Representative example: a R70 000 consolidation 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 up 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 e calculated as follows: R165 plus 10% of the amount in excess of R1 000, capped at a maximum fee of R1 050..