-party loan providers mentioned above, many banks and retailers also offer loans to SASSA beneficiaries. They provide short-term or long-term loans with fixed interest rates. These loans are:

Shoprite Loans
Finbond Loans
Capitec Loans

1. Shoprite Loans

Shoprite retail stores offer unsecured loans at lower interest rates. It means that they do not check your credit history or property details before approving your loan. These loans usually cover some unexpected expenditures.

It offers a flexible repayment period that allows the beneficiaries to set the repayment schedule according to their financial situation. The interest rate depends on the total borrowed amount and repayment duration. If you do not have a bank account facility, you can also repay through any Shoprite store.

Required Documents to Apply for Shoprite

If you are applying for the Shoprite loan, please make sure you have these documents:

South African ID Card
Three month’s bank statement
Salary Slip
Proof of your address

You can easily apply for the Shoprite loan by saving +27600123456 on your mobile and then sending a message. They will ask you some questions and then proceed with your application. You can also apply by visiting the Shoprite store.

2. Finbond Loans

Finbond Mutual Bank offers unsecured loans to SASSA beneficiaries. You can get a short-term loan from Finbond between R500 and R25000 for a maximum of 2 years. It has a fixed interest rate with a flexible repayment schedule.

Eligibility Criteria

You have to fulfill the following criteria to receive finbond loans:

You must be a South African citizen or a permanent resident.
You should be 21 years or older.
You must have a bank account under your name.
When it comes to the age requirements, the eligibility criteria for finbond loans are slightly different than those for other loans.

Required Documents for Finbond Loan

You should have the following documents ready when applying for the loan:

South African ID card
Proof of your residence
Last three month’s payslip
Bank statement for the last three months
Valid Contact Number
Monthly expense documentation

If you have all the required documents, you can easily apply through their official website. If you do not have internet access, you can apply for a Finbond loan through the nearest Finbond Mutual Bank.

3. Capitec SASSA Loan

You can easily apply for the Capitec SASSA loan between R500 and R500 000. It offers loans at the lowest interest rate with fixed monthly repayment. They also offer credit insurance in case you face any financial problems in the future.

The interest rate for Capitec SASSA loans ranges from 10% to 27%, depending on your borrowed amount. If you apply for the R500000 loan, you can repay your amount within 84 months.

Required Documents for Capitec SASSA Loan

If you are applying for a Capitec loan, then you should have the following documents:

South African ID Card
Recent payslip
A bank account in a Capitec Bank
Last three month’s payslips (only if you do not have a bank account in Capitec)

You can simply apply for the Capitec SASSA loan by going to the nearest Capitec branch. Please bring these required documents with you. If you are too weak or disabled to apply via physical office, you can also apply by going to their official website.

Precautions While Applying for SASSA Loan

If you are applying for the SASSA loan, you have to follow these precautions while applying for the SASSA loan:

Please read the agreement carefully before signing. After signing the agreement, you cannot withdraw from your decision.
You have to pay back the loan payment on time. If you fail to pay on time, you have to face serious problems. These problems include legal actions and fines.
Your loan installments will be deducted from your monthly SASSA grant.
SASSA does not provide the loan itself. If you encounter any problem with the lenders, you have to handle it on your own. SASSA will not be responsible for any action.

You can also get legal advice from advisors before applying for the SASSA loan.

Drawbacks of SASSA Loans

SASSA itself does not offer loans, and the lenders provide these loans to the SASSA beneficiaries. If you face any issue with the agreement or lender, then SASSA is not responsible. You have to pay back your loan with high interest rates. It means you will end up paying significantly more than what you borrowed.

If you fail to pay your loan amount on time, loan providers can take legal action against you. It will lead to high interest rates and loss of assets. Further, these late payments will impact your credit score, making it difficult to get loans in the future.

Conclusion

You can easily apply for the loan via cellphone by following the simple method that I already mentioned above. The loan amount can vary from lender to lender. If you borrow an SASSA loan, you have to repay the payment with high interest rates.

Besides third parties, many banks and retailers also offer SASSA loans. These loans include the Capitec loan and the Finbond loan. Please keep in mind that if you cannot pay your installment on time, it will negatively affect your credit history.