About DebiCheck

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What you need to know about debit order authorisation

The South African Reserve Bank and the Payments Association of South Africa, have introduced a new initiative called DebiCheck, as a way to help protect South Africans against fraudulent and incorrect debit order authorisations.

We have now also adopted DebiCheck as part of our processes – which we will be gradually introducing to our customers. This simply means that, should you decide to take out a loan with us, we may ask you to authorise your debit order with your bank.

Here’s how debit order authorisation protects you:

With DebiCheck, you’re able to confirm your debit order details directly with your bank – and your bank will then check the debit order every month to ensure it matches the information you confirmed. If it doesn’t match, your bank will then reject the debit order before it comes off your account.


How debit order authorisation works:

Step 1: Once you’ve accepted your loan quote, your bank will ask you to confirm the debit order information. They’ll do this by messaging you on the cell phone number that they normally use to communicate with you. You’ll need to confirm things like the specific repayment amount and terms – and that you’re giving us permission to debit your account.

Step 2: If everything’s in order, you can electronically confirm the debit order information via your cell phone. But other methods such as your bank app, internet banking, or ATM are also available.

Step 3: With the debit order confirmed, it will be submitted to your bank every month, and your bank will then check against the confirmed debit order information before processing it to your account.

If you’d like any further information about DebiCheck, please visit their website www.debicheck.co.za

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Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 27.75% per annum (compounded monthly). Your rate and initiation fee will be determined according to your personal risk profile.
An illustrative example of a loan at an interest rate of 27.75% per annum would be: Loan amount R50 000 plus a once-off initiation fee of R1 207.50 and a monthly admin fee of R69.00, over 72 months.
The total cost of the loan will be R 110 594.54 which is a maximum Annual Percentage Rate (APR) of 30.98%.