The Direct Loan and Line of Credit are two of the most common types of personal loans available today. In general, the Direct Loan is sanlam personal loan issued on the basis of direct deposit, where the borrower makes a one-time payment on his/her loan directly from his/her bank account. Due to its expedient nature, this type of loan is very popular among borrowers. It is also very convenient in repayment as the borrower does not have to deal with cumbersome paperwork and cumbersome procedures of refinancing, etc.

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On the other hand, the Line of Credit is issued on the basis of credit by employers or on the basis of pre-qualification for government grants, etc. The money thus collected can be used for any purpose, without any constraint on the borrower’s part. Thus, it is a very useful financial product that can be used by individuals and organizations in their various needs. However, both the loans have some significant differences, which have to be clearly looked into before signing on the dotted line.

The Direct Loan is available to any individual who has an income that is higher than the required income limit for a resident of the United Kingdom. The applicant must have an active bank account and must be age 18 or older. A basic personal credit check is carried out by the lender, to check if you are a suitable candidate for the loan. Usually, the process takes about six weeks. Once your application has been approved, you can apply for the loan by making payments at the end of the period decided by the lender.

Another important distinction between the Direct Loan and Line of Credit is the terms and conditions. The Direct Loan has no limit on the number of loans you can apply for. You can borrow as much money as you can. However, the maximum amount is only enough to cater for your basic expenses for one month. Borrowers with the lowest credit scores can also apply for the same amount but will not get the full benefits of the personal loan.

In case of a Line of Credit, the maximum borrowings allowed are up to a thousand pounds, while the direct axis personal loan amount is up to twelve thousand pounds. In order to be eligible for the loan, you must apply by the specified repayment deadline. If you miss the deadline, the lenders will charge late payment fees. There is a grace period of one to two months from the date of application, during which time you can reapply if you wish to apply for another loan amount.

Both the Direct and Line of Credit are offered by different banks, and the loans are approved immediately after the applicants fill out the application form. They both use different sets of criteria for approval. Before the banks decide, they will check the credit rating report of the applicant, and the financial records of the bank. If you have a good credit score and you own property that is owned by the bank, you can get the loan almost instantly, but the advantage of a line of credit is that the applicants can borrow more money than the Direct Axis Loan can.

The Direct Personal Loan application form contains an area where you state your monthly income and expenditure and once this has been submitted, it will be automatically computed to calculate your monthly savings. After this calculation, you will receive a quote which gives you details of the rate of interest applicable and the terms and conditions of the personal loan. You can choose to take an unsecured or secured loan depending on the type of interest rate and the terms and conditions of the loan. For example, if you apply for an unsecured loan, you do not need to provide any collateral for the loan, whereas if you apply for a secured personal loan, you need to have a property that is owned by the bank.

There is an initiation fee, which is charged by the Direct Axis Personal Loan company, for processing your application. This is because of a number of reasons like loss of processing, non-payment of fees by the lender or other security issues. However, the entire amount of the loan can be approved without any initiation fee. In the case of an unsecured personal loan, there is no initiation fee, as there are no securities needed to be provided to the company for the processing. This means that in case of an unsecured loan, you do not need to pay a single penny or a single cent as a processing fee to the company.