Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
Dial Direct loans: What you need to know
There are a lot of reasons why you might be looking into personal loans. Many people use personal loans to make big purchases or to access cash in times of shortage. No matter the reason, it is always best to get a personal loan with the best terms and from a reputable loan provider.
Dial Direct South Africa offers personal loans that range from R1000 up to R250 000. You can use these convenient, online loans for several purposes, depending on what you need to do. One thing you should keep in mind is that you have to borrow an amount that will not give you problems when paying back.
What are the features of Dial Direct loans?
- You can apply for the loans online;
- Quick and convenient application process with no paperwork involved;
- You can know whether you qualify within seconds;
- If the application is approved, you will get the cash in your account within a day;
- The payment terms are quite flexible since you can pay back the loan over 12 to 60 months;
- The monthly instalments are fixed;
- You can get an update on your loan via SMS or email every month;
- You can opt for customer protection insurance; and
- The interest rates are as low as 15%.
Dialdirect loan requirements
- You must be at least 18 years or older;
- You should have a government-issued SA ID or valid driver’s license;
- Have a working South African bank account;
- Be gainfully employed with an income of R2 000 or more monthly; and
- Produce payslips and bank statements as proof of income.
What are the interest rates associated with Dial Direct loans?
Dial Direct first performs a credit check before they can set an interest rate for your loan. The interest rate they will charge will never exceed the maximum recommended rate of 24.75% per annum.
If you have a lower than average credit score, you will tend to be charged a higher interest rate. Below is an example of a Dial Direct loan and the charges and fees involved. For a high-risk client with a higher interest rate of 24.75%:
- Loan amount: R7500
- Loan term: 24 months
- Initiation fee: R936.50 charged upfront
- Monthly service fee: R69
- Total amount to pay back: R13 248
- Monthly instalments: R552
However, Dial Direct also offers considerably lower interest rates for customers with a high credit score and this allows you to save big.
What to consider before applying for a Dialdirect personal loan
Before you submit a loan application, you first have to think about a few things:
Is it necessary?: Loans have the potential to become expensive, so you need only to take out one when it is necessary to do so. As a responsible lender Dial Direct fully supports responsible borrowing.
Can you afford the loan?: It’s important to look at your current expenses and determine if you will be able to squeeze in the monthly instalments comfortably. It is essential that you take out a loan that will not be difficult to pay back. To help you with this, CompareLoans has created this Dial Direct loan repayment calculator that lets you estimate the monthly repayments for any loan amount and term you choose.
How to apply for a Dialdirect loan
The Dial Direct personal loan application process is made online. Simply press the “Go to Site” button on the Dial Direct listing, which you can find in the comparison tables above. You’ll be directed to the company’s application page where you fill an online form.
After submitting the form, you can wait for a callback or contact Dial Direct yourself.
How to ensure that you and your loved ones are safe when taking out a Dial Direct loan
When taking out a loan, you also have to make sure that you and your loved ones will still be covered if anything unfortunate happens. Dial Direct insurance covers the following:
- Death: In the event that you die, this protects your loved ones from the burden of taking over your monthly repayments.
- Permanent Disability: If you are hurt permanently, and you can no longer work.
- Temporary Disability: If you get injured at work or are not fit to continue working for a while.
- Loss of Income: If you get retrenched, or you lose your job.
How to pay back Dial Direct loans
Dial Direct personal loans are paid back through debit orders. This means that your fixed monthly instalment will be deducted from your account every month until the loan is paid back in full.
How to get the best out of a Dial Direct loan
To ensure you get the maximum benefit from a Dial Direct loan, you have to consider several things:
- You should always pay your monthly instalments on time. This will avoid further charges that include interest and penalty fees.
- You only have to borrow the amount that you need and no more. This helps you avoid a situation where you struggle to make repayments.
- You should read and understand the loan terms and conditions thoroughly before applying and getting the cash.
Frequently asked questions
When will I get the money?
Once your Dialdirect loan application is approved, you will typically receive the money within a single day.
How will I get the money if the loan is approved?
Once your loan gets approved, there is no need to visit Dialdirect offices. The funds will be deposited straight into your bank account, and you can withdraw or use it from there.
How much money do I qualify for?
The Dial Direct loan amount you qualify for depends on your credit score and your ability to pay back the loan. The lender will determine all these.
What do I do if I can not pay an instalment?
The first thing to do if you can not pay back an instalment is to call Dial Direct and let them know. They will advise on what you should do next.
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