Looking for cash flow
Consolidate Your Debt with One Easy Application
Why choose LoanDirect?
Un-complicated advice on consolidation loan
Get a free assessment phone call and quote in under 2 minutes
Flexible options
Choose how long you want to repay your consolidated personal loans.
How to apply?
- Use our easy online calculator to get an estimated instalment in 1 minute without impacting your credit score.
- Apply online and receive a consolidation loan advice call within 60 seconds
- Have your net Income and list living expenses ready.
- Conduct a credit check and get a consolidation loan advice quote.
- Receive documentations for you to sign.
Eligibility
- Be 18 years or over
- Be currently employed and earning at least R8,000 per month.
- Be willing to conduct affordability assessment and credit check.
- Blacklisted may also submit inquiries and will be assessed on a case-by-case basis.
- Be a new LoanDirect consolidation loan customer
Fees and Charges
| Fees and Charges | Explantion |
|---|---|
| Initiation fee | An upfront fee, added to your personal loan or consolidation loan based on your loan amount and credit rating. However it is capped by NCR |
| Service fee | Payable every month with your consolidation loan instalment. The maximum is R57 including VAT. |
| Credit life insurance | Covers you against, death, disability, and retrenchment |
| Interest | The price you pay to borrow money |
Representative example: a R70 000 loan at an interest rate of 24.0% per annum plus a once-off initiation fee of R1 207.50, monthly admin fee of R69.00, Insurance premium of R284.83, with a repayment term of 72 months would have a total cost of approximately R155 263.57 (Including initiation fees) . The maximum annual interest rate (APR) on a long-term loan in South Africa is around 28.25% p.a. Repayment terms can be as long as 3 months to 72 months. LoanDirect is an online loan broker and is not a lender by any means. We work with NCR licensed institutes. Interest rates (APR) charged by lenders varies depending on your risk profile but can be as high as 28.25% and generally as low as 20% per annum with monthly service fees of R69. Initiation fee on credit facilities (credit cards and store cards), personal loans and short-term credit transactions are calculated as follows: R165 plus 10% of the amount in excess of R1 000, capped at a maximum fee of R1 050.
| Loan amount | Loan term | Interest rate(APR) | Service fee | Initial fee | Total repayment | Credit Insurance | Monthly Instalment |
|---|---|---|---|---|---|---|---|
| R150 000 | 72 | 24% | R69 | R1 207.5 | R324 116.98 | R604.83 | R4 501.62 |