Old Mutual Debt Consolidation Loan – Lower Monthly Instalments & Flexible Repayment Terms

Reduce your loan stress by consolidating your debts into a single repayment through Old Mutual. Enjoy loans up to R250 000 with lower fees and simple, flexible terms. Apply with ease.

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Old Mutual

Pay off multiple debts with a single loan of up to R250 000. Enjoy lower combined admin fees, flexible 3–72 month terms, and a fast approval process.




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If you are struggling to juggle several loan repayments, Old Mutual’s Debt Consolidation Loan may help simplify your finances. This loan is designed to combine what you owe on credit cards, personal loans, and store accounts into one manageable monthly repayment. You can borrow up to R250 000, with a flexible repayment term ranging from 3 to 72 months. The interest rate will depend on your credit profile, with a maximum of 29.25% per annum, and a once-off initiation fee plus a monthly admin fee apply. If your existing debts feel overwhelming, this solution is worth considering.

How to Apply for an Old Mutual Debt Consolidation Loan

  1. Gather your South African ID, three months’ recent bank statements and your latest payslip.
  2. Apply online, in-branch, or by calling Old Mutual directly.
  3. Specify that you’re consolidating debt and list the accounts you want paid off.
  4. If approved, Old Mutual pays your creditors directly and issues a settlement letter.
  5. Close any revolving accounts, like store cards, yourself for best results.

Pros of the Old Mutual Debt Consolidation Loan

One monthly repayment can reduce stress and lower the likelihood of missed payments. Consolidating your debts may also lead to a lower combined admin fee compared to handling multiple accounts. The flexible repayment terms mean you can tailor your loan to suit your monthly budget and pay off the debt over a manageable time frame. Settling multiple lenders using a single loan could also boost your overall financial discipline.

Cons of the Old Mutual Debt Consolidation Loan

You may end up paying more in total interest and fees over the life of the loan if you choose a longer term. There is also the risk of accumulating new debt if you don’t close the old revolving credit accounts. Only those with a reasonable credit profile will qualify, so if your score is very low you may need to explore alternatives. The initiation and monthly admin fees can add to the overall cost.

Our Verdict

Old Mutual’s Debt Consolidation Loan is a convenient product for South Africans battling multiple debts. If you’re looking for a simpler way to manage your repayments, and you can keep to your new single repayment, this loan can provide much-needed relief. Just be aware of the total repayment cost when extending loan terms. For many, the benefits of reduced admin, peace of mind, and improved cash flow make it a strong choice.

Recommended for you

Old Mutual

Pay off multiple debts with a single loan of up to R250 000. Enjoy lower combined admin fees, flexible 3–72 month terms, and a fast approval process.




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