Loan Frequently Asked Questions

What can I use my personal loan for?
Your personal loan can be used for any home-related or other expenses including:

  • Bond registration costs
  • Water and electricity deposits
  • Moving costs
  • Deposit shortfall
  • Transfer duty
  • Attorney’s fees
  • Any additional items to make your house a home
  • Other personal expenses

Are there any restrictions on what I use my personal loan for?
There are no restrictions on how you use your personal loan. The money is deposited directly into your bank account and you can use this money how you choose.

How do I apply for a personal loan?
If you are interested, simply complete your details on the online application form to start the process. If you meet our application requirements, an expert loan consultant will be in contact with you to complete the full application over the phone.

How much can I borrow?
Loans range from R5000 to R150 000 in increments of R1000. The amount you qualify for is based on your personal financial circumstances and subject to credit approval.

What are the repayment terms?
Repayment terms are between two and six years, and are FIXED for the full term of your loan.

What interest rates are offered?
Interest rates are based on your personal financial profile. Speak directly to one of DirectAxis’s expert loan consultants for information on the exact interest rates. DirectAxis is fully compliant with the National Credit Act of 2005 and is a responsible lender.

How quickly can I get my money?
Should you be able to provide all the required information when applying for your loan and your application is approved, you will get your cash in next to no time.

How do I receive the cash from my loan?
On approval and acceptance, loan proceeds are transferred directly into your bank account.

To Qualify for a Personal Loan you must:

  • Be 18 years or older
  • Be a South African resident
  • Have good credit record
  • Earn a minimum permanent income of R5 000 per month or more

When applying, please have the following at hand:

  • A clear copy of your ID document
  • Proof of income will be required such as your last 3 months’ payslips or bank statements
  • A recent document confirming your residential address
  • Your bank account details where your salary is paid into

Will my repayments change?
Repayments are fixed and will not change for the duration of your loan term.

Are there any penalties if I settle my loan early?
There are no penalties for early loan settlement.

Who provides my personal loan?
Personal loans are managed and administered by DirectAxis SA (Pty) Ltd, an authorised financial services provider with many years in the financial services industry.

Can I be refused a loan?
All requests are considered, but your final loan amount will be based on your personal financial profile and is subject to credit approval.

Do I have to provide collateral to secure my personal loan?
No, you do not. Personal loans are unsecured.

Can I choose how I make repayments?
For your convenience, your repayments will be deducted from the bank account into which your salary is paid by debit order each month.

How can I protect my family?
Every DirectAxis Loan includes a Personal Protection Plan, which settles your outstanding loan balance in the event of your death, permanent disability or certain dread diseases. It also provides limited cover in the event of temporary disability and should you be retrenched, a once-off payment equal to six instalments will be paid out to you. Of course, you’re free to substitute the plan with a policy of your choice, providing the cover offered is equivalent.

Can I take out a loan if I am not a South African citizen?
To qualify for a loan, you need a valid barcoded South African ID.

As a South African citizen, do I require a bank account to take out a loan?
To qualify for a loan, you must have a South African bank account.

Do I need permission from my spouse in order to take out a loan?
If you are married in Community of Property or in terms of customary or foreign law, you will require consent from your spouse to enter into any credit agreement.