It is not new today, nor new, that personal loans can be over or under restrictive when it comes to loan amount and payment terms. Generally, those with good or excellent credit scores will certainly have an easier time with most service providers. This is exactly the case with DirectAxis Loan, which offers some good options for those with good or excellent credit scores.
On top of all this, in case you are wondering, you can get great interest rates – where in this case they are fixed, no matter how much you borrow or how long you have to repay it in full. With DirectAxis Loan you can get minimum or maximum amounts depending on the situation you are in.
Read on to understand how this type of personal loan can be good for you, its main advantages and cons, as well as payment terms, interest rates and fees.
DirectAxis Loan
Approval within 48h Maximum interest rate of 26.5% per yearHow does DirectAxis Loan work
First of all, you need to know that Direct Axis is a government accredited Financial Services Provider and founded in 1995 as part of the Direct Axis Group. As a 20+ year old entity, their solid history makes them highly regarded in the field of financial services provision.
When you apply for a personal loan, you will have the money within 48 hours in your account, with up to 14 days to make the first payment. You can use the money you receive however you like, whether it is to remodel your home, take a special trip, buy new appliances, or finance your business.
Another interesting point to mention is that DirectAxis Personal Loans are unsecured, meaning that no one will ask for your car, your house or any other asset as collateral – rest assured. Applying for a loan is quick, and you can also use your loan for whatever you want.
Loan repayment terms range from a minimum of 24 to a maximum of 72 months, with an interest rate of 26.5% per year and an initiation fee determined according to your personal risk profile.
Main Advantages of using the DirectAxis Loan
Direct Axis personal loan ranges from R5,000 to R150,000 with longer repayment period compared to other loan providers. You can choose from 2 years to 6 years to repay the amount borrowed, plus interest.
Check out other interesting advantages:
- Interest rates never go up
- Feedback is given quickly
- The money can be in your bank account within 48 hours
- Repayments are over a term of 24 months up to 6 years
- Payments fixed at the current interest rate for the full term
- It is safe and simple to fill out your online loan application
You read those benefits right, there are no fees when it comes to DirectAxis Loan. Not only are you free from paying an origination fee, but there are no late fees or prepayment penalties.
Cons of using the Capfin Loan – Interest and Fees
Since the DirectAxis Personal Loan is an unsecured type of loan, there are some fees that will be charged, and you need to know. Here are some of them:
- Fixed monthly service fee of R68.40
- Fixed interest rate of 27.75% regardless of repayment period
- Minimum initiation fee of R600 and a maximum of R1 197, depending on the loaned amount
The rate is based on your financial profile, meaning this can be higher or lower.
Requirements for DirectAxis Loan
To finally get DirectAxis loans, you have to meet the minimum requirement listed below:
- Having a good credit record is a must
- Monthly income should amount to at least R5 000
- Have to provide the details of your bank account where your salary is deposited
- Any document that confirms your residential address
- A copy of your government-issued ID proving you’re a South African citizen
- Bank statements showing your monthly salary or a copy of your payslips for the last 3 months
Once this is done, the next step is to go ahead and secure your loan.
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