Old Mutual’s personal loan is a reputable option for South Africans who need access to extra funds. Amounts range from R2,000 to R250,000, and repayment terms span 3 to 72 months. The interest rate is fixed for the life of the loan, with a maximum set at 28% per year. Once approved, funds are usually paid within 24 hours, making this a fast solution for urgent needs.

How to Apply: Step-by-Step

To apply, you must be at least 18 years old, earn R2,500 or more monthly, and have been permanently employed for at least three months. Prepare your South African ID, latest payslip, and three months’ bank statements. Applications can be made online, in a branch, via WhatsApp, or by phone.

Pros of Old Mutual Personal Loan

One significant advantage is affordability: Old Mutual assesses affordability so you only borrow within your means. The process is entirely transparent, with all fees and costs explained upfront. Flexible repayment periods mean you can choose instalments that fit your lifestyle.

Cons of Old Mutual Personal Loan

A drawback is the one-off initiation fee that can be quite high for smaller loans. Also, if you extend your loan over a longer period, you pay more interest overall. Applying for several loans at once can also impact your credit score.

Verdict: Our Assessment

Overall, Old Mutual’s personal loan stands out due to fixed rates, quick payouts, flexible terms, and a clear application process. It’s a strong choice for those seeking a reliable, established lender with fair lending practices and quick decision times.