Old Mutual Personal Loan
Borrow up to R250,000 at a fixed interest rate with flexible repayment terms from 3 to 72 months. Affordable, transparent, and quick application process.
The Old Mutual Personal Loan offers flexible financial support up to R250,000, with repayment periods ranging from 3 to 72 months. Interest rates are fixed and applications are subject to an affordability check. A once-off initiation fee is charged, alongside an admin fee, and the maximum annual interest rate is 28%. This loan is structured for transparency, so all fees and implications are clearly explained upfront to potential borrowers.
How to Apply: Step-by-Step
To apply, you must be a South African citizen and at least 18 years old, with a minimum income of R2,500 per month. Simply submit your ID, latest payslip, and three recent bank statements. You may start your application online, via WhatsApp, at a branch, or by phone. After the assessment, if approved, funds are paid out within 24 hours.
Advantages of Old Mutual Personal Loan
A significant advantage is the flexibility in loan amounts and repayment periods, allowing you to borrow as little as R2,000 or as much as R250,000. The predictable, fixed interest rate guarantees no nasty surprises in your monthly instalments, while transparent costs make budgeting easier.
Disadvantages of Old Mutual Personal Loan
One drawback is the potentially high cost for small loan amounts, as initiation and admin fees can add up. Furthermore, only those with stable employment, at the same employer for at least three months, are eligible to apply, limiting options for those recently employed or self-employed.
Our Verdict
Old Mutual’s Personal Loan is a reputable, transparent lending option for individuals needing urgent funds or a lump sum for big purchases. With a user-friendly process and quick payouts, it stands out. While some fees may be high for low loan values, the fixed interest rate and trusted brand provide strong reassurance.
