DirectAxis Loan Review

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DirectAxis is a fully-owned subsidiary of FirstRand Investment Holdings. Thanks to the financial support from FirstRand, DirectAxis has established a significant client base in the field of personal finance services.

Originally established in 1995 as a direct-to-consumer insurance brokerage, DirectAxis has grown and diversified its offerings to personal lending in recent years. This strategic expansion fueled the company’s growth and set the stage for the DirectAxis we are familiar with today.

This article provides an overview of the personal loans and debt consolidation loans available to South Africans through DirectAxis.

DirectAxis Loan at a Glance

DirectAxis Loan at a Glance

  • Loan amount: R5 000 – R300 000
  • Loan term: 24 months – 72 months
  • Interest rate: Up to 29.25% per annum
  • Initiation Fee: R1 207.5
  • Monthly Service Fee: R69

What You Should Know about DirectAxis:

DirectAxis has been a trusted provider of financial services in South Africa for over 25 years. The company has built a reputation for offering reliable and accessible personal loans to individuals in need of funds. Whether it's for unexpected expenses, home improvements, or educational purposes, DirectAxis understands the importance of providing financial solutions tailored to meet the unique needs of its customers. 

In addition to their personal loans, DirectAxis also offers debt consolidation loans, which are particularly advantageous for individuals seeking to simplify their financial obligations. These loans enable borrowers to merge multiple credit debit orders into a single manageable payment, easing the burden of tracking numerous payment due dates and reducing the risk of missed payments. 

Pros of DirectAxis
  • DirectAxis offers online applications, making the process convenient and accessible.
  • It is part of a well-established group that includes FirstRand Bank, FNB, and Wesbank.
  • DirectAxis provides a free credit score test, allowing individuals to assess their creditworthiness without any cost involved.
Cons of DirectAxis
  • DirectAxis loans can come with a significantly high interest rate, especially if you have a bad credit score.
  • Online customer reviews for the company are generally negative, suggesting potential problems.
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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.

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How DirectAxis Loans Stand Out?

DirectAxis is known for its quick loan approval and disbursement processes. The company prioritises efficiency to ensure customers have timely access to funds. Once your loan application is submitted and approved, the money can be transferred to your account within 48 hours.

In addition, DirectAxis Loans also takes pride in its user-friendly online platform, making the loan application process convenient and hassle-free. With a simple and intuitive interface, customers can easily navigate through the application, upload required documents, and track the progress of their loan.

DirectAxis Loans offers flexible repayment terms to cater to individual needs. They understand that everyone’s financial situation differs, so they tailor loan repayment options to meet your specific requirements.

DirectAxis Loan Products 

Personal Loans

DirectAxis provides personal loans ranging from R5 000 to R300 000. These loans cater to individuals requiring financial assistance for medical bills, educational expenses, or other financial obligations. With a fixed interest rate, DirectAxis personal loans guarantee that the borrower’s fees remain unchanged.

Consolidation Loans

DirectAxis provides consolidation loans to offer financial relief to its customers. These loans combine all credit repayments into one manageable monthly payment. Many individuals who select DirectAxis as their debt consolidator save anywhere from R1 000 to R1 500 monthly.

Benefits of Taking a Loan from DirectAxis

One benefit of DirectAxis loans is the convenience of their online application process. By providing an online platform, DirectAxis allows applicants to easily apply for a loan from the comfort of their own homes. This eliminates the need for in-person visits to a physical branch and saves valuable time and effort.

DirectAxis simplifies the loan repayment process even more with fixed monthly repayments, making it easy and manageable. This ensures consistency and predictability in repayment amounts, aiding in financial planning and budgeting. With online applications and a focus on hassle-free borrowing, DirectAxis provides convenient access to funds while maintaining financial stability.

DirectAxis Loan Interest Rate and Fees

DirectAxis provides loans with an annual interest rate that can reach up to 29.25%, which is subject to various factors. These factors include individual circumstances like creditworthiness, the amount of the loan, and the duration of the repayment plan.

