If juggling several loan repayments every month has become a challenge, the Old Mutual Debt Consolidation Loan could be the solution you need. This loan allows you to pay off multiple existing debts and combine them into a single monthly repayment, which can relieve the stress of missed debit orders. Interest rates for Old Mutual personal loans are competitive, with a maximum of 29.25% per annum, and you can borrow from as little as R5,000 up to R250,000. Flexible repayment terms range from 3 to 72 months. A nominal once-off initiation fee and a monthly admin fee apply.

How to Apply for an Old Mutual Debt Consolidation Loan

1. Visit Old Mutual online, a branch, or call 0860 000 866.
2. Prepare your valid South African ID, three months’ recent bank statements, and your latest payslip.
3. Specify which debts you want to consolidate when applying.
4. Old Mutual settles your listed debts if your application is approved.
5. Receive a consolidated loan account and begin making single monthly payments.

Key Pros of Old Mutual Debt Consolidation Loans

One of the biggest advantages is the simplification of your monthly finances, as you only have to remember one payment instead of many. This reduces the risk of missing payments and incurring penalty fees.

Applicants also benefit from lower administrative fees and, in many cases, reduced monthly instalments. The flexible loan terms mean you can tailor your repayment plan to your budget and needs.

Notable Cons to Consider

While your monthly repayments may decrease, extending the loan period could result in more interest paid over the life of the loan. It’s crucial to balance affordability with the loan term to avoid unnecessary costs.

Another point worth noting is that consolidation loans require a reasonably healthy credit score. If your credit record is already impaired, you may not qualify for this product, and should consider debt counselling instead.

Verdict: Who Should Apply?

The Old Mutual Debt Consolidation Loan is ideal for anyone feeling overwhelmed by multiple debts and seeking a simpler, more manageable repayment plan. With a single loan and predictable payments, you regain control of your finances and reduce the stress of forgotten debit orders. Provided your credit score meets their requirements, this product offers a practical path to financial clarity.