The SASSA Grant Advance is a credit facility offered by TymeBank that allows SASSA grant beneficiaries to access cash before payment dates, in advance.
Yes, if you have an emergency and are already using TymeBank as your payment method, you can quickly apply for an advance to access your grant money instantly.
More and more grant beneficiaries are considering the TymeBank Grant Advance facility but you must understand your financials well so that this doesn’t affect your living.
Let’s dive right into how it works.
How the Grant Advance Works
As briefly touched, Grant Advance is a facility that gives beneficiaries early access to the grant money before the actual payment day.
You can access up to R500 cash with the SASSA Grant Advance credit. The facility is only available between the 20th and 29th of every month.
The service is only available to TymeBank account holders, meaning you must be banking with them to be eligible for the Grant Advance.
The best part:
It’s nothing like a personal loan, this credit facility is offered at no charged interest and the following benefits:
- Immediate Financial Relief: It provides quick access to funds in case of emergencies or unexpected expenses, offering a financial safety net.
- Zero interest: SASSA Grant Advance is free to use, with no interest or additional fees charged.
- Better Financial Planning: With access to funds when needed, you can better manage your monthly cash flow and budgeting.
- Reduced Financial Stress: Knowing they have access to the grant advance can reduce financial stress for employees, potentially improving their overall well-being and productivity.
- No Collateral Required: Unlike traditional loans, grant advances typically do not require any collateral other than being a recipient of SASSA.
Grant Advance Requirements
TymeBank Advance is only available to general permanent SASSA grants such as child, disabled, and older persons grants.
It’s not available for the Covid-19 SRD grant beneficiaries because the grant offers less than the Grant Advance threshold.
You must have an active SASSA grant and a TymeBank account to qualify for the SASSA Grant Advance.
If you don’t have a TymeBank account yet, please consider switching to gain access to all the benefits they’re offering to SASSA recipients.
Limits & Withdrawals
With the credit facility, you’ll get early access to R500 of your grant money before the payment date.
You can only request an advance once per month, depending on the type of grant and how much you’ve qualified for.
Spend the money on the most important things, because this will be deducted from your grant on payday.
Watch out for the Disadvantages of Grant Advance Too!
- Potential for Misuse: There’s a risk of employees becoming reliant on advances, leading to a cycle of constant borrowing and potential financial irresponsibility.
- Administrative Burden: Implementing and managing a grant advance system can be administratively burdensome for employers.
- Reduced Future Paycheck: Since an advance is essentially a loan against future earnings, it can lead to smaller payments in subsequent pay periods, which may cause financial strain.
