How To Apply For SASSA Loans Via Cellphone? [2024]

South African Social Security Agency (SASSA) is an organization that provides different types of social grants to South African people. If you are looking for SASSA loans via cellphone, then you should understand that SASSA itself does not provide any kind of loans. SASSA only offers social grants. SASSA loans are offered by third-party providers such as Moneyline, Capitec, Shoprite, Finbond, etc. These loans are also provided on certain eligibility criteria.

If you are a SASSA grant holder and you are below the poverty line then you can apply for a micro loan. You will get a lump sum amount as soon as possible. Once you receive your grant can repay the loan. SASSA does not recommend any beneficiaries to take the loan, but if you need it, take it on your own or consult the financial expert before taking the loan. In this article, I have shared the complete procedure to get instant SASSA loans.

Note:
Though people call it a SASSA loan, SASSA itself does not provide any kind of loan. The word SASSA loan used in this article is only to mention the third-party loan providers. Any website that offers SASSA loans is fake. If you are in doubt then you can contact SASSA at 0800 60 10 11.

SASSA Loans Eligibility Criteria

If you are a SASSA grant holder then you can easily get SASSA loans from Shoprite or Capitec. There are eligibility criteria you have to fulfill to get the SASSA loan. The eligibility criteria include –

You must be a South African citizen.
You must be at least 18 years old.
You should have a valid ID card.
You must have a consistent source of income.
You must have a bank account in your name.
You must have a mobile number registered in your name.
You should not have any other outstanding loans associated with your SASSA grant.
You must be receiving grants from SASSA such as old age grants, disability grants, child support grants, foster child grants, SRD grants, or any other grant. (You can know your grant eligibility via the SASSA status check tool.)

These are the basic eligibility criteria to get SASSA loans. In addition to this, the bank or institution providing you with the loan will also check your previous debt. You will get the loan if your debt-to-income ratio meets their set limit. The amount of loan you will get will be determined based on your monthly income.

How To Get SASSA Loans Via Banks?

As we saw above the SASSA loan is not provided by the SASSA. You get the loan via banks like Finbond, Shoprite, Capitec, etc. You can apply for SASSA microloans instantly through these banks.

1) Shoprite SASSA Loans:

Shoprite provides affordable and secured loans based on your SASSA grant income. The application process is straightforward. You can visit your nearest Shoprite office to apply for the loan. You can also apply using the Shoprite phone number.

Add Shoprite number +27600123456 to your contacts and send them a message. You will be asked some questions. You have to answer them to proceed with your loan application.

Documents Required –

Identity Document
Proof of Residence
Pay slip
Last three month’s bank statement

2) Finbond SASSA Loans:

Finbond Mutual Bank offers Finbond SASSA loans. You can get a short-term or long-term loan based on your requirements and eligibility. You can get the loan amount from R500 to R20000. The interest rate on the Finbond loan is fixed and does not change. You get a maximum of two years to repay this loan.

There are certain requirements for a Finbond loan. The applicant must be a South African citizen and his age must be over 21 years. The applicant should have a bank account. To apply for this loan, visit their website and complete the application.

Documents Required –

Identity Document
Proof of your address
Pay slip for last three months
Last three month’s bank statement
Your monthly expense documentation
Contact details (mobile number and email address)

3) Capitec SASSA Loans:

Capitec provides the SASSA loans that have the lowest interest rates. They also offer monthly installments. From Capitec, you can get a loan up to R250000. Along with that, you will also get credit insurance. You can manage your credit from the Capitec app. If you want the Capitec loan, then visit their official website and click on “online” in “way to apply”. Complete the given application form.

Documents Required –

Identity Documents
Your latest bank statements
Latest salary slip

How To Apply For SASSA Loans Via Cellphone? – Step-by-Step Process

As we saw above, you might need to visit the bank to apply for the SASSA loan. If you are sick, or old or you are unable to visit the loan provider because of any reason, then there are two methods that you can use to apply for the SASSA loans via cellphone. Below I have explained both methods. Follow the steps given:

1) Apply For Moneyline SASSA Loans:

Moneyline also offers SASSA loans. You can follow the given steps to apply –

Dial the USSD code 1303737*1# from your mobile.
A prompt will appear and will ask you for your ID number. Provide your ID number in this prompt.
Now you will be asked to press one so that Moneyline can access your credit check and bank statement. This is important to receive the loan.
In the next prompt, you will be asked for your ATM PIN. You have to provide your PIN for security reasons.
Enter the total amount of your monthly expenses and select the grant or loan you are looking for.
At last, you will receive an SMS with the loan agreement and repayment details. Before you sign the agreement, please read the terms and conditions carefully. Sign only when you understand the conditions completely.
Sign the loan agreement document and reply with your full name.
Voila! It’s done. Now wait for the Moneylines decision. Usually, it takes 24 hours to approve the loan applications. In certain cases, it may take more time.

