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Old Mutual