Net1 SASSA Loans are Available To All Grant Beneficiaries
If you are a Sassa beneficiary it’s easy to get Net1 loans through the Net1 subsidiary Moneyline Financial Services (Pty) Ltd.
These loans can be acquired from CPS pay points when grant recipients collect their Sassa payments.
Since legislation was passed to prohibit direct deductions from Sassa social grants payments, it became necessary for a Net1 loan applicant to open an account with Grindrod Bank called EasyPay Everywhere.
Need a Personal Loan Approved Today?
Click Here To Apply For Easy Loans Up To R150,000 »
Net1 Sassa Loans: Amounts & Interest Charges
At the beginning of February this year (2017) Net1 had 1.8-million EasyPay Everywhere accounts belonging to beneficiaries who had taken out Net1 Sassa loans.
According to the amaBhungane report, Net1 charges a “flat fee” for the full term of the loan rather than charging interest on the loan.
- Net1’s short term personal loans range from R410 to R1,050
- The loan period ranges from 3 to 6 months within which they need to be repaid.
- Examples
- a 6-month loan of R1,050 will attract a service fee of R330, which is 31% of the original amount, or an effective annual interest rate of 164%.
- A 3-month loan of R410 will attract a service fee of R100 which is 24% of the loan amount, or an effective annual rate of 280%.
These are the types of exorbitant interest rates you would expect to see from loan sharks and what makes it even worse is that these Net1 Sassa loans are guaranteed to be repaid as the amounts are deducted from the beneficiaries EasyPay accounts.
The biggest benefit of a Net1, Moneyline loan is that Sassa beneficiaries don’t have to queue in banks or go through a application and qualification process.
All they require is an Easypay Everywhere or their Green Card.