If your loan application is approved, you will receive a confirmation SMS from Moneyline and the loan amount will be deposited in your bank account. If it is rejected, you will receive an SMS along with the reason for rejection.

2) Apply For EasyPay Loans SASSA:

To get the Net1 EasyPay SASSA loan you have to follow the steps given below:

Dial the USSD code 1203737*1# on your mobile.
Select option 5 and the prompt will ask you for your ID number. Provide your ID number.
Once you enter your ID number, you will be asked to enter the loan amount you want.
Next, provide the amount of your monthly expenses.
Now you will receive an SMS with the loan agreement and repayment details. Read the agreement carefully before you sign it.
Sign the agreement document and reply with your name.
It’s done. Now Easy Pay will review your application and will make a decision. Generally, all applications are approved within 24 hours. In certain cases, it may take longer.

You will receive a confirmation SMS from Easy Pay if your application is approved and the money will be deposited in your account. If your application is rejected, then the reason for rejection will also be given. If you need more money for child care then you can use the above methods to get the SASSA loan for child grants.

SASSA Social Grants Loan Amount

The loan amount that you will get depends on several aspects. As an SASSA beneficiary, the loan amount depends on your income, credit history, and the private lender you choose. So it’s very important to compare different lenders and review their official documentation and resources before you choose.

Some lenders offer loans from R250 to R1000. If you have a good credit history and stable income you can get a loan up to R25000. You must know that these loans also have monthly interest rates. These rates vary from 5% to 35%, in some cases, they are even 200%.

You must understand all the terms and conditions including interest rates, fees, and repayment policy with each loan offer. If you find it valuable then only take the loan. Otherwise, you may get caught up in the debt.

How Is SASSA Loan Repayment Done?

As you receive your grant payment in the bank account, the installments of loan repayment are automatically deducted from your SASSA grant account. It is important to pay the loan on time. If you fail to pay a loan, it may have bad consequences. It will affect your credit score, and eligibility for future loans and you may have to face legal action.

So you must consider if you can pay the loan in the stipulated time. Take the loan only if you can repay it within the time.

Dark Side of SASSA Loan

We have seen above that the loan is not provided by SASSA itself. It is offered by third-party lenders if you receive the SASSA grant. These loans can be a great help in emergencies, but it has a negative side too.

These private lenders charge high fees and also have very high interest rates on loans. Taking on such high-interest loans can create a snowball effect of debt. You must consider the long-term effect on your finances.

Black Sash has conducted a study on short-term loans. As per the study, borrowing R8000 for 6 months under the National Credit Act (NCR) falls under short-term credit. According to NCR rules, lenders can charge 5% monthly interest, a one-time R150 initiation fee, and R50 monthly service fees on the loan.

This translates to R750 in additional charges on top of your original R1000 loan. It means you have to pay 75% more than what you borrowed. This shows the high cost of short-term loans despite small loan amounts.

FAQs

You can apply for SASSA loans by visiting the websites online or you can dial the USSD code given above to apply.

SASSA does not provide any loan, but if you are a SASSA grant beneficiary then you can get the loan from third-party lenders.

The lenders that provide the SASSA loans charge very high fees and high-interest rates. Also, you have to provide your bank details and grant details which can be risky.

Conclusion

In this article, we have discussed the SASSA loans completely. First of all these loans are not provided by SASSA itself. Third-party lenders provide the loan based on your SASSA grant. That’s why it involves the great factor of risk as you provide your banking details. These loans have high fees and high-interest rates. So consider these loans only if you can repay them.

If you require money and need quick money, then you should consider other ways before taking the loan. You must avoid taking the loans. If you are still interested in taking risks and ready to pay the high-interest rates then I have discussed how to get SASSA loans via cellphone in this article. Follow the necessary steps and get your loan quickly.