Direct Axis Loan: How to Apply

Sometimes, taking a loan is inevitable. But you know what’s evitable? Taking a bad loan. There’s nothing worse than it. You enter into a bad deal with an unaccredited loan company, and now you are left fighting for your reputation and the last Rand in your account. 

But like we said, it’s evitable. And your presence here puts you on the right track to avoid the above scenario. We’re about to give you insights on how to apply for a loan at a trusted loan company in South Africa, DirectAxis. 

What is a Direct Axis Loan?

Direct Axis Loan is an instant loan option provided by Direct Axis. 

Established in 1995 by FirstRand Bank Limited, an authorized financial services and registered credit provider, Direct Axis connects South Africans with loans and insurance. They are currently the largest direct financial marketer on the continent, boasting over a million customers and a large number of approved loans. 

“The application was easy and straightforward to complete. This is a renowned and long trusted institution countrywide.”

– JG Ntebele, Direct Axis customer.

As the name implies, Direct Axis is a direct-to-consumer loan. The loan is credited directly into your bank account with no third-party involvement. Coupled with the short time within which the loan is disbursed, this makes Direct Axis a flexible solution, particularly for personal loans. Direct Axis takes the necessary measures to ensure its loans comply with the National Credit Act of 2005. Aside from personal loans, Direct Axis provides consolidation loans, funeral cover and DirectAxis Pulse, a free financial health product.

Also read: How to Apply for UIF in South Africa 2024

How Can I Apply for a Direct Axis Loan?

Applying for a Direct Axis loan is simple and non-technical. The process is completely digital. It can be completed in less than an hour and within 48 hours, your loan will be disbursed into your account. 

As earlier mentioned, Direct Axis has two major types of loans: personal loans and consolidation loans. The application process for these loan categories is the same; you simply need to follow the steps below:

Step 1: Get Your Documents Ready

Before you start your online application, ensure you have all the direct axis loan requirements. This would enable a faster application process. Here’s what you will need: 

• Your official South African Identification Card (ID)
• Your bank statement showing your transactions within the past three (3) months 
• Proof of your residential address
• A mobile phone and swift Internet 

Note: In place of a bank statement, Direct Axis allows you to tender a payslip too, as this is sufficient proof of income.

Also read: Smart ID Online Application South Africa 2024

Step 2: Take the Preliminary Survey

Once you have checked the boxes for the above-mentioned Direct Axis loan requirements, your next step is to dive into the Web. Log onto the Direct Axis Personal loan page and scroll down to the bottom of the page. Click “Apply Now.” This will redirect you to the preliminary survey, which contains the following questions:

• How much you want to borrow: a minimum of R 5000 and maximum of R 300 000
• Your proposed repayment period: a minimum of 24 months and maximum of 72 months
• The purpose for which you need the loan

Note that Direct Axis would assess your bank statement/payslip to determine the amount you can comfortably afford to repay, taking interest rate into consideration. This predetermined amount is what will be offered to you upon approval of your application.

Hence, the amount you input may not be the amount that Direct Axis provides; applications are subject to credit approval. This is part of DirectAxis’ mission to promote a responsible lending culture among South Africans.

Step 3: Fill Out the Online Application Form

At this stage, you will be given an application form to fill out. The basic information required are: 

• Your full name
• Your ID number 
• Your gross income 
• Your mobile number 

DirectAxis’ personal loans are unsecured, meaning they do not require any asset as collateral. However, you will be required to provide proof of payment, proof of South African residency, and some other basic documents. 

If you encounter any challenges in the course of your application for a loan, here is DirectAxis’ contact number: 0861020304. The line is operational from Monday to Sunday, 8a.m. to 8p.m

Also read: Smart ID Online Application South Africa 2024

Direct Axis Loan Contact Number

Do you need the direct axis loan contact number? Call the Direct Axis Loan call centre at 086 102 0304 Monday to Sunday, 8a.m to 8p.m

Frequently Asked Questions 

How Long Does it Take DirectAxis to Process My Loan?

Approval of a loan takes 24-48 hours, while disbursement takes 24 hours. This is the standard time it takes Direct Axis to process a personal loan. Note that these hours must be on business days.

However, if you are yet to hear from any agent within the stipulated time frame and you are sure you have completed your application process, kindly reach out to their customer support centre via the Direct Axis Loan contact number: 0861020304. The line is operational from Monday to Sunday, 8am – 8pm.

Does DirectAxis Require Collateral for its Personal Loan Application?

No. DirectAxis’ personal loans are unsecured, meaning they do not require any asset as collateral. However, you will be required to provide proof of payment, proof of South African residency, and some other basic documents. 

What is the Interest Rate Like on a DirectAxis Loan?

Interest rates can be fixed or variable. Fixed interest rates stay the same for the entire term of the loan. Even if the Reserve Bank increases the repo rate, you still pay the same. The advantage of fixed rates is that you know exactly how much you need to repay each month

As the name suggests, variable rates can vary during the loan, depending on whether the Reserve Bank raises or lowers the repo rate. As there is an element of risk to you in taking a variable-rate loan, these rates are generally slightly lower than fixed rates.

Can I Pay Off My Loan Before the End of the Repayment Period?

Certainly! DirectAxis allows you to clear your debt upfront if you get the chance to. This will, in fact, reduce the interest rate.

Congratulations on Making the Right Decision! 

There you have it—a wise financial decision. It does feel great, doesn’t it?

We know you would like to make many more smart financial moves, and that’s why you have got to stick with us. From trusted loan companies in South Africa to wise money moves, investment schemes and the like, we have a wide range of topics to lead you on your journey to financial happiness. 

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