Lending Products

Consolidation Loans

people consolidation

Debt consolidation may be a useful tool to get your financial affairs under control.

Why choose to take out a Debt Consolidation Loan?

  • Instead of having many accounts to pay each month, you’ll only have a single monthly payment.
  • You could improve your monthly cash flow.
  • We’ll do the legwork, your loan will be used to settle your retail or credit accounts, or existing loans.
  • Any money remaining you can use as you please.
  • Repayments are fixed

How does a Consolidation Loan work?

A Debt Consolidation Loan can be used to settle a number of smaller debts that you have, such as store cards or other loans, into one loan. By consolidating and taking a loan over a longer term you could improve your cash flow.

If you’d like to streamline your finances, a Consolidation Loan may just be the perfect financial fit for you. It is designed to simplify your finances, instead of several creditors to manage you’ll have just one. You’ll find it easier to manage payments and will save on monthly service fees and debit order costs. Interest rates are fixed making it easier to budget too.

We’ll take your personal financial profile into consideration when you apply. If your loan is approved, it’ll be for an amount that you can comfortably afford. The success of your application is subject to credit approval.

When you take out a Debt Consolidation Loan, you’ll have a single monthly payment at a fixed interest rate – and, if you’re taking the loan over a longer term, your monthly repayment could be lower. In fact, most South Africans who have consolidated their accounts with DirectAxis, you’ll be pleased to know, increase their cash flow by an average of R1 900 every month!

Frequently Asked Questions

Why should I use DirectAxis to consolidate my accounts?

We’ll do the leg work for you; with your permission we’ll settle your accounts on your behalf, and deposit any remaining money into your bank account. Applying for a loan is very simple, fill in the online form and you’ll know very soon whether you qualify.

How will account consolidation improve my cash flow?

Paid back over a longer term than your current loans, retail and credit accounts, a Consolidation Loan could have a lower monthly repayment – giving you access to more money each month. Customers reduce their monthly repayments by an average of R1 900.

How will DirectAxis settle my accounts?

After we have your permission, we’ll request settlement on your behalf and let you know how much your accounts will be settled for. When your accounts have been settled, it will be in your best interest not to re-open or continue to use these accounts.

When should I consider consolidating my accounts?

If you’re left with very little cash each month after all your retail or credit cards have been paid, by taking out a Consolidation Loan over a longer term you could lower your monthly repayments.

What other benefits can I expect?

After your Consolidation Loan has been used to settle your accounts, the remaining amount of the loan will be deposited into your bank account, to spend as you choose. You’ll also have the convenience of paying a single, fixed monthly payment and you won’t have to deal with multiple service fees and debit order costs. 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?

To apply, you’ll need a good credit record, a regular monthly income of at least R5 000 and details of your bank account into which your salary is paid. You’ll need to provide us with your last 3 months’ payslips or bank statements, a clear copy of your ID document and a recent document confirming your residential address.

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24%

of customers use loans for consolidation

24%

of customers use loans for renovations

12%

of customers use loans for education

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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 197.00 and a monthly admin fee of R68.40, over 72 months.
The total cost of the loan will be R 110 529.68 which is an Annual Percentage Rate (APR) of 30.95%.

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