DirectAxis: rates and fees
FirstRand Bank Limited is bound by the National Credit Act caps for the credit it grants. This page sets those caps beside what DirectAxis publishes, and works a full example so you have a figure to hold your own quote up against. It is not a quote and not an offer.
What R3 000 over 3 months actually costs
At the NCA maximum for a first short-term loan (5% a month). An illustration, not a quote.
| Line | Amount |
|---|---|
| Amount borrowed | R3 000 |
| Interest (5% × 3 months) | R450 |
| Initiation fee | R365 |
| Service fee (R60 × 3) | R180 |
| VAT on fees (15%) | R82 |
| Total you repay | R4 077 |
| Monthly instalment | R1 359 |
Cost of credit: R1 077 on R3 000 borrowed. Figures are calculated at the statutory maximum — your own quote may be cheaper, and must be shown to you in full before you sign.
How to use this against your quote
If the total cost of credit on your DirectAxis quote is higher than the worked example above for the same amount and term, ask the lender to explain the difference before you sign. Credit life insurance and optional extras are the usual legitimate reasons; anything unexplained is worth querying with the National Credit Regulator.
Settling early
You may settle a credit agreement at any time. On short-term credit you owe interest only up to the settlement date, so paying early genuinely reduces the cost rather than just bringing it forward.
Ask for a written settlement quote rather than estimating it — the figure depends on the exact date the payment reflects, and a guess that falls short leaves the agreement open.
Related
Sources and last checked
- National Credit Act 34 of 2005 and its regulations — Government, as at 10 August 2026.
- National Credit Regulator — register of credit providers — Regulator, as at 10 August 2026.
Page last checked 10 August 2026. Statutory caps and lender terms change — confirm anything you intend to rely on with the provider or the National Credit Regulator. Found something wrong? Tell us and we will correct it.