Direct Axis
High interest rates

I needed a loan ugently about a year ago. I borrowed R32 000 from Direct Access. I am currently paying a monthly instalment of R1250. R130.91 is for the grouplife policy, R57 is for fees, R318. is for the loan repayment and R743.93 is the monthly interest. I am paying this back over 5 years, which was not negotiable. I know that times are hard, but why are ordinary people being robbed of their hard earned money? this is exactly the reason why so many people does not get rid of their debt, because the interest rate is so extremely impossibly high. If i keep on paying R1250 per month and the interest is halved, I can pay back my loan in half the time, and with the extra money paid already was relooked at, was taken of the original loan amount, I could be home free. Where can I complain about these high interest rates and who can do something about it? Please I need help.

Company: Direct Axis
Country: South Africa
City: Johannesburg

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