Comprehensive Guide on SASSA Loans

BySASSA Status Check
Comprehensive Guide on Sassa Loans

SASSA has not initiated its loan providing services, instead it only offers grants to eligible applicants. This South African Social Security Agency in South Africa only provides financial assistance to eligible beneficiaries. 

If you have ever searched for loans in South Africa, you must have seen SASSA loans. Here is the article for you that tells you about the truth behind SASSA loans and a comprehensive guide on SASSA loans: what they are, whether the organization provides any loans or not and whether relevant information about it.

SASSA does not offer loans

Comprehensive Guide On SASSA Loans

SASSA is South African Social Security Agency working for years to provide eligible applicants grants. It has been estimated that the number of grant receivers increased from 18.4 million to 19.2 million. The organization particularly aims to reduce inequality, unemployment and poverty in the region. Also remember you cannot apply for loans from SASSA but can only apply for social grants if you are eligible. 

Few years back a high number of money lenders used SASSA cards as collateral for credit. NCR and SASSA investigated the matter in depth. According to both of these agencies, it has been noticed that money lenders were offering loans with high interest rates and were particularly targeting social grant recipients. 

They were forcing SASSA beneficiaries to sign up for funeral policy and for an additional card. Moreover, during the investigation, it has also come into notice that the money lenders got their SASSA card from borrowers as collateral and deducted their payments even after they had repaid the loan. 

SASSA explained that it does not offer any loans or any other type of financial products like electricity or air time. They also warned the beneficiaries that they should not take any loans; it might result in unnecessary deductions if they grant payments that are present in the card.

Comprehensive Guide on Sassa Loans

SASSA Loans And It’s Reality

As told earlier, SASSA does not provide any loans, instead only provides grants to applicants who are eligible. If you are in need of financial assistance and you already take SASSA grants, you can get loans from intermediaries like Shoprite,  Finbond and Capitec. Let’s discuss the in-depth information about these three types of loans that you  as SASSA beneficiary. can easily get. 

Shoprite Loans 

Shoprite loans are basically the most affordable loans with low interest rates. These are the best choice for particularly those who want a flexible repayment schedule and those looking for low interest rates.

Shoprite loans with effordale price
Shoprite loans

Eligibility Criteria

  • To apply for ShopRite loans you have to make sure that your age is either 18 years or more than 18 years. 
  • You also have to make sure that you have a South African identity card with you that should be barcoded. 
  • Moreover, you also have to make sure that you can repay the loan amount.

How To Apply?

When it comes to applying for shoprite loans, you have two options available. You can go with applying by visiting the nearest ShopRite office or by contacting them on their number. 

In order to visit the ShopRite office near you, you have to locate the nearest Shoprite office and ask them about the loan service and that you need a loan. 

Alternatively, if you want to contact them with your contact number, you have to dial +276 001 234 56. You have to answer certain questions that the officials will ask you and have to make sure to provide them with the correct answers so that you can proceed with the loan application smoothly and can get access to the loan easily.

Documents You Need to Provide 

  • You have to provide your identity document. 
  • You have to submit your bank statement that should be recent and stamped.
  • You have to submit the income proof and the proof that you are employed.

Capitec Loans 

You can get a Capitec Loans of up to R 250 000. If you are looking for a larger loan amount with easy installments in repayments and low interest rates. These loans are easy to avail and you can access them quickly.

Capitec loans

Eligibility Criteria 

In order to apply for Capitec loans, you must have to make sure that you can pay back the loan to the organization and that you are a South African national. Applying for a Capitec loan is easier  and quicker. The organization offers an official website and provides you with an option of applying on their official website. 

You have to visit their official website and click on “ways to apply”. Then you have to look for the option “online” and click on that and you will be directed to the application form that you have to fill carefully and effectively. Make sure to attach all the necessary documents as mentioned below and submit the application so that your loan gets approved easily. 

Documents You Need To Apply 

  • You have to submit the recent payslips that should be stamped as salary proof. 
  • You also have to submit your identity documents including the documents of your marital status.

Finbond Loans

Finbond SASSA loans are the loans offered by Finbond Mutual Bank. These are both short-term loans and long-term loans the payment of these loans varies from R 5000 to R 20 000. They have fixed interest rates and you have to pay back the loan within 2 years. 

Finbond loans

Eligibility Criteria 

Here are eligibility criteria that you have to meet. 

  • You must have to make sure that your age is equal to or above then 21 years. 
  • Make sure you are a South African citizen and you have an ID document with you. 
  • Moreover, you should have a bank account registered in your name.

How To Apply?

If you are planning to apply for Finbond SASSA loans, what you have to do is to, 

  • Visit the official website of Finbond. 
  • There you will find the option of “Apply For A Loan.”
  • When you will click on that. A page will open. 
  • This is the application page that you have to fill carefully.
  • After completing the application page, you have to attach the necessary documents and submit the application form. 

Documents You Need to Apply 

  • You have to attach your identity documents along with your application form. 
  • You also have to attach pay slips as income proof and have to make sure that the pay slips you are attaching are of the last three months. They should be stamped and recent. 
  • Also attach residential proof and your contact details. 
  • You have to provide your cell phone number and email address details. 
  • Also submit the proof of documentation so that the organization can check whether you can repay the loan amount or not before providing you with the loan.

Rules And Regulations Of SASSA For Money Lenders And Loan Recipients 

Here is the list about rules and regulations of the agency related to loan recipients and money lenders. Make sure to keep that in mind before taking any step of taking a loan or giving a loan involving SASSA.

  • Social Assistance Act Section 20(0), 2004(act 13 of 2004). This act states that giving your SASSA card to anyone else as collateral for a loan is illegal.
  • Money lenders are not allowed to take SASSA beneficiaries documents in any case.
  • States rules and regulations also include that if any lender gets caught in possession of payment cards, he will be arrested and will be punished right away.
  • The recipient grant will be suspended, stopped, or withheld, if the beneficiary gets caught in transferring or pledging the grant.

FAQs 

SASSA does not provide loans on its own; instead if you are a SASSA beneficiary you can apply for loans from Finbond, Shoprite and Capitec. If you want to apply from SASSA directly, you can only apply for grants from SASSA.

In order to get SASSA loans through intermediaries like ShopRite, you should have at least 18 years of age, or above 18 years. This age is compulsory to get the loan otherwise you would not be able to get the loan amount. Moreover, you also have to make sure that you have a valid South Africa ID document with you and you have a registered bank account in your name.

Conclusion 

Hopefully, you have understood the above article that explains to you about SASSA loans, how you can apply for them, the eligibility requirements and their relevant information about it. The guide is the comprehensive guide about SASSA loans, so you can have an idea of what loans are available under the name of SASSA. One thing you have to keep in mind is that SASSA itself does not provide any loans, instead it only provides grants to eligible applicants.