Andrew van der Merwe

Review of Direct Axis

This is a classic loan shark all dressed up like a...

This is a classic loan shark all dressed up like a legit operation. They are very sophisticated. When you contact them, they tell you about the extra charges right at the end, after they detect that you will accept. And then they still don't give you the full picture. The full picture dawns on you after you're in and then they refer you to points buried in the small print. They charge a legally accepted interest rate but load the extras - initiation fee, life insurance, etc - so much so that you effectively pay nearly 50%. If you borrow R20 000, you will find yourself paying back R29 263, plus the interest. The interest will come to about R544 per month, then you have the life insurance at R83 and an "NCA Service fee" at R57.

You don't receive statements until you bug them about it. Instead of emailing you statements, they spam you -email and SMS. You will struggle to get them to stop. If you are late with a payment, they fine you ... I forget the amount ... something between R100 and R200. They phone you even if you are one day late with a payment. They phone you two days AFTER you have made the payment. They phone you early in the morning, wake you up, and then hang up. I received three calls which I answered promptly but which they hung up on answer.

Direct Axis are owned by First National Bank. FNB will refuse you with one hand and accept you with the loan shark hand.

AVOID at all costs!