Easy Pay Loans SASSA

Easy Pay Loans SASSA: Moneyline Financial Services

Easy Pay Loans SASSA and Net1 SASSA loans are granted to all beneficiaries through their subsidiary Moneyline Financial Services (Pty) Ltd.

Grant recipients who have EasyPay Everywhere green cards will find it very easy to get easy pay loans as SASSA beneficiaries.

How To Get Easy Pay SASSA Loans With An EasyPay Card

Easy Pay Loans SASSA can be acquired from Net 1 CPS pay points when grant recipients collect their grant payments with their EasyPay card account.

Since legislation was passed to prohibit direct deductions from social grant payments, it became necessary for a Net1 loan beneficiaries to open accounts with Grindrod Bank called EasyPay Everywhere.

This is also known colloquially as, Grindrod Bank SASSA Loans or EasyPay loans online.

With this account, the funds paid into a SASSA bank account are automatically transferred to the beneficiaries’ EasyPay Everywhere account which can be borrowed against.

This makes it quick & easy for them to get Net1 EasyPay loans online as deductions can legally be effected from the EasyPay Everywhere account.

Need To Apply For the SRD SASSA Grant…

SASSA R350 Grant Application »

Moneyline Financial Services: EasyPay Cash Loans

Whilst grant beneficiaries can draw their payments from a Moneyline Financial Services office, previously Net1, they can also get easypay cash loans by borrowing on their EasyPay Everywhere green cards.

So from 300 people queuing for their monthly SASSA grant it’s not uncommon to see another queue with roughly a third of that number of people queuing for Net1 SASSA loans.

These easy pay loans are provided against the SASSA grant money they have on their EasyPay Green cards.

So for Moneyline Financial Services, previously Net1, it’s a thriving, if not controversial, business as it’s allowing beneficiaries to live beyond their means which could see them short of money in the following months.

EasyPay Contact Details (Moneyline) *

• Moneyline Contact Number: +27 11 343 2000
• Moneyline Offices: 3rd Floor President Place, Cnr. Jan Smuts Ave & Bolton Rd, Rosebank
• Postal Address: P O Box 2424, Parklands, 2121|* Please note that these contact details for Moneyline may have changed without notice.
• EASY PAY LOANS SASSA: Net1 SASSA Loans Online

Net1 SASSA Loans

Net1 SASSA Loans & Easy Pay Loans SASSA Available To All Grant Beneficiaries

Grant beneficiaries can apply for Net1 SASSA loans as well as other products, through Moneyline, such as airtime, insurance & microloans as long as they have their  EasyPay cards.

In a recent report, by amaBhungane, in an interview with a Sassa cardholder who said that after applying for a Net1 loan through their company Moneyline, the Net1 printout from that transaction included this warning.

“I hereby authorise Moneyline to access my bank account transaction history for the purposes of approving my loan request.”

This is contrary to what Net1 CFO Herman Kotze recently told the Pretoria High Court.

Where he stated that Net 1 and Moneyline “do not have, and do not seek, access to the beneficiaries’ accounts”, amaBhungane reported.

Click here to see How To Do Your SRD SASSA Status Check »

Therefore, grant applicants for Net1 SASSA loans need to consider carefully the costs and personal information associated with getting loans through Net1 and Moneyline.

According to Net1, their EasyPay Green Card loans are their largest financial services offering and where they earn revenue from the service fees charged on these loans.

Therefore, Net1 makes most of its money in financial services by providing Easypay Net1 loans through its EasyPay Everywhere account.

This is in addition to the Easy Pay Loans SASSA one (in order to legally make deductions from the cardholder’s account).

Applicants for Net1 SASSA loans and EasyPay Everywhere account holders should know that Net1 charges transaction fees whenever a cardholder does anything at an ATM.

For instance, “Transaction fees apply when cardholder transacts at point of sale or an ATM, including cash withdrawal, balance enquiry, insufficient funds and other miscellaneous ATM fees which are recorded when an ATM user performs a transaction at an ATM.”

Net1 SASSA Loans & Interest Charges

At the beginning of February (2017) Net1 had 1.8-million EasyPay Everywhere accounts belonging to beneficiaries who had taken out Net1 SASSA loans.

According to this amaBhungane report, Net1 previously abused financial regulations to benefit from the social welfare grant system.

Furthermore, previously Net1 SASSA loans were charged at 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.

Loan beneficiaries need to be aware that money is not being deducted, without permission, from their accounts for airtime, electricity as well as and loan repayments & interest to subsidiary companies in the Net1 group.

Many SASSA social grant recipients have complained of having deductions being made from their accounts, including Net1 loan repayments, which they say they’ve never authorised.

• The figures and charges for Net1 SASSA Loans above will, in all likelihood, have changed since this post was published.

Last Word On Easy Pay Loans SASSA

Whilst getting EasyPay loans as a SASSA beneficiary may seem the better option compared to loan sharks, for instance, you should be aware they come at a cost.

As an example, if you get an old age grant of R1 980, which is only R1 500 after deductions, you would be tempted to get a loan to make ends meet.

However, the loan comes at a cost so next month your grant will be less than R1 500 as your loan amount, and costs, will have to come off that amount.

So as you can see, you’ll have very little left to live on for the month, so be very cautious before you take out EasyPay SASSA loans.

• Despite SASSA ending their contract with Net1 (Moneyline) and CPS, they managed to get all SASSA beneficiaries to open an account with EasyPay Everwhere & Grindrod Bank in order to get credit.
• This allowed Net1 and CPS payment system to use beneficiaries’ grants as collateral against loans, which made it easy to provide EasyPay loans to SASSA beneficiaries.
• It’s not surprising that informal lenders make grant recipients open accounts with EasyPay as it provides the lenders with collateral.

Lastly, even though the contract with SASSA and Net1 (CPS) was cancelled, EasyPay does still pay out grants at certain offices, such as the Moneyline (Net1) Financial Services office at Soshanguve Plaza, Pretoria.