SASSA provides social grants to eligible citizens, and surprisingly, the agency also offers loans to its beneficiaries via cell phone. If this loan application method is new to you, feel free to take help from our article. This article will explain the SASSA loan via cellphone, including the application process, loan amounts, interest rates, and repayment options. So stay with us.
SASSA itself has STOPPED offering Loans, you can apply for SASSA loans through intermediaries such as Capitec or Finbond.
SASSA Loan via Cellphone
Getting a SASSA loan via cell phone is known to some. I had to go through a lot to get my SASSA loan via cellphone because of having little to no knowledge about it. But you don’t have to worry. I am here to help you out. I am sharing all the necessary details below to make this task easy for you.
How to Apply?
SASSA loans via cell phone are designed to provide financial assistance to social grant beneficiaries who urgently need cash. To apply for a SASSA loan via cellphone, you must have an active SASSA social grant account and a registered cellphone number. The application process is simple and can be completed in a few easy steps. Here’s how I applied for this loan using my cellphone.
- Dial 1203210# on the cell phone and press the call button.
- Then, select option 5 for SASSA loans and enter your SASSA card number.
- You will then be prompted to choose the loan amount you want to apply for and follow the prompts to complete the application process.
- Once your loan application is approved, the money will be deposited into your SASSA social grant account.
Applying for a SASSA loan is easy, but the real question is how much loan payment will be granted to you. According to my experience with SASSA, the loan amount you can apply for depends on your eligibility and the available funds in your SASSA social grant account.
SASSA loans are available from R100 to R1,000, with one to six months repayment periods. The interest rates on these loans are relatively high compared to other loans in the market, with an interest rate of 5% per month.
Eligibility Criteria for SASSA Loan
Sadly, only some citizens of South Africa can apply for SASSA loans. During my application process, I learned that SASSA loans are only available to SASSA social grant beneficiaries. Therefore, you must have an active SASSA social grant account to qualify for a loan. Additionally, the loan amount you can apply for is limited to the funds available in your social grant account. Therefore, the amount you can borrow may vary depending on the available funds in your account.
Repayment of Loan
Repayment of the loan is very simple. When I applied for the loan, the repayment amount was deducted from my next social grant payment. Therefore, it is important to ensure you can repay the loan before applying for a SASSA loan via cellphone. Failure to repay the loan on time may result in additional interest charges and affect your eligibility for future loans.
It is important to remember that SASSA loans have relatively higher interest rates than other loans in the market. Therefore, it is advisable to only apply for a SASSA loan when necessary and to ensure you can afford the repayments. Additionally, the loan amount you can apply for is limited to the available funds in your social grant account, so you may not be able to borrow as much as you need.
Where to apply for a loan with SASSA?
You can apply for a loan using their helpline number or by visiting your nearest SASSA office or website.
Where do I get SASSA money?
The SASSA grant will be transferred to your bank account, or you can get it from any Pick n Pay store. Moreover, you can use your SASSA card to pay or withdraw cash.
Can you withdraw SASSA money at an ATM?
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.
SASSA loans via cell phone are convenient for social grant beneficiaries to access cash when needed. Although it is a quick way of getting financial help, it can affect your future grants. So think rationally before you apply for a SASSA loan via cell phone. I hope you find the content of our article helpful. Thank you.