Old Mutual offers an easy-to-understand personal loan product tailored for South Africans. Applicants may secure loans ranging from R2,000 up to a generous R250,000. These are repayable via fixed monthly instalments over terms spanning 3 to 72 months. The maximum fixed interest rate is set at 28% per annum. Loan approval depends on an individual affordability assessment, ensuring the loan matches your financial situation.

How to Apply for an Old Mutual Personal Loan

• Check you are 18 years or older and a South African citizen
• Ensure you meet a minimum income of R2,500 per month
• Prepare your ID, recent payslip, and three months’ bank statements
• Apply online, at a branch, via phone or on WhatsApp

Advantages of Old Mutual Loans

One of the outstanding pros is the transparent cost breakdown, including a fixed interest rate and capped fees. You always know what you’ll repay.

Additionally, loan approval and payout can happen as quickly as within 24 hours after approval, helping people with urgent needs.

Potential Disadvantages

There is an initiation fee, combined with monthly admin costs. For those requesting smaller loan amounts, these fees can make up a significant portion of the total repayment amount.

Also, the maximum interest rate of 28% may be steeper when compared with some competing products, especially for those with top credit scores.

Our Verdict

Old Mutual’s offering provides a straightforward process, flexible repayment terms, and fast access to cash. Fees and costs are transparent, and terms are flexible, which is ideal for responsible borrowing. Just be mindful of the total cost for smaller loans and eligibility criteria.