SASSA Loans - Everything You Need To Know!
Now that you are well aware of what SASSA’s main focus is when it comes to the service they provide, it is best to note that SASSA loans DON'T exist!
Let's quickly get to the bottom of why you're currently a beneficiary of SASSA.
You've qualified for any of the available grants to offer you financial support. This means you currently don't have any type of income other than the SASSA grant.
Now, ask yourself, why would SASSA offer loans to the very same people they're trying to support financially?
There are a lot of different sources out there that make people believe that SASSA offers loans, today we want to clear the air for you, SASSA does not offer any loans against child grants or for pensioners.
It is possible that you're desperate for money right now, but we want to urge you to be very careful before falling into the hands of loan scammers and fraudsters. Don’t let desperation put you into debts you could have easily avoided.
Yes, there are lenders out there that offer smaller loans you can qualify for with your SASSA grant, but would you afford to pay back these loans?
With the price hikes in almost everything in South Africa, SASSA grants are not enough to cover all basic needs so, why would SASSA even think of offering loans to people they are trying to assist with social security? And even if you take a loan using your SASSA card where would you get the money to pay it back?
This will just be you digging a lifetime debt hole for yourself.
Do you even understand how loans work?
First, a loan is a commitment that you make, promising that you will pay back the money you borrow plus the interest within a certain period.
How it works is you borrow money from the bank or any registered company and pay it back with interest. That means if you borrow R500, you'll pay back a total of about R695 to R750 based on your credit profile.
While a lot of people turn to loan sharks, it's wrong because these lenders don't comply with regulations or consider your affordability of the loan and offer ridiculous interest rates.
In conclusion, SASSA does not give loans, but they offer grants to eligible South Africans. So, don’t fall trap of the SASSA loan scam. If you would like to apply for any grant that you qualify for, you can do so by visiting any SASSA office near you with the required documents or online for the SRD Grant.