Lending Products

Consolidation Loans

Simplify and save with a DirectAxis Consolidation Loan.

You get these benefits:

  • A single service fee and credit protection plan
  • A single fixed monthly payment
  • Lower monthly payments on your qualifying credit; consolidating debt frees up cash
  • Our experienced debt consolidation team will handle all the admin of settling your credit commitments
  • You could qualify for further cash in your bank account 
  • A fixed loan term that avoids the cycle of revolving credit 

What is a Consolidation Loan and how does it work?

The Consolidation Loan is designed to simplify your finances, so instead of several lending and credit accounts to manage you’ll have just one.

When consolidating debt, your qualifying accounts are reduced into one single monthly payment at a fixed interest rate. Your monthly repayment of the settled accounts will be lower than you are currently paying. In fact, most South Africans who have consolidated their accounts with DirectAxis increased their cash flow between R1 000 and R1 500 every month. You may also qualify for further monies.

DirectAxis will handle the admin of settling your accounts for you. Apply online today to see if you qualify.

Frequently Asked Questions

Why should I use DirectAxis to consolidate my accounts?

Simplify and save with DirectAxis. Your monthly repayment of the settled accounts will be lower and you may also qualify for further monies. Plus, we will handle the admin of settling your lending and credit accounts for you. Apply online today to see if you qualify.

When should I consider consolidating debts?

If you’re left with very little cash each month after all your qualifying lending and credit accounts have been paid, consolidating debt can be helpful. It is a financial tool that’s used by businesses and many financially savvy people to simplify their financial affairs, save on administrative costs and free up cash. It is especially helpful in tough economic times.

How will a consolidation loan improve my cash flow?

When consolidating debt, your qualifying accounts are reduced into one single monthly payment at a fixed interest rate. Your monthly repayment of the settled accounts will be lower than you are currently paying. In fact, most South Africans who have consolidated their accounts with DirectAxis increased their cash flow between R1 000 and R1 500 every month. You may also qualify for further monies.

How will DirectAxis settle my debts?

We’ll let you know for how much your accounts will be settled and will handle the settlement on your behalf. It is your responsibility and will be in your best interest not to re-open or continue to use these accounts.

How does this impact my financial health?

Debt consolidation is only the first step to improving your financial health. The next step is to improve your credit rating. A poor credit rating will negatively impact your chances of getting financial assistance in the future, making it difficult to rent or a buy a home, take out a loan or even secure vehicle finance.

To get you started we recommend DirectAxis Pulse, our FREE credit rating app. DirectAxis Pulse allows you to check your credit rating and provides tips on how to improve it.

What other benefits can I expect?

You’ll have the convenience of paying a single, fixed monthly payment; plus, a single service fee and a credit protection plan. Your monthly repayment of the settled accounts will be lower than you are currently paying. You may also have the chance to put further monies you may qualify for to good use.

Our team will handle the admin behind settling your debts. You’ll also have a Personal Protection Plan which settles your outstanding loan balance in the event of your death, permanent disability or certain dreaded diseases.

What do I need to apply for a debt consolidation loan?

A good credit record
A regular monthly income of at least R5 000

If you meet those criteria, then you’ll need to supply us with

  • The details of your bank account into which your salary is paid.
  • Your last 3 months’ payslips or bank statements
  • A clear copy of your ID document
  • A recent document confirming your residential address.
  • Direct Axis
    Stats

  • 24%

    Consolidation

    of customers use loans for consolidation

  • 24%

    Renovations

    of customers use loans for renovations

  • 12%

    Education

    of customers use loans for education