Old Mutual’s personal loan is a good fit for anyone seeking a reliable funding solution in South Africa. With the option to borrow up to R250,000, flexible repayment plans starting from 3 months up to 72 months, and a fixed interest rate with a cap at 29.25% per year, the offer stands out for its transparency and convenience. There are once-off initiation and monthly admin fees, but you only pay for what you can afford, making everything clear upfront. Income and employment stability requirements apply, ensuring that loans are granted responsibly.

How to Apply for an Old Mutual Personal Loan

To start the application, ensure you have your South African ID, three recent months’ bank statements, and your latest payslip at hand. You need to be at least 18 years old, earn a minimum of R2,500 per month, and have been employed at your current job for at least three months. Applications can be done online, in branch, or by calling directly. Once approved, funds are typically released within 24 hours, making it convenient if you need money urgently.

Pros of the Old Mutual Personal Loan

One significant benefit is the broad range of loan amounts available, making it suitable for small to large financing needs. Additionally, fixed interest rates mean your repayments won’t climb unexpectedly, and affordability assessments protect you from overextending. Payments are transparent, so there are no hidden surprises.

Cons of the Old Mutual Personal Loan

On the downside, there are initiation and admin fees that can increase your total repayment, particularly on shorter-term or smaller loans. The strict employment criteria exclude those without a stable job history, and the application process may involve paperwork if applying in person or via phone.

Our Verdict

Old Mutual’s personal loan is a trustworthy choice for those needing funds, especially if you value predictable costs and quick access. The transparent approach and range of options provide peace of mind. Be sure to consider the fees and eligibility requirements, but if you qualify, this is one of the better loan products available in South Africa.