If you are a beneficiary of the Sassa Grants, you will often notice that your monthly payouts do not cover other expenses. Because of this, you should look for other avenues to increase your cash flow significantly if immediate emergency expenses rise.
Many pensioners have needed help finding lenders willing to give them loans against their grants. However, many financial services companies jumped at the opportunity to provide these services to them. One of these companies is Moneyline Financial services which offer two types of loans Easy pay Sassa loans and Net1 Sassa loans.
Easy-pay Loans focus on giving affordable financial solutions to people who receive social grants. Many people have benefitted from this company’s financial services, and monthly, people queue to get loans from the company and their grant payments.
About Easy Pay Sassa Loans
The Easy Pay Sassa Loans were introduced as a financial facility that lets grant recipients borrow against their monthly grant payments. Many people who receive government social funding know about Sassa grants, how they work, and who can be a beneficiary.
The Easy Pay Sassa loans only require a little to get, except that you have to be a Sassa grant recipient. To get access to your Easy Pay Sassa Loans, the recipient must have a green card which makes the process easy. After applying for the Green card, you can easily use and get your hands on the loan you need to apply for.
Easy Pay Sassa Loans are a type of personal loan you can get within a few hours after applying. Like most personal loans, Easy Pay Sassa loans satisfy all the characteristics of a persona;l loan except that there are credit checks done on the applicant.
Accessible Pay Sassa Loans History
Sassa and Cash Paymaster Services went into business together and signed a contract in 2012. They agreed that CPS would collect all Grant receivers’ information. Afterwards, they would open Grindrod Bank accounts that were Sassa branded for everyone.
The following year in 2015, they introduced the Easy Pay Everywhere bank account. This would give the grant recipients a green bank card that they can use to store their funds. This card was also in collaboration with the Grindrod Bank. They then made it a compulsory requirement that Grant recipients who wanted to borrow against their grants open Easy Pay Everywhere bank accounts.
The Parent Company, Net1, then moved all their clients to these new accounts they had created. The company’s payment system then made the monthly grant payments the collateral against which the grant recipients can borrow.
Their contract ended because of their unlawful practices, but Sassa changed service providers to The Post Office. CPS may have been stopped, but the Easy Pay lending system is still in place, and grant receivers gain from the system.
This company has a lucrative business which has been termed controversial by many people in South Africa. Their business promotes borrowing and enables people to live out of their means. After borrowing, there is a high risk that the loan applicant will need more money to cover the essential needs the grant is meant for in the next few months.
Many Money lenders began to join the company and were willing to start lending to Sassa pensioners. This is because they noticed that Grant payments are more secure and are paid monthly by the government.
The Easy Pay Green Card
As stated above, you must own an Easy Pay Green Card to get a loan using Easy Pay Sassa loans. This card was introduced to give ways to grant recipients to earn money without the usual bank deductions. This card can be applied for and opened with Grindrod bank.
After opening your account, your Sassa grant money will be directed to the Green Card, not your Sassa Bank account. After completing this stage, applying for the Easy Pay Sassa Loans is easy. It is important to note that the Easy Pay Green cards are not linked to Sassa. Sassa has no control over the card, and they do not officially recognize it.
With The Grindrod bank account, the Sassa grant is immediately transferred to the Easy Pay Everywhere card. This account is then used as collateral when applying for loans and also receives their loans when applied for easily and quickly.
Sassa only protects Grant receivers who use this card if anything is to go wrong with their cards. They can only deal with Moneyline, which is a subsidiary of Net1.
Who is Eligible for an EasyPay Sassa loans
These loans are given to Sassa Loans recipients, which is the main requirement for eligibility. However, there are other requirements needed if you wish to apply for an Easy Pay Sassa Loan, like the following:
- You must have an Easy pay Everywhere green card
- You, as the applicant, must be above 18 years of age
- There needs to be proof that they have three months’ income through their bank records
- They must also show that they can repay the loan’s monthly instalments.
- A good credit history is also essential to show that there is good standing.
Ways to apply for an Easy Pay Sassa Loan
You can use several ways to get your hands on an Easy Pay Sassa Loan. If you wish to apply for the loan in the comfort of your home or you, want to visit their offices in person. You can. Below is how you can use the loan either way:
- Via Cellphone
You can start the process by calling Moneyluine on +27 11 343 2000
Using the USSD code or SMS, one can dial *120*3737*7# and follow the following prompts to apply for the loan.
- Visit their offices in person and get help from their staff at the Third Floor President Place Corner Bolton Road and Jan Smuts Avenue in Rosebank.
How To transfer funds to your Easy Pay Card
After you open your Easy Pay account, your grant money will be received straight into that account. Instead of using the Sassa account, the Easy Pay Card will be used, and both your grant money and any loan you receive after that will be directly deposited into that account.
- Easy Pay Loans and Interest charges related to them
- Easy Pay Loans are given from a minimum amount of R100 and a maximum of R2 000.
- The loan term starts from as little time as you need, up to six months.
- Easy Pay does not charge interest on the loans they give to Sassa Grant holders.
- However, they charge service fees on their loans, which can amount to 32% of the loan amount.
How to Repay your Easy pay Sassa loan?
Like many other loans, the Easy Pay instalments will be deducted from your monthly grant money when deposited in your account. The fixed deductions will be subtracted from your loan amount until the rest of your loan is paid up after the stipulated months you borrow the loan.
Other Services from Easy Pay
You may want a loan as a one-time emergency and want to avoid going through the process to get a card you want to use once. It is important to note that Easy Pay has other services that may interest you other than the Sassa Loan, and these are stated below:
- Airtime Vouchers
- Insurance Packages
- Easy Pay Cards, which have little charges.
Advantages of Easy Pay Sassa loans
- They are quick and easy to apply for
- the system is transparent, so you know how much the loan will cost you
- Easy Pay Sassa Loans do not attract an Interest fee and only have service fees attached to it
- you get to choose how much you need to borrow and for how long as long as it is in the fixed maximum stipulated figure and time
- Application and approval for the loan take a few minutes
- There is no need to have security against the loan as the grant is the collateral lenders need
Disadvantages of Easy Pay Sassa Loans
- The service fees for the loans are very high compared to other lenders
- Easy Pay Sassa Loans make Grant recipients too comfortable that they will start borrowing loans they can not afford
- The maximum money that you can borrow is too low and does not cover a lot of expenses
- The time needed to pay back the loan is too little