Apart from the interest rate, DirectAxis imposes a service fee of R69 on borrowers. This fee is intended to cover the administrative expenses involved in processing and managing the loan effectively.

Additionally, there is an initiation fee that can potentially amount to R1 207.5. The initiation fee is a one-time charge levied by DirectAxis to account for the costs associated with initiating and setting up the loan for the borrower.

It’s important to note that these rates and fees are subject to change and may vary depending on the specific loan agreement and individual eligibility criteria. It is always recommended to review the loan terms and conditions provided by DirectAxis or consult with their representatives for the most accurate and up-to-date information.

How To Qualify For DirectAxis Loan

These are the key criteria you need to meet in order to qualify and secure a loan from DirectAxis:

  1. Valid South African ID: To prove your citizenship or permanent residency, ensure you have a clear copy of your South African ID. This document is crucial for verifying your eligibility.
  2. Proof of Residential Address: DirectAxis requires a recent document that confirms your residential address. This could be a water/electricity bill or a bank statement displaying your name and current address. It’s important to provide this information to establish your place of residence.
  3. Documentation of Income: Demonstrating your financial stability and ability to repay the loan is vital. You’ll need to submit up to three months’ worth of bank-generated PDF statements or payslips to do this. These documents should clearly display your income, giving the lender insight into your financial situation.
  4. Good Credit Record: Lenders review your credit history to assess your past repayment behaviour and evaluate the associated risk. Maintaining a good credit record is essential when applying for a DirectAxis loan.
  5. Minimum Monthly Income: To be eligible for a DirectAxis loan, you should have a regular monthly income of at least R5 000. This income threshold ensures you have a stable source of funds to meet your loan repayment obligations.

How to Apply for a DirectAxis Loan

The best way to apply for a DirectAxis loan is to use BetterLoans. In addition to DirectAxis, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.

To apply for DirectAxis services directly, individuals can utilise two convenient options. The first option involves visiting the DirectAxis website and completing the application form online, ensuring that all necessary information is provided accurately. Alternatively, interested applicants can contact the DirectAxis call centre at 086 102 0304.

The call centre operates from Monday to Sunday, 8 am to 8 pm, allowing individuals to speak to knowledgeable and friendly customer service representatives. By choosing the most suitable method, applicants can take the initial step towards accessing the comprehensive range of services offered by DirectAxis.

How Long It Takes DirectAxis to Approve a Loan

DirectAxis strives to ensure that applications are processed, and funds are released within a span of 48 hours. However, it is important to note that during weekends or national holidays, the approval and disbursement process may take a slightly longer duration. Despite this, the company makes every effort to maintain a swift and efficient turnaround time for applicants. 

Is DirectAxis a Trusted and Reliable Lender?

DirectAxis is a South African company that has firmly established itself as a leading direct insurance brokerage, proudly rooted in the local market. With a remarkable 25-year track record, the company has experienced significant growth and undergone remarkable transformations throughout its history. Over the years, DirectAxis has continuously adapted to meet the evolving needs of its customers, ensuring they receive reliable and tailored insurance solutions.

As an authorised lender, DirectAxis adheres to the regulations set forth by the National Credit Regulator (NCR). The NCR was established in 2005 under the National Credit Act to safeguard South Africans from dishonest credit practices. By complying with the NCR’s guidelines, DirectAxis demonstrates its commitment to responsible lending, promoting transparency, fairness, and ethical conduct in the financial industry.

Despite its achievements, DirectAxis faces some challenges, as reflected by its relatively low score on the popular South African review website, HelloPeter.com. With an average rating of 1.2 out of 5 stars based on nearly 4500 reviews, most of the negative feedback revolves around customer service-related issues. 

DirectAxis Contact Details

Frequently Asked Questions (FAQs)

DirectAxis uses FirstRand Bank Limited, which is a registered credit provider in South Africa.

You can call the customer service line, 086 102 0304, on any day of the week, 8: am to 8 pm.

Picture of Foli Raheem
Foli Raheem

Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.