Direct Axis review 2024

DirectAxis is the largest non-bank provider of personal finance. The company is a wholly-owned subsidiary of FirstRand Investment Holdings. With the financial backing of FirstRand, DirectAxis has managed to have a great share of clients in personal finance provision.

The company began as a direct-to-consumer insurance brokerage in 1995. DirectAxis expanded its stable portfolio and would soon enter personal lending. This move accelerated DirectAxis’ growth and paved the way for the DirectAxis we know today.

DirectAxis’ offers include personal lending, short-term insurance, life insurance and access to financial health. With its Pulse Functionality, customers can always keep track of your credit status. Financial health matters to DirectAxis. Also, the company is compliant with the National Credit Act and provides responsible lending and borrowing.

DirectAxis has managed to start partnerships with big insurers such as Hollard to offer life and short-term insurance. Through these partnerships, Direct Axis has now become the largest and most successful direct marketing financial services provider.

DirectAxis Products and Services

The company offers a range of products that are beneficial to individuals. Products and services include lending, financial wellness and insurance products. All these products and services are available for private individuals only.

Here is a detailed list and narrative of the products and Services.

Lending Products

DirectAxis offers two lending services, namely personal loans and loan consolidation. Lending is the primary focus of the business. Let’s look at personal loans and loan consolidation.

Direct Axis Personal Loan

Repayment terms for DirectAxis Personal Loans span from 24 to 72 months, with an annual interest rate capped at 28.25% (compounded monthly). Your specific rate and initiation fee hinge on your individual risk assessment.

For instance, consider a R50,000 loan with a 28.25% yearly interest rate, accompanied by a one-time initiation fee of R1,207.50 (included in the loan amount for this illustration) and a monthly admin fee of R69.00. Over 72 months, this would amount to a total of R11,760.74.

DirectAxis prioritizes affordability, ensuring that approvals are extended to those who qualify based on their financial situation. This commitment stems from DirectAxis’s solid reputation as a trustworthy lender. Consequently, all approvals are contingent on factors such as affordability, creditworthiness, reporting, and other relevant criteria.

DirectAxis’s personal loans are unsecured, meaning you won’t need to provide any assets as collateral. However, each loan requires a personal protection plan due to their unsecured nature.

In the unfortunate event of death or permanent disability, this protection plan will settle your outstanding loan balance. Once approved, the loan amount is swiftly deposited into your specified bank account.

Direct Axis Personal Loan Highlights

• Can complete your loan application online.
• Loan repayments range from 24 months to 72 months.
• Quick feedback on the application with money in your account within 48 hours of approval.
• Fixed monthly repayments for the full term of the loan.
• You can borrow up to R200,000.00

What you need to apply for a DirectAxis personal loan:

• A copy of your South African ID.
• Must have a good credit report
• Need to have a regular monthly income of at least R5000
• Proof a residence is not older than 3 months
• Recent 3 month bank statement
• 3 months Payslips

Debt consolidation loans

DirectAxis help administer and settle your loans should you want to take their debt consolidation product. You will have access to some of the best debt administrators who will guide and lead you in consolidating your loans.

What is great about the debt consolidation product is that you can know how much you are going to save by choosing DirectAxis. A tool is available on the DirectAxis website whereby you can insert your loan amount and your monthly repayment to know how much you can save per month.

Interestingly, many people who choose DirectAxis as their debt consolidator save between R1000 to R1500. This is a large sum of saving considering the months that you still going to have to pay on your loan(s).

Since their loans are unsecured, they don’t require any collateral from the borrower. As such your debt consolidation loan will come with an insurance plan to cover the outstanding amount should you become disabled or die.

Highlights of the DirectAxis debt consolidation loan:

• It is adjusted to a single fixed monthly repayment.
• DirectAxis debt consolidation team will handle all the administration of settling your credit obligations.
• Comes with a single service fee and credit protection plan.
• Lower monthly payments on qualifying credit.

Consolidating your debt will help your credit health in a drastic way. All your credit will be consolidated to one credit product that will have less impact on your credit profile than when having many accounts with different lenders.

By consolidating your debt you will only pay a single amount to DirectAxis instead of paying multiple lenders. Also, they will give you a consolidation loan that is likely to beat the sum of the interest on your debt. This will leave you with some extra cash in your pocket.

How to apply for the debt consolidation loan:

• You need to have a good credit score/record.
• Have a regular income of R5000 or more.
• Latest 3 months bank statement or payslips.
• Copy of your ID document.
• Proof of address.

To start your debt consolidation loan application, click here.

Insurance Products

DirectAxis offers a funeral cover as its insurance product. The funeral cover is there to offer financial support to the policyholder’s family when he or she dies.

Premiums will depend on the age of the policyholder. Nevertheless, the policyholder can add members of his or her family at an additional fee. Premiums are paid monthly on a debit order, however, should you wish to pay directly to DirectAxis you can do so.

The company works together with Hollard Insurance Company to provide short-term insurance. Short-term insurance offers include car, home, buildings, and home contents. This offer is for DirectAxis clients as the company helps its clients get affordable short-term insurance through Hollard. It provides eight quotes that they use to discuss discounted rates on short term insurance premiums.

DirectAxis Financial Tool (Pulse) Product

The company offers a financial tool that aims to help users to manage their credit health. Not only do users manage their credit health using the DirectAxis pulse platform, but they also get tips on what to improve and what they are doing better.

With Pulse by DirectAxis, you can check the likelihood of being accepted for different lines of credit. You will be able to apply for finance and loans and take out an insurance policy without leaving the app or site.

Advantages of DirectAxis

• DirectAxis offers different types of financial and insurance products. 
• Customers can take advantage of the free credit score offering. 
• Loans require a minimum income of R5,000.00. 
• Loans and insurance products can be applied for online. 

Disadvantages of DirectAxis

• The DirectAxis free credit rating app is not reliable and requires account verification even if the account has already been verified. 
• The maximum interest rate can be very high. 

Conclusion

DirectAxis has come a long way to become the most successful direct marketing financial services provider on the African continent. With the use of technology and innovation, DirectAxis is seen to be steered towards a brighter future. Thanks to the Pulse platform and partnering with major insurers to help the company retain and broaden its clientele.