SASSA, along with its social security services, proves itself to be the guardian angel for South Africans with its Easy pay loan policy. SASSA is not only about serving people with social security funds. Rather SASSA has been investing its energies in financially supporting its country fellows through any means.
Having said that, South Africans can benefit from the Easypay loan service offered by South Africa Social Security Agency. Easypay and Net1 loans lend money to all the beneficiaries in need in collaboration with SASSA through their subsidiary Moneyline Financial Services (Pty) Ltd.
The beneficiaries of the South African Social Security Agency who bear EasyPay Everywhere green cards get a head start. It is easy for such clients who bear the easy pay account and are registered for the SASSA SRD grant to get the loan.
How to get Easy Pay-SASSA Loans?
A client can get their loan from Net1 Cash Paymaster Services (CPS) pay points. To make the process easier, the SASSA SRD beneficiaries with easy-pay-everywhere cards can get the loan whenever SASSA disburses monthly funds.
Simply put, if you cash your SASSA SRD funds through an easy-pay-everywhere card, you can get the loan and your monthly grant side by side.
Since the South African constitution forbids SASSA from leasing the monthly grant to pay for the loans, the clients are required to open an account in Grindrod Bank, namely; EasyPay Everywhere.
Once the SASSA beneficiaries open their account in this particular bank, all their social security fundings by the agency are, by default, shifted to this account. Thus, the clients can visit the bank and get their grant with the money they lent from the agency in one go.
EasyPay Cash Loans
It has become usual that almost one-third of the crowd visiting the banks for their SASSA grants also apply for SASSA loans. These loans are lent to the beneficiaries against their SASSA grants which is a not-so-good factor for the banks.
Practically, for Moneyline Financial Services, it is thriving to lend a sum of capital to financially dependent entities. They provide loans to the ones whose life is a pure depiction of uncertainty, and this could lead the bank into a loss trench.
In order to contact Easy pay, you have the following options to get your confusion resolved by the officials:
How to Apply for SASSA Loan Online?
If you are a resident of South Africa and are a pensioner, you may want to apply for SASSA grants or loans without having to leave your home or travel to distant places.
Senior citizens can apply for loans online while sitting at home on their cellphones or laptops. Here are the steps to follow for an online application lodged for SASSA loans:
You can also visit Moneyline’s official website and get yourself registered for the loan.
Net1 SASSA Loans & Interest Charges
Up until February 2017, almost 1.8 billion South Africans had their Net1 Easy pay everywhere account for the SASSA loans.
The short-term personal loans provided by Net1 range from R410 to R1,050. The beneficiaries are obliged to pay back the amount within three to six months of the lease.
The loan worth R410 has an interest rate of 24% per month, which becomes R100. Annually, the beneficiary will have to pay the loan service of about 280%.
However, a six-month loan of R1050 will cost the applicant with a service fee of R330. It implies that the client will have to pay an interest of 31% of the original amount.
SASSA SRD grant beneficiaries should feel assured that the bank will never deduct their SASSA SRD grant without their permission or without informing them formally. Hence, their SASSA SRD grants are safe even when they have their loans unpaid, and the bank will need to inform the grant recipients about the deduction before they actually reduce their monthly grants.
The eligibility criteria for SASSA Net1 Loans is the same as the one required for the SASSA SRD grant. Hence, you have a very good chance not to go door to door asking your friends for loans and get your money loaned from SASSA.
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