SASSA Loans: A Quick Guide 2023

If you’re a beneficiary of South African Social Security Agency (SASSA) grants, you may be eligible for a loan from SASSA. These loans are designed to help beneficiaries who are in urgent need of financial assistance.

What are SASSA Loans?

SASSA loans are interest-free loans provided to beneficiaries who are in urgent need of financial assistance. The loans are typically used to help beneficiaries meet their basic needs, such as food, shelter, and medical expenses. SASSA loans are repaid in monthly installments deducted from the beneficiary’s social grant.

Eligibility Criteria

Not all beneficiaries are eligible for SASSA loans. To be eligible for a loan, beneficiaries must meet the following criteria:

  • The beneficiary must be a South African citizen or permanent resident.
  • The beneficiary must be a SASSA grant recipient.
  • The beneficiary must be in urgent need of financial assistance.

How to Apply for a SASSA Loan

To apply for a SASSA loan, beneficiaries should visit their nearest SASSA office. The application process involves completing an application form and providing documentation to support the application. The documentation required may vary depending on the type of loan being applied for.

Types of SASSA Loans

There are two types of SASSA loans: emergency loans and special loans.

Emergency Loans

Emergency loans are designed to help beneficiaries who are experiencing an emergency or crisis. These loans are typically small and are repaid within a short period of time.

Special Loans

Special loans are designed to help beneficiaries who require financial assistance for a specific purpose, such as to pay for medical treatment or to purchase equipment for a disability. These loans are typically larger than emergency loans and are repaid over a longer period of time.

Benefits of SASSA Loans

SASSA loans provide beneficiaries with access to interest-free credit when they need it most. The loans are designed to help beneficiaries meet their basic needs and to provide financial assistance in times of crisis. Additionally, SASSA loans are repaid in monthly installments deducted from the beneficiary’s social grant, making them an affordable option for many beneficiaries.

SASSA loans are an important source of financial assistance for many beneficiaries. If you are a SASSA grant recipient and are in urgent need of financial assistance, you may be eligible for a loan

SASSA Loans | Online & Latest Application Guide 2023

The South African Social Security Agency (SASSA) is a National Agency created in April 2005 to submit and distribute social grants and loans.

If you are below poverty line, you can be eligible for a SASSA Grant, and if you can repay a loan, then it might be better for you to get a loan since they are higher in amount and you can get lump sum amount ASAP.

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UPDATE: SASSA itself doesn’t provide any loan, you can apply for Shoprite or Capitec loans or apply for a SASSA Grant. Please take a financial advice from a financial expert before applying for any loan.

The government provides scholarships, allowances, and grants, but sometimes it cannot be enough. People need money to start small businesses or investments. For this purpose, the government is lending money to South Africans on easy conditions through SASSA loans.

To decrease poverty in South Africa, SASSA loans ensure an easy way to take small loans.

Loan Application Guide Through SASSA Itself

SASSA provides a very flexible loan system if you need to borrow money. You can get from R250 to a maximum of R1000. You can easily repay it between one to six months. Applicants can also get an SASSA loan in the form of a child grant.

You can easily apply for SASSA loans if you are a pensioner or taking any pensioner grant. There are a few requirements for SASSA loan applicants. You are eligible for an SASSA loan if;

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  • You are a South African citizen.
  • You are at least 18 years old.
  • You have a valid Identity Document.
  • You are earning a consistent income.
  • You have a bank account in your name.
  • You receive grants from SASSA, like Old Age Pension or Disability Grants. (You can track sassa status of your application to see if you are part of SRD grant or not)

While considering your application, SASSA will check your previous debts. If your debt-to-income ratio is according to their set limit, you can get the loan. The amount of loan you receive will be determined based on your current source of income.

SASSA Loan Application through USSD

If you have any disability or are old and weak, there is no need to visit the SASSA office for an application physically. You can do it with your mobile phone. If you are wondering how to apply, let me guide you step by step.

  • First, dial *130*3737*1 on your phone.
  • Next, enter your ID number and click on the calls button.
  • Then, you will get prompts, to answer press one. they will get access to your credit check and bank statement.
  • Then, for security reasons, you must provide them with the pin you got at the ATM.
  • Then enter the total amount of your monthly expenses.
  • Finally, you will get to choose the particular grant or loan you are looking for. You will also know if your application was approved or declined instantly.

If this USSD code is not working or you are getting any issues, then you can dial *120*3210# or *120*69277# on your phone and follow the given prompts to get a SASSA loan through your phone.

SASSA Loan Application at SASSA Office

You can apply for SASSA loans at any of their nearest offices. Applying at a SASSA office manually ensures you will get the loan quickly. So, keep the following points in mind while applying for a loan.

  • You must fill in your SASSA Application in the presence of any SASSA officer.
  • Applying for SASSA is completely free.
  • After submitting your application, you will get a receipt; please remember that this receipt is very important. If your application is approved, you will need to show this as evidence of your application.
  • If your application is rejected, you will be informed in writing.

You can appeal this decision within 90 days of rejection. You must do a written appeal to the Minister of Social Development stating your reason for appeal.

SASSA Loans via Banks

SASSA also provides instant loans through

  • Shoprite
  • Finbond
  • Capitec

So, you can apply for any of these loans.

1. Shoprite Loans

Shoprite provides affordable unsecured loans. This loan has lower interest rates. To apply for this loan, visit the nearest Shoprite Office or by visiting the ‘mfin website.’ On the website, you can fill out the form and choose the amount of loan you need.

You can also apply for Shoprite SASSA loans by adding their number +27600123456 to your contacts and sending them a message. They will ask you some questions and answer them to proceed with your loan.

Documents Requirement

  • Three months’ bank statement
  • Valid Identity Document
  • Proof of residence
  • Pay slip (salary or wage)

Shoprite Loans Application Guide

2. Finbond Loans

Finbond Mutual Bank offers Finbond SASSA loan. You can choose an unsecured short-term or a long-term loan. The amount of the loan varies from R500 to R20000. This loan has fixed interest rates and does not change. You can repay it in a maximum of two years.

To apply for a Finbond SASSA loan, your age must be over 21 years. You must be a South African Citizen with your own bank account. You can apply for this loan by clicking on this website finbondmutualbank.co.za and filling out the application.

Documents Requirement

  • Valid Identity Document
  • Pay slips of three months
  • Bank statements for the last three months
  • Valid proof of your address
  • Contact details (Cell phone number and email address)
  • Monthly expenses documentation

3. Capitec Loans

This loan also has the lowest interest rate with monthly instalments. it allows up to R250000 loan. You can also get credit insurance.

To provide easy access to people, Capitec provides an app to manage your credit.

So, to apply for this loan, click on capitecbank.co.za/global-one/credit/term-loan and select ‘online’ in ‘ways to apply.’ In the end, fill out the form.

Documents Requirement

  • Bank statement of your latest consecutive salary deposit.
  • Personal information (ID documents, Name, surname, Marriage Certificate if married, Divorce order)
  • Latest pay slip or salary proof.

Following article is a complete guide on Capitec Loans

Can SASSA borrow me money?

SASSA provides easy loans with flexible instalments. These loans have helped many people and are very beneficial for people in dire need of a loan. However, there are a variety of scammers scamming people in the name of SASSA. SASSA urges people to be very careful while signing up for any loan.

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