You need good credit and regular monthly income of at least five thousand rand. Provide up to three months’ recent bank-generated PDF statements or payslips.
The income and financial-status checks for your consolidation request
You cannot have applied for or be under administration, sequestration or debt review. You cannot be over-indebted or in financial difficulty. Settlement totals are R10 000 to R350 000.
DirectAxis requests closure of the accounts you specify, but you must ensure closure. From the contract date, you must not reuse those limits, even if open.
Your interest rate and initiation fee choices
Your quote sets your fixed annual interest rate. The VAT-inclusive initiation fee varies with VAT. Pay upfront, sending proof before payout, or add it to your loan with interest.
DirectAxis, a FirstRand Bank unit, adds a VAT-inclusive monthly service fee to your loan. It’s prorated for a partial first month and varies with VAT, within the legal cap.
What you need for your consolidation application
Bring a clear South African ID copy and recent residential proof.
- Have good credit and the required regular income.
- Take no new credit; have no pending requests.
- Supply your salary-account details and proof of income.
- Keep credit life cover when your contract requires it.
Start online and complete the checks
- Complete the consolidation application online.
- DirectAxis checks your eligibility for an offer.
- Approve DebiCheck if the lender requests it.
FAQ
What happens if a payment leaves one of my old accounts unpaid?
You must pay the remaining balance directly to that creditor and arrange closure of both the account and its credit facility.
Can my DebiCheck collection be higher than my usual instalment?
DebiCheck can collect up to 1.5 times your instalment for changed credit costs or arrears. Refusing required consent may block payout.
Do I need my spouse’s consent to take out this loan?
If married in community of property, get written spousal consent signed by two witnesses. Keep it for the lender to request.
Will I see all my loan costs before accepting an offer?
DirectAxis checks credit and income. If approved, your quote lists all costs and lasts five business days from presentation.