Old Mutual’s personal loan offers South Africans the chance to borrow amounts ranging from R2,000 up to R250,000. You must repay your loan over a term of 3 to 72 months. The interest rate can be as high as 28%, but rates are fixed for the entire term, ensuring predictable repayments. There is a once-off initiation fee and a monthly admin fee, with costs fully explained upfront.

How to Apply for an Old Mutual Personal Loan

To apply, you must be a South African citizen, aged 18 to 60, earning at least R2,500 per month. Gather your ID, latest payslip, and three months’ bank statements. Apply online, in branch, via WhatsApp, or by calling Old Mutual. If your application meets the criteria and is approved, the funds are usually paid out within 24 hours.

Key Advantages

One advantage is the flexibility in borrowing and repayment terms, suiting various budgets. Fixed interest rates mean your repayments won’t unexpectedly increase, making it easier to plan. Additionally, Old Mutual’s cost transparency and clear breakdown of fees help you understand exactly what you’ll pay.

Potential Drawbacks

On the downside, the maximum interest rate is relatively high at 28%, especially for borrowers with weaker credit. There’s also an initiation fee and monthly admin cost, which can add to the total repayment. Not everyone will qualify, as a steady income and credit check are required.

Our Verdict

Old Mutual’s personal loan is a strong option for individuals seeking a fixed-rate, medium-to-large loan with clear terms. Provided you meet the income and documentation requirements, it’s a straightforward way to access funds for different goals. Just review total costs before accepting an offer.