S Financial Terms

SASSA Grant

General

Monthly cash from SASSA — the South African Social Security Agency. For pensioners, people with disabilities, caregivers. If SASSA is your main income...

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Salary Advance

loan-types

A salary advance is a short-term loan or arrangement that gives you access to a portion of your earned but not yet paid wages before your salary date....

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Same-Day Loan

loan-types

A same-day loan is any personal or short-term loan where the funds are paid into your bank account on the same calendar day that you apply and are app...

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Section 129 Notice

Legal

Before a credit provider can take you to court over unpaid debt, they're legally supposed to send you a Section 129 notice. It tells you you're in def...

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Secured Loan

Loans

A loan where you pledge an asset — your car, house, whatever — as collateral. If you default, the lender can seize it. The lower risk for them means l...

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Sequestration

Legal

When the court declares you're officially broke and takes all your stuff to pay back creditors. It's the legal nuclear option in SA. You lose assets, ...

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Short-term Loan

Loans

A loan you pay back in weeks or months, not years. Usually has hectic interest — sometimes 30%+ — but it's fast and meant to cover emergency stuff. Pa...

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Stokvel

General

A group of people (usually friends, family, or neighbours) who pitch in money regularly — sometimes weekly, sometimes monthly — and take turns receivi...

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Store Account

Credit

Credit from retail stores — Edgars, Mr Price, Woolworths, Pick n Pay. You buy stuff and pay monthly. Interest is hectic — usually 21-26% — way more th...

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