Old Mutual Personal Loan
Quick approval, fixed interest rates, loans up to R250,000, repayment terms from 3 to 72 months. Flexible eligibility and fast payment options.
Old Mutual offers personal loans up to R250,000 with flexible repayment terms between 3 and 72 months. The maximum interest rate advertised is 28% per annum, and you receive the loan as a lump sum. Fixed repayments are made monthly, making budgeting straightforward. These loans are unsecured and no collateral is required.
To qualify, you must be a South African citizen, aged between 18 and 60, and earn at least R2,500 per month. Your monthly costs will include a once-off initiation fee, a monthly service fee, and if your term is 12 months or longer, a credit life premium. The application process is quick and can be completed online, via WhatsApp, over the phone or at a branch. Approval is typically fast, and payouts can happen within 24 hours of approval.
How to Apply for an Old Mutual Personal Loan
- Have a valid South African ID
- Gather 3 months’ recent bank statements
- Provide your latest payslip
- Apply online, on WhatsApp, by phone, or in branch
- Complete a quick affordability and credit check
- Receive your money typically within 24 hours upon approval
Pros – Why Consider Old Mutual Personal Loans?
Old Mutual’s transparent fee structure and fixed interest rates make planning your repayments simple. The option to borrow up to R250,000 suits both small emergencies and larger life needs.
The fast approval process means you can access funds quickly when you need them most, and several application channels make it convenient for all types of applicants.
Cons – What’s Not So Great?
The initiation fee can be high, especially on smaller loan amounts. Also, only South African citizens can apply, which limits access.
Furthermore, applicants with lower credit scores may face higher interest rates and less favourable terms than those with good credit standing.
Final Verdict: Is Old Mutual Personal Loan Worth It?
If you need quick access to funds with flexible repayment options and the confidence of a major South African lender, Old Mutual is a solid choice. Their transparent process and convenient application methods set them apart from many competitors.
