Old Mutual Personal Loan Review: Flexible Terms and Fast Access

Old Mutual offers personal loans with amounts up to R250,000, tailored interest rates depending on your credit profile, and flexible repayment terms from 3 to 72 months. Aimed at South Africans needing funds for essentials, education, or emergencies, the application process is straightforward and quick, usually providing a decision within hours.

To qualify, you must earn a fixed monthly income, be 18 years or older, and have a good credit record. Old Mutual promotes responsible lending, which means your affordability will be assessed before approval. Loans are unsecured, and all terms are transparent.

How to Apply Step-by-Step

1. Visit the Old Mutual loan portal and fill out the online application form.
2. Submit necessary documents such as proof of income and a valid ID.
3. Wait for your application to be reviewed and assessed for affordability.
4. Receive approval and review the loan offer’s terms.
5. If you agree, sign the contract and receive your funds in your bank account.

Pros: What Stands Out

Old Mutual’s strong reputation adds peace of mind. Personalised interest rates can reward borrowers with good credit, making repayment more manageable over the long term.

Flexible repayment terms, high loan amounts, and a simple online process suit various needs—whether it’s for home repairs, medical bills, or education-related expenses.

Cons: Considerations

The competitive rates are not guaranteed for everyone—they depend on your credit history and income stability. Those with poor credit might be offered higher rates or face rejection.

As with all loans, there is a risk of over-indebtedness. It’s important to borrow only what you can afford to repay comfortably each month.

Verdict: Our Take

Old Mutual’s personal loan is ideal for responsible borrowers needing flexibility, larger amounts, and predictable repayment plans. The application process is transparent, quick, and convenient, especially if you have a strong credit profile.