27.7% for loan with Direct Axis

[Candystore]

Is that too much. Cannot get one from the bank. any place with lower rates?

 

[tin4444]

Ouch, as a comparison, got a personal loan at Fnb @ 17%

 

[Candystore]

Ouch indeed.

 

[Snyper564]

That is SO HIGH that I would almost recommend not doing it. That kind of rate can mess you over BIG time. Heck even credit card rates are cheaper than that...

To think my home loan is chilling at a low 9.5 at the moment...

 

[Ray7905]

That’s extremely high! Big ouch

 

[LOTR]

19.95% higher than my loan rate, there's gotta be something better. But you did say banks were not an option

 

[Hemi300c]

Ouch, credit card or overdraft would be cheaper.

 

[Dan C]

 

[ToxicBunny]

Its unsecured, from a company like DirectAxis.... its about right... especially if a Bank deems you too risky and won't give you a loan.

 

[KleinBoontjie]

Ouch, as a comparison, got a personal loan at Fnb @ 17%

Isn't DirectAxis part of FNB?

 

[SauRoNZA]

Rather don't get a loan at all...

 

[ToxicBunny]

Isn't DirectAxis part of FNB?

Yup.. the dodgy unsecured lending part

 

[TEXTILE GUY]

https://www.justmoney.co.za/banking/credit-cards/products/

Get a credit card ......

 

[msquared]

Isn't DirectAxis part of FNB?

Nedbank

 

[zerocool2009]

Nedbank

Actually the First Rand group.

On their site clearly states the following:

"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%."

Dont moan if you cant read to be honest !

 

[supersunbird]

Nedbank

Well, now we know who to avoid for advice about banks.

It's part of First Rand group, thus FNB is much more right than Nedbank.

To OP, what about that place that gives loans via Pep?

 

[zizebra]

have you tried Capitec and Nedbank. they were cheaper for me than First Rand crowd. I will not be robbed by First Rand crowd again

 

[^^vampire^^]

Wow. Either you are in some serious trouble or you are plain dumb to be considering Direct Axis.
Don't be afraid though, because there are millions of people like this is SA.

 

[semisane1987]

Too high stay away from loan sharks like capitec bank and direct axis. Rather try Capfin (Pep Store) .

My interests rates at capitec bank is 25.5% my debts it's only a car and edgars account. I have no idea why they think I'm a high risk never ever skipped a payment, I earn a good salary so its a big rip off.

 

[ToxicBunny]

Everyone seems to have missed the fact that the OP has stated they cannot get a loan from one of the banks...

This instantly makes me tend toward them being a risky proposition which is why DirectAxis will hit them for the highest interest rate possible.