Old Mutual’s personal loan offers South African citizens access to funding from as little as R2 000 up to an impressive R250 000. With repayment options stretching from 3 all the way to 72 months, borrowers benefit from flexibility in planning their instalments. The maximum interest rate is 28% per year, and all rates remain fixed for the entirety of the loan term, ensuring reliable monthly budgeting.

Applications are considered based on affordability and require a valid South African ID, three months’ recent bank statements, and a current payslip. Old Mutual’s loan carries a once-off initiation fee, monthly admin fees, and, for longer loans, a monthly credit life premium. Successful applicants may see funds arrive within 24 hours of approval, making it a viable choice for emergencies or important life events.

How to Apply: Step by Step

1. Check your eligibility: Be a South African citizen, aged 18 or older, earning at least R2 500 per month.
2. Collect key documents: ID book, latest payslip, and three months’ bank statements (not older than seven days).
3. Choose your preferred application channel: online, at a branch, via WhatsApp, or by phone.
4. Fill in the loan application accurately and submit all required documentation.
5. Wait for the outcome of the affordability check and, if approved, receive your money—often within 24 hours.

What We Like About Old Mutual Personal Loans

Old Mutual provides clear, fixed interest rates, helping customers know exactly what to expect when it comes to monthly repayments. This transparency is a considerable advantage for those who want easy budgeting and financial confidence.

The quick turnaround time from approval to payout (as fast as one day) is a significant plus, particularly in unexpected or urgent situations. The wide range of loan values and flexible terms mean there’s an option suited for almost all needs.

Areas to Consider

The initiation fee can be high relative to small loan amounts, which may increase the total cost for short-term or low-value loans. Applicants must provide recent bank statements and payslips, which could be a hurdle for freelancers or those with irregular income.

Interest rates, while capped, are linked to personal risk profiles—some applicants might receive higher rates than expected, depending on their credit history and affordability.

Verdict

Old Mutual’s personal loan combines flexibility, quick access, and fixed rates, making it a strong option with predictable repayment plans for South Africans. If you meet the eligibility requirements and need funding with transparent terms, this offer is worth considering. Its blend of speed, choice, and reliability provide valuable peace of mind when life’s expenses arise.