SASSA Loans Via Cell Phone: Online Application Methods in 2024
SASSA provides social grants to people who are struggling with financial problems. Shockingly, they also offer loans to the citizens as Social Relief of Distress. On the other hand, SASSA can’t provide loans by itself. There’s also no official news about SASSA grant loans up till now. There is no doubt that SASSA does not offer loans but by using some third-party methods.
But here is the most demanding question asked by people how can I apply for SASSA loans via cell phone? Whether these loans are real or fake? So, the loan offers given to people by phone calls or messages without their demand is fake. If you want to know the authentic way to get loans from SASSA, we will help you to understand the procedure.
Introduction to SASSA Loans
In recent years, with the advancement of technology, SASSA has updated the option to apply for loans via cell phone. It makes the process more accessible and convenient for applicants. This change allows individuals to complete the entire loan application process using their mobile phones. It eliminates the need for physical visits to SASSA offices or banks. These loans are designed to provide quick access to money. Who are eligible and in need of immediate financial support. These loans are provided based on a short-term loan that must be repaid in a specific period.
Investigating Viral Rumors about SASSA Loans
In this digital era, it is very easy to spread misinformation and false news. These types of rumors can be the reason for confusion and anxiety among common people who are truly in need. Nowadays, many rumors are circulating on social media about SASSA offering loans. But before believing or spreading such unverified information it is very important to know the facts and reality behind these SASSA loans rumours.
It claims that applying for a SASSA loan via cellphone exposes applicants to identity theft or fraud. The loan offers given to people without their demand by any of the online or offline approaches are fake. SASSA never intended to give loan offers by any of the communication sources. However several third parties offer loans under the affiliation with SASSA. These loans are only provided to active SASSA grant holders. Such as Capitec, Moneyline, Finbond, Easypay, and Shoprite. SASSA advises its grant holders not to take any loans to avoid the subtraction of payments from their grant payments. But if you need urgent money to fulfill your necessities, you can apply for SASSA loans. Let’s discuss the steps to get SASSA loans.
Eligibility Criteria to take SASSA Loans via Cellphone
People ask how to apply for Sassa loan via cellphone? There are some terms and conditions that ensure that you are eligible or not to avail of the opportunity of SASSA loans.
Let’s have a look
They will provide you with a loan after checking all your history related to any other loans or bank payments. Your monthly income is an important factor to help them in making their final decision.
Important Documents for SASSA Loans via cell phone
Normally, these documents are required to get a Loan. If they ask for more documents you must provide them to fulfill the requirements of the Eligibility Criteria.
5 Ways to Apply for SASSA Loans via Cellphone
Let’s move towards the main topic of the article. Today we are going to discuss five different ways to avail the opportunity of SASSA loans using your cell phone.
Method 1: Easypay SASSA Loan
The first and easiest way to apply for a loan is an Easypay SASSA loan. You need to follow these steps To apply for Easy Pay SASSA loan:
- USSD Code:
You need to Dial the USSD code *120*3737*1# from your cell phone.
- ID Verification:
Then, select option 5 to enter your ID card number. Enter your ID number in the dial pad.
- Required Money:
After providing your ID number, you will be asked to enter the total amount of debt you want.
- Monthly Expenses:
Now, you will be asked to provide details of your total monthly expenses.
- SMS Verification:
Then, you need to wait for an SMS verification. You will receive an SMS with the loan agreement and repayment details. Read the agreement documentation carefully and sign the documents if you agree.
- Signature Agreement:
Sign the loan agreement document and include your full name in your reply.
- Waiting for Approval:
That’s it! Now, you need to wait for the Easy Pay decision. Mostly it takes 24 hours to get an approval notification. But if it takes longer than 1 day they might have many pending applications.
- Outcome Notification:
If your loan application has been approved, the amount of the loan will be deposited to your bank account, and a confirmation message will be sent to your phone number. If your loan for Sassa beneficiaries is rejected, you will receive an SMS with a detailed reason for rejection.
Method 2: Moneyline SASSA Loan
The second method we will discuss is the Moneyline SASSA loan. You need to follow these steps To apply for this SASSA loan:
- USSD Code:
First, dial the USSD code *130*3737*1# from your phone.
- ID Verification:
Now, a pop-up will ask you to enter your ID number. Enter your ID number in the pop-up bar.
- Credit Check Protocol:
Then, They will ask you to press 01 to get access to your credit check and bank statement. If you want to get a loan, you will have to press one to give them access.
- ATM PIN Security Protocol:
After that, They will ask for your ATM PIN. For some security reasons. You need to provide them with your PIN as well. It means they will get access to your ATM account as well. You must think carefully before applying for a loan, as it involves sharing all your sensitive information.
- SMS Verification:
Then, you need to wait for an SMS verification. You will receive an SMS with the loan agreement and repayment details. Read the agreement documentation carefully and sign the documents if you fully agree.
