Old Mutual’s Personal Loan is an attractive option for those needing anywhere from R2,000 to R250,000 for big plans or emergencies. You can repay your loan over a period of 3 to 72 months, with a maximum interest rate capped at 28% per year. With fixed rates, you know exactly how much each instalment will be, bringing predictability to your finances. The application process is straightforward, and instantaneous payout is possible if your documents and credit assessment are in order.

How to Apply: Step by Step

• Confirm you are a South African citizen aged 18–60 and earn at least R2,500 per month.
• Gather your ID, latest payslip and 3 months’ recent bank statements.
• Submit your application online, by phone, WhatsApp, or in-person at a branch.
• Wait for a credit and affordability check, then approval notification.
• Once approved, the funds are paid into your account—often within 24 hours.

Pros of the Old Mutual Personal Loan

The personal loan offer stands out thanks to its flexible terms. Borrowers can choose the amount and length of repayment to fit their unique needs and budget. Transparent fee structures mean no unpleasant surprises, and the fixed interest rates help you plan ahead with confidence.

Cons of the Old Mutual Personal Loan

Despite its advantages, there are a few things to consider. The 28% maximum interest rate could be high for some applicants, depending on credit assessment. Initiation and admin fees also apply, and not everyone may qualify based on employment status or income.

Verdict: Is the Old Mutual Personal Loan Right for You?

Overall, Old Mutual’s personal loan is a solid, flexible solution for South Africans who value transparency and need quick access to cash. Although the maximum interest rate is on the higher side, the loan’s fixed costs, wide range of amounts, and rapid approval process make it worth considering for short- or long-term borrowing.