- Getting Finbond SASSA loans is fast; you can do it within one day.
- You can get as much as R20 000 loan from Finbond
- Blocked people will not get Finbond SASSA loans
- There is no need for collateral when getting Finbond SASSA loans.
Background to Finbond SASSA Loans
Finbond Mutual bank is a registered financial institution with the South African National Credit regulators. As a borrower, you are safe taking a loan from Finbond. There are no other recovery tricks that may harm you in case of failure to repay the loan.
After the government of South Africa realised the need to give financial support to its vulnerable people, they created a leg called the South African Social Security Agency (SASSA) to help people of different categories in financial need.
The categories include children from low-income earning households, school-going children, those with disabilities, old aged and war veterans. These people will receive government grants monthly to help them meet their daily needs.
It is also important to note that Finbond offers many banking/financial products. They deal with investments and savings, among many other products they offer.
Finbond SASSA loans
In support of the government’s initiative, Finbond Mutual Bank vowed to give a hand in supporting vulnerable South Africans who need financial assistance. This initiative was motivated by the fact that the grant money people get every month might not be enough for most households in South Africa. If you need cash while registered under Social Security, you can get a loan with Finbond.
However, it is the key to understanding that Funbond SASSA loans are only short-term personal loans that you get quickly. They help you to cover unforeseen expenses or fluctuations in general needs. You can not get long-term loans to build houses or buy cars.
Requirements to qualify for Finbond SASSA loans
- You must be a South African citizen, a permanent resident or a refugee
- You must be registered with Social Security support
- At least three months’ payslip
- It would be best if you met the National Credit Regulator’s qualifying criteria to get a loan from Finbond.
- Proof of address or residence
- At least three months’ bank account
- A certified duplicate of the smart identification card
- You will be asked to fill in the Finbond SASSA loan application form
It is vital that the bank may require additional documents or demands upon request. You must provide all the requested documents or information to get a Finbond SASSA loan.
What can l use Finbond SASSA loan for
Fortunately, the simple answer is everything, Finbond SASSA loans can be used for anything you need. Every financial need stress you can now solve by taking a Finbond SASSA loan.
Advantages of Finbond SASSA loans
Compared to many other lenders across the country, Finbond SASSA loans provide you with a loan deal that is quite favourable. The fact that the bank is issuing these loans in the spirit of social assistance makes everything better. They are sure they deal with people who need financial aid, making them charge lower interest rates.
Also, the government closely monitors every institution that offers loans to people under Social security service support. It will be fatal and against the government’s goal if Finbond charges higher interest rates.
Properly structured repayment plan
Unlike many informal lenders that are readily available to convince you to borrow from them, Finbond gives an entirely different setup. Their instalments are structured and made so that they do not leave you in more financial mess/stress.
Their monthly instalments do not change throughout the repayment period, and this makes your planning much more accessible. Considering Finbond loans will save you from loan shacks that may leave you and your family in a more critical situation.
A workable period of repayment
As explained above, Finbond Mutual Bank offers these kinds of loans with the spirit of helping and not taking from you. They use other financials to make huge profits, not SASSA loans. This means that even the period you will be given to pay the loan is much more favourable than that of institutions that are trying to make profits out of you.
Finbond SASSA loans stretch to as long as 24 months of repayment, giving you the time and space to repay your loan without risking being blocked.
No need for collateral
Unlike many other loans you will get out of Finbond SASSA loans, here you won’t e in need any assert to work as collateral for the loan. This means you will retain total control of all your assets after taking the loan.
It also means that you will not lose any of your assets in case of failure to pay. You will retain the right to sell your purchase at a value that satisfies you. This will help you to manoeuvre with your support to make a living and repay the loan.
Easy to acquire
Unlike many loans you may want, Finbond loans are much easier to get, thanks to their short process. The fact that most of your information is already available with SASSA makes the process fast. You may often get your money in the bank account as soon as within 24 working hours. You may need a Finbond Mutual bank account to make your loan faster.
Freedom in the use of money
Unlike some unique and specific loans like car loans, house repairs loans etc., Finbond loans do not ask you to use the money for any particular purpose. They allow you to use the money as you wish, giving you room to better your life in many ways. You can start a small business.
Limitations of Finbond SASSA loans
It’s clear that most Finbond SASSA loans are generally suitable for you in times of financial need, however, they have shortcomings that may catch up with you.
Not available to blocked or people under debt review
Finbond SASSA loans only deal with people eligible to borrow under the National Credit Regulatory board. This excludes people who are delisted/blocked for either failing to pay or breaching any of their rules.
Also, people under Debt review are considered incapacitated to borrow under Finbond SASSA loans and would not get a loan. If you are under Debt review, it is essential to communicate with your regulator to find options and assistance on effectively solving your financial crisis.
Offer relatively smaller loan amounts.
The R20 000 mark for Finbond SASSA loans is a severe limitation that has caught up with many borrowers. You will have nothing to do since they don’t take collateral for an increased loan amount. More often than, you may find out that your financial needs are way more than the loan amount you get.
This also means that Finbond loans can’t be enough for you to buy a car or a house. You will need more money to do that.
A poor credit rating may affect your loan amount.
Finbond SASSA loans may be affected by your credit rating. This facility may not be favourable for people with a poor credit history. A poor record of failure to repay may result in you getting a loan amount way less than the R20 000 maximum limit.
How to apply for Finbond SASSA loans
Applying for a Finbond SASSA loan is an easy process in South Africa that you can do within the comfort of your home or work office.
- Firstly, make sure that all the required documents, i.e. payslips, bank statements, and proof of residency, among others, are ready and certified if needed so
- Get your phone or laptop to the Finbond website (www.finbondmutualbank.co.za), and you will find any additional requirements needed to get a loan.
- On the website, go to the loans section, attach all the required documents and fill in the application form provided.
- After completing the application process, you wait for the feedback
N.B – If you face any challenges in the application process, you may contact them through phone or email. If the problem persists, you may need to visit Finbond Mutual Bank’s closest branch for face-to-face assistance.
Finbond SASSA loans contact details
Many people across South Africa struggled to get in touch with Finbond over the years. Some of them would get phone numbers that only ring with no one answering at the other end. Here are the full contact details; you need to get in touch to ask anything you want to understand.
Phone number: 086 000 4249 or 012 460 7288
Email: [email protected]
For those who want to apply using text messages
SMS “my bank” to 30635 for credit or account applications (SMS cost R 1.00)
Rules and regulations of Sassa regarding money lenders and loan recipient
- Section 20(0) of the Social Assistance Act, 2004 (Act 13 of 2004) states that handing over your Sassa card to anyone as collateral for a loan is illegal.
- If any lender gets caught possessing payment cards, he will be punished and arrested.
- The money lenders are never allowed to own the pensioner’s documents.
- If a beneficiary gets caught transferring/ceding or pledging their grant, the recipient grant will be withheld, suspended, or stopped.
- A declaration of intent is being rolled out to be signed by new applicants. This will be done only for safeguarding. So, the cards on which SASSA transfers grants and funds remain safe from money lenders.
Furthermore, If you want to get loans, there are institutions through which you can get the loans through Shoprite, Capitec, easy pay loan, Finbond, or Moneyline. Sassa also warns the beneficiaries against fake Sassa r700 grant application warnings.