Most people need a little financial help occasionally especially when there is an emergency. Whether it is to meet a school or university’s registration deadline, buy/repair a car, or for some other personal reasons. Whatever the reason, applying for a loan should be reasonably quick and straightforward if you know and understand the process. In this article, we will be looking at all there is to know about Direct Axis Loans.
About Direct Axis.
DirectAxis is the largest nonbank personal finance company. It is a wholly-owned subsidiary of FirstRand Investment Holdings. DirectAxis has been able to maintain a large market share in personal finance because FirstRand funds them.
They promote responsible borrowing and lending and comply with the National Credit Act. As time goes on, they’ve continued to develop the digitization of the business to deliver a positive and meaningful experience to our customers across all touchpoints.
DirectAxis product and service
Being one of the largest and largest and most successful direct marketers in the financial services sector, Direct axis offers a wide range of products. They include;
- Personal Loans
A DirectAxis personal loan is an unsecured loan, so you won’t have to pledge any assets as collateral. Due to the fact that personal loans are not secured in any way, the financial services provider makes clear each one is accompanied by a personal loan protection plan. The purpose of this plan is to settle your personal loan’s outstanding balance in the event of death or permanent disability.
Upon approval, the loan amount is deposited directly into your nominated bank account. You can spend the money however you want. DirectAxis won’t control how you spend it.
Personal loan highlights:
- Online loan applications are available.
- The loan repayment period ranges from 24 to 72 months.
- Within 48 hours of approval, you will receive money in your account.
- Fixed monthly repayments for the full term of the loan.
- You can borrow up to R200,000.00
What you need to apply for a DirectAxis personal loan:
- A copy of your South African ID
- Must have a good credit report
- Need to have a regular monthly income of at least R5000
- Proof a residence not older than 3 months
- Recent 3 months bank statement
- 3 months Payslips
2. Consolidation Loan.
DirectAxis helps you administer and settle your loans if you use their debt consolidation product. With Consolidate Loans you will have access to some of the best debt administrators who will guide and lead you through the consolidation process.
By choosing DirectAxis, you can get a good idea of how much money you will save on consolidation. There is a calculator on the DirectAxis website that lets you know how much money you can save per month by entering your loan amount and repayment amount.
It is interesting to note that many people who choose DirectAxis as their debt consolidator save between R1000 and R1500. When you consider the months that you still have to pay back your loan(s) this is a significant saving.
Because their loans are unsecured, the borrower doesn’t need to provide collateral. Therefore, your debt consolidation loan will come with an insurance plan that will cover the outstanding amount if you become disabled or die.
Highlights of the DirectAxis debt consolidation loan:
- The monthly repayment is adjusted to a single fixed amount.
- Your credit obligations will be settled by DirectAxis’ debt consolidation team.
- Comes with a single service fee and credit protection plan.
- Lower monthly payments on qualifying credit.
Your credit health will improve dramatically if you consolidate your debt. Your credit will be consolidated into one product, which will have a less significant impact on your credit score than having many accounts with different lenders.
When you consolidate your debt with DirectAxis, you will only be required to pay one amount, rather than many amounts to different creditors. They will also offer you a consolidation loan that is likely to beat the rate of interest on your debt. You’ll be able to save some extra money this way.
How to apply for the debt consolidation loan:
- You need to have a good credit score/record.
- Have a regular income of R5000 or more.
- Latest 3 months bank statement or payslips.
- Copy of your ID document.
- Proof of address.
3. Insurance Products
In addition to its insurance products, DirectAxis also offers funeral coverage. The funeral cover is there to offer financial support to the policyholder’s family after his or her death. The premiums will be based on the age of the policyholder. However, the policyholder can add members of their family for an additional fee. Subscription fees are payable each month by debit order; however, you can also pay directly to DirectAxis.
Short-term insurance is provided by the company in conjunction with Hollard Insurance Company. Car, home, building, and contents insurance are all part of the short-term packages. For DirectAxis clients, this offer is for Hollard short-term insurance products that are affordable. This document provides eight quotes on short-term insurance premiums that can be used to determine discounted rates.
Benefits of Direct Axis Loans
Taking a Direct Axis Loan comes with a couple of extra benefits. Some of these benefits include;
- Direct Axis Loans are secure and straightforward. All application processes can be completed online.
- Your repayments are fixed at the company’s current interest rate for the full term of your loan. They never increase, no matter how much interest rates go.
- Direct axis loans come with a Personal Protection Plan. This settles your outstanding balance in the event of your death or permanent disability.
- Repayments are over a term from 24 months up to 6 years.
- DirectAxis gives you feedback quickly, and you might receive your money within 48 hours.
What do you need to apply for a Direct Axis Loan
To apply for a Direct Axis Loan, you need;
- A good credit score/rating.
- A copy of your South African ID.
- A recent document confirming your house address.
- A regular monthly income of at least R5000.
- To obtain your salary, you must provide the details of your bank account.
- Up to 3months of recent bank-generated PDF statements or payslips as proof of income.
How to apply for a Direct Axis Loan
Direct Axis Loans has taken out time to streamline its application process, making it simple and quick for interested applicants. You can apply for a Direct Axis Loan by;
- Visiting their official website.
- Applying and providing the necessary information via their online form.
Alternatively, you can always call the Direct Axis call center at 0861 02 03 04 Monday to Sunday, 8 am – 8 pm. You can also SMS your name, surname, and ID number to 43885.
Check out some online loans in South Africa.
Important terms of Direct Axis Loan
Before taking any loan in particular, it is important to be conversant with some key points just so that nothing will take you by surprise. Some of these key points include the fact that;
- Direct Axis terms solely depend on the amount you borrow, your financial position, and your preference for repayment.
- Interest rates vary depending on several things including the type of loan you get, where you get it, and your creditworthiness.
- The longer the loan term, the lower the monthly repayments will be but remember you will also pay interest on the amount you borrowed over a longer period.
- With Direct axis loans, paying off your loan earlier will save you some interest.
- There are no penalties for settling before the end of the term.
- Interest rates can be fixed or variable.
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Conclusion
As a registered financial services provider, Direct Axis loan has taken measures to ensure you have a great and smooth loaning experience. Through their straightforward and customer-friendly website, the application process becomes a piece of cake.