February 2025 – Many grant recipients need to be able to borrow money to help them meet their immediate needs, like paying school fees, replacing a broken appliance, or fixing their homes. But what many people don’t know is that taking out a loan and then repaying it on time every month is also a great way to build a better future and create more opportunities for tomorrow. That’s because, by repaying your loan on time, you can start to build a good credit record – and that opens doors to more financial opportunities down the line.
“A good credit record is key to financial independence,” says Kenosi Rakosa, Head of Credit Lending at EasyPay Everywhere. “By borrowing and repaying on time, you are taking the first step towards a brighter tomorrow and empowering yourself financially.”
Why a good credit record is important
Many grant recipients are excluded from credit products and other financial services because they don’t have a credit record. A credit record is just a “report” on how well you manage your money over time. If you haven’t taken out loans or credit from a formal lender or a store in the past, you probably don’t have a credit record – and without one you can’t access many other important financial products, like bigger loans and store credit.
Build your credit record with an EasyPay Loan
But now, it’s easy for grant recipients to build up a positive credit record, simply by taking out an EasyPay Loan. These useful loans make borrowing safe and affordable, giving customers a reliable alternative to informal lenders, who can charge very high interest and use unfair practices. EasyPay Loans are structured to protect customers and help them make their repayments. The EasyPay Loans offering includes:
A three-month loan up to R1 000, interest free, for smaller expenses. This loan option is immediately accessible and may be a good option to help pay for food or household items, school supplies, and emergency or travel expenses.
A short-term loan up to R2 000, interest free, that can be paid back over six months. This loan can be a big help to anyone needing to buy clothes, food, appliances or household items, pay schools fees, or cover higher expenses over the holidays.
A new medium-term loan of R4 000, which is repayable over nine months, with an interest rate of 12% per annum.
The repayment terms ensure that customers can manage their monthly budgets while repaying their loans on time, showing that they are responsible borrowers and building a good credit record. Formal lenders and other institutions can then look at this repayment history when deciding whether to give them credit or other financial products. Over time, this can give EasyPay Loan customers access to:
larger loans for things like home improvements or even starting a small business;
store accounts to help buy clothes or household goods; and
other banking services designed to help families grow financially.
Rakosa explains, “For many people, taking our an EasyPay Loan is the first step to breaking the cycle of financial exclusion. With a good credit record, they can start accessing the opportunities they’ve been denied before.”
Applying is easy
EasyPay Loans have also been designed with customers’ needs in mind, ensuring that applying is simple and quick. Customers can apply from any cellphone by sending an SMS to 47027or dialling the USSD code 1203737#; call the EasyPay Everywhere voice branch on 0801 11 18 80, or visit any EasyPay Everywhere branch and speak to a helpful consultant.
For customers who have their grants paid into an EasyPay bank account, the process is even easier, with no need for extra paperwork like SASSA confirmation letters or bank statements.
“EasyPay Loans loans don’t just help people meet today’s needs – they give them the chance they need to plan for tomorrow,” says Rakosa. “A good credit record can change your life by opening up new opportunities and creating financial stability; and an EasyPay Loan is a great way to build that credit record.”
www.epe-online.co.za