- Signature Agreement:
Sign the loan agreement document if you agree and include your full name in reply.
- Waiting for Approval:
That’s it! Now, you need to wait for the Moneyline decision. Mostly it takes 24 hours to get an approval notification. But if it takes longer than 1 day they might have many pending applications.
- Outcome Notification:
If your loan application has been approved, the amount of the loan will be deposited to your bank account, and a confirmation message will be sent to your phone number. If your application is rejected, you will receive an SMS with a detailed reason for rejection.
Method 3: Finbond SASSA Loan
The third method we will discuss is the Finbond SASSA loan. Finbond Mutual Bank offers SASSA loans. They provide loans in two terms:
- Short-term loans:
Short-term loans are provided on small amounts on a return basis within six months.
- Long-term loans:
Long-term loans are provided in large amounts on a return basis within two years.
- Age Requirement:
To avail of these loans applicants must be of the age over 21 years.
- Amount of Loan provided:
They give loans between R500 to R20000. These loans have a fixed ratio of interest with no extension.
If you are interested, You need to visit their website or their nearest branch to avail the opportunity regarding these types of loans. Remember to bring all the necessary documents as mentioned above.
Method 4: Shoprite SASSA Loan
The fourth method we will discuss is the Shopite SASSA loan. Shoprite provides affordable and unsecured loans. These loans have lower rate interest. You can apply for Shoprite SASSA loans by using their number +27600123456 and sending them a message. Follow with prompts and they will ask you some questions. Answer them to proceed with your loan. You can also check their website to apply for a loan. For this, you need to follow these instructions:
Method 5: Capitec SASSA Loan
The fifth method we will discuss is the Capitec SASSA loan application process. Capitec Bank is one of the most common financial institutions in South Africa that offers loans to SASSA grant holders. This loan also has the lowest rate of interest with monthly installments. It allows up to R250000 amount of loans. You can also get credit insurance.
Many people don’t know how they can apply for this loan. So if you are also one of them, I will share the procedure about how to apply for this Capitec SASSA loan and its requirements. You can apply for this loan in the following ways:
Steps To Follow for Proceeding Online Application
Amounts and Limits of SASSA Loans
If you have information about the limitations of SASSA loan amounts, it will help you to make decisions about how much you should borrow. They have Different limitations according to the applicant’s requirements. Let’s discuss further details about loan limitations.
Loan Amounts
It depends on the grant you are receiving. Some banks lend money between R250 to R1,000. Some of them offer up to R25,000 if you have good sources of income.
These loan amounts also depend on the rate of interest paid. It starts from 5% and extends to 35%. But sometimes on long-term loans, it may be 200%. That’s why, I’ll suggest you carefully read all the terms and conditions before confirming any loan.
Grant-Based Loan Limits
The loan limits depend on the type of SASSA grant. Applicants should review the details of their intended grant to find out the highest possible loan amount they may be eligible for.
Monthly Expense Assessment
The approved loan amount is influenced by the total monthly expenses of the applicant. Applicants need to be ready to clarify the real information when applying.
Credit Assessment Process
SASSA may perform a credit assessment during the application process. While having a less-than-perfect credit history doesn’t mean you can’t get approved, it could affect how much you’re able to borrow.
Loan Repayment Capacity
SASSA loans are designed to offer financial support without bothering excessive hardships. The approved loan amount considers the applicant’s repayment capacity to avoid financial tension.
Repayments of SASSA loan
It’s very important to repay the loan amount timely. If you face a delay in paying back you have to pay a large amount of interest. Normally, the loan payments are automatically deducted from the SASSA grant amount you receive regularly. But in failure of repayments, they can take legal action for money back. If you have delayed the payment then you can not receive the coming loan from pick n pay Sassa loans points.
So, you need to carefully think about whether you can make your repayments on time or not. If yes, then there will be a good impression on both the bank and SASSA organizations. If there’s any chance of delay to cancellation, you possibly need to avoid these types of loans, to avoid difficulties caused by taking loans.
Cons of SASSA Loans
As you have already understood, SASSA did not offer loans by himself. A few third-party companies contract with SASSA and they also offer different types of loans on behalf of SASSA. So let’s understand what are the disadvantages faced by the borrowing person. I am sharing a case study as well. So let’s start:
Conclusion
In conclusion, SASSA plays an important role in providing social grants to individuals facing financial problems. While the services of loans by SASSA itself remain unverified, some third-party entities offer loans to SASSA grant holders. It’s essential to approach loan offers with awareness, especially those who received undemanded offers through phone calls or messages, as they are likely frauds.
Understanding the eligibility criteria, documentation requirements, and application procedures outlined in this article can help you understand the process of obtaining loans from approved sources affiliated with SASSA. By carefully considering their financial needs and repayment capacity, applicants can make informed decisions about whether to pursue a SASSA loan.
