How to Apply For SASSA Loans in 2024?

SASSA Loans: Are you looking to apply for SASSA loans? Unfortunately, SASSA provides no loan to its beneficiaries or people in South Africa.

Instead, SASSA is only responsible for providing social grants to deserving applicants. Although SASSA doesn’t provide loans, a few third-party services offer loans to active SASSA grant holders.

Yes, companies like Moneyline, Shoprite, Capitec, and some other lenders offer loans only if you are a SASSA grant receiver.

However, SASSA itself won’t urge any of its beneficiaries to take loans as it may reflect negative deductions in their grant account.

In case you are willing to take loans from third-party services, continue reading to find the step-by-step guide.

Do check this article – How to Block SASSA Card If You Lost It?

Eligibility Criteria to Take these SASSA Loans

Here are the eligibility criteria to qualify for the SASSA loans. Make sure you fulfill all teh requirements.

  • The applicant must be a minimum of 18 years old
  • You should be a South African Citizen and must possess a valid South African ID document
  • An active bank account in your name
  • You should have a regular source of income
  • Your phone number should be linked to your bank account and all other required documents
  • The applicant should not have any other outstanding loans related to the SASSA grant
  • Most importantly your SASSA grant must be active and should be receiving the grant on a regular basis

How to Apply for SASSA Loans Via Cellphone?

As mentioned above, there are various third-party services that offer loans for active SASSA grant holders.

In that way, here you will learn how to apply for Moneyline and EasyPay SASSA loans. Read below for a step-by-step guide to apply for SASSA loans via your cellphone.

#1. Apply for Moneyline SASSA Loans

Here is a detailed guide to applying for Moneyline SASSA loans.

Step1:

Initially, dial this USSD code “130*3737*1#” on your cellphone.

Step2:

At this point, you will be asked to enter your ID number. Accordingly, provide your ID number without any mistake.

Step3:

Following that, you will be required to Press “1” to let Moneyline access your credit score and bank statement. Of course, it’s your personal information. However, you have to give access if you are willing to get a loan.

Step4:

Now, you have to enter your ATM PIN to let them access your account.

Step5:

Further, you will receive an SMS that includes the loan agreement and repayment details. Make sure to not sign the document before you understand the terms and conditions fully.

Step6:

Once you sign the loan agreement, Moneyline will validate your application and approve your loan within 24 hours. However, the process can take longer period if there are many pending applications.

You will receive a confirmation SMS if your loan is approved. Following that, your loan amount will be deposited into your bank account directly.

Do read – How to Change SASSA Phone Number or Email For R350 SRD Grant?

#2. Apply For EasyPay Loans SASSA

Here is a step-by-step guide to applying for EasyPay SASSA Loans.

Step1:

Firstly, you have to dial this USSD code “*120*3737*1#” from your cellphone.

Step2:

Now, enter your ID number using the on-screen number pad.

Step3:

Following that, you will be required to Press “5” to let EasyPay access your credit score and bank statement. Of course, it’s your personal information. However, you have to give access if you are willing to get a loan.

Step4:

Now, you have to enter your ATM PIN to let them access your account.

Step5:

Further, you will receive an SMS that includes the loan agreement and repayment details. Make sure to not sign the document before you understand the terms and conditions fully.

Step6:

Once you sign the loan agreement, EasyPay will validate your application and approve your loan within 24 hours. However, the process can take longer period if there are many pending applications.

Suggested for you – How to Unblock My SASSA Card?

SASSA Loan Amount

Seemingly, the loan amount you get will vary depending on your credit score and the lender you choose. Indeed, there are some private loan lenders who provide R250 to R1000.

Of course, some lenders may also offer loans up to R25,000 for beneficiaries who have a consistent income source and good credit score.

So, when it comes to getting loans, it is essential to compare the lenders and the interest rates they charge.

Yes, the interest rates can range from a minimum of 5% and a maximum of 200%. Make sure to read the terms and conditions, interest rates, and fees of each lender before you sign the loan agreement.

Repayment of SASSA Loan

Indeed, SASSA loan repayment is an automatic process. Seemingly, the repayment will be done once you receive your social grant.

Accordingly, failing to pay the loan on time will have bad consequences affecting your credit score, eligibility for future loans, and legal actions.

In that way, you have to ensure that whether you will be able to repay the loan on time and manage your personal expenses too.

Final Note

I hope now you have got clarity about SASSA loans. Please keep in mind that SASSA doesn’t support or provide any loans.

The SASSA beneficiaries can take the loan from third-party services at their own risk.

However, it is advised to ensure that you are financially capable of managing and repaying the loans in a timely manner before signing the loan agreement.

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