Old Mutual Personal Loans offer South Africans access to funds ranging from R2,000 to R250,000, with flexible repayment terms of 3 to 72 months. Interest rates are fixed, with a maximum of 28% per annum, and transparent fees ensure there are no surprises. Borrowers are assessed on affordability to ensure responsible lending. Successful applicants can expect payout within 24 hours of approval, making Old Mutual a reliable option for urgent financial needs.

How to Apply for an Old Mutual Loan

To apply, applicants must be aged 18 or older, be a South African citizen, and provide valid identification. Three months’ recent bank statements, not older than seven days, and the latest payslip are required. Applications can be submitted online, by phone, in-branch or via WhatsApp, giving customers flexibility depending on their preference.

Key Advantages

Old Mutual stands out for its transparent loan terms and quick turnaround, often paying out within 24 hours. Flexibility in both the loan amount and repayment terms, from as little as R2,000 to as much as R250,000, is ideal for a variety of financial needs, whether you’re covering an emergency or planning a large purchase.

Potential Drawbacks

Despite the advantages, the maximum interest rate of 28% per annum may be high for some borrowers. Additionally, a once-off initiation fee and monthly admin fees add to the total cost. Applicants must also be in permanent employment for at least three months to qualify, which might limit access for self-employed individuals.

Final Verdict

Old Mutual Personal Loans are a versatile and trustworthy financing option for South Africans who meet the requirements. The straightforward application process, transparent fee structure, and quick payout make it a top contender. However, borrowers should compare the total cost of borrowing and consider their ability to repay before committing.