SASSA Loan via Cell Phone

South African Social Security Agency (SASSA) was formed by the South African government in 2005 to provide social grants for people in need and those living below the poverty line. Although SASSA does not provide any loans itself, the SASSA beneficiaries can get loans through other private entities. If you are a SASSA beneficiary living below the poverty line, you can be eligible for the SASSA grant. Based on your grant, you can also get a loan. The method to apply for the SASSA loans and eligibility criteria is explained below:

How to Apply for SASSA Loans via Cell Phone

These loans are not directly from SASSA but from a private entity. These loans are available for the SASSA beneficiaries. Applicants can apply for the SASSA loan via cellphone by following the steps given below:

Dial *130*3737*1# on your phone.
Follow the prompts which include providing your ID number and agreeing to a credit check.
Provide a PIN for security purposes and detail your monthly expenses.
Select the specific loan you are interested in.
You will get an instant notification about the application’s outcome.
If you run into any problems, use alternative codes *120*3210# or *120*69277# to apply for SASSA loans.

Eligibility Criteria for SASSA Loan via Cell Phone

The eligibility criteria for the SASSA loans are as follows:

The applicant must be a South African citizen.
The applicant must be 18 years old.
The applicant must have a valid ID document.
The applicant must have a steady income.
The applicant must have a bank account in his name.
The applicant must be a recipient of an SASSA grant, such as an SASSA Old Age grant or Disability Grant.

SASSA will check the applicant’s financial history and debt-to-income ratio to ensure that you are an eligible candidate for the loan. Your existing income will determine the loan amount you will get.

Total Amount of SASSA Loan

After applying for the SASSA loan, the next question is how much loan you will get. According to the sources, the loan amount you will get depends upon your eligibility and the available funds in your SASSA social grant account. The applicants can get from R100 to R1,000 with one to six repayment periods. The interest rates on these loans are very high compared to other loans available in the market, with an interest rate of 5% each month.

Repayment of SASSA Loan

Repayment of the SASSA loan is very simple. When you apply for the loan, the repayment amount is deducted from the next grant payment. Therefore, it is important to make sure that you repay all your previous loans before applying for an SASSA loan via cell phone. Failure to repay the loan on time will result in additional interest charges and affect your eligibility for future loans.

SASSA Loans via Banks

In addition to the loan explained above, SASSA also provides instant loans through the following methods

Shoprite
Finbond
Capitec

The method of applying through these sources is explained below.

SASSA loan via Shoprite

Shoprite provides affordable and unsecured loans to the applicants. The loan provided by Shoprite has lower interest rates. To apply for a loan from Shoprite, visit your nearest Shoprite center and ask the representative about the Shoprite loans. You can also apply for Shoprite loans by adding their number +27600123456 to your contact list and sending them a message. Shoprite will ask you some questions. Provide them with the correct information to proceed with your loan application.

Documents Required

The following documents are required while applying for the Shoprite loan

Your three months’ bank statement.
Your Valid Identity Document.
Proof of your residence.
Your pay slip.

Finbond SASSA Loans

Finbond Mutual Bank offers Finbond SASSA loans to the applicants. You can choose a short-term or a long-term loan. The amount of loan provided by Finbond provides ranges from R500 to R20,000. This loan, provided by Finbond has fixed interest rates and does not change. You have to repay this loan in a maximum of two years.

To apply for the Finbond SASSA loan, you must be at least 21 years old. You must be a South African Citizen with your own personal bank account. You can apply for this loan by their website and filling out the loan application.

Documents Requirement

Your valid Identity Document.
Your pay slips for the last three months.
Your bank statement for the last three months.
Valid proof of your address.
Your contact details(cell phone and email address).
Your monthly expenses documentation.

Capitec SASSA Loans

The loan provided by Capitec has the lowest interest rates with monthly installments. Capitec allows the applicants to get a loan of about R250,000. You can also get credit insurance with this loan. To provide easy access to people, Capitec has also introduced an app to manage your credit. To apply for this loan, visit Capitec’s official website and click “Ways to apply”. Select “Online” in the ways to apply. Fill out the form with the correct information and submit the form.

Documents Requirement

Bank statement of your latest consecutive salary deposit.
Your personal information ( ID documents, Name, Marriage certificate if married, Divorce order if divorced)
Your latest pay slip or salary proof.

Things to Remember

Always be cautious of scams and only proceed through official channels for SASSA loans online. Be wary of scams like Easy-Pay SASSA loans.
While approving loan applications, special consideration is given to pensioners and those receiving pensioner grants, to improve their financial standing.
Keep your important documents with you while applying. Having the right documents with you can significantly speed up the application process, whether for a bank loan or a grant.

SASSA loans via cell phone are an easy method for social grant beneficiaries to access cash when needed. Although it is a quick way of getting financial help, it can also affect your future grants. Always think before you apply for a SASSA loan via cell phone.

FAQs

You can check your SASSA disability grant status from the SASSA official website by following the method given above.

Your SASSA disability grant is The SASSA grant will be transferred to your bank account, or you can get it from any Pick n Pay store. You can also use your SASSA card to pay or withdraw cash.when you check your status and it says “Approved.”

Yes, you can withdraw your SASSA money from ATMs, but it is supported by only a few banks, including Capitec, Absa, Standard Bank, and FNB.

No, the R700 loan is a scam recently circulating on WhatsApp. Beware and please do not fall for these schemes.

Yes, pensioners can especially get SASSA loans to improve their financial situation.

No, the applicant cannot use someone else’s bank account for SASSA money. To rule out any fraud and scams, SASSA requires you to use a bank account in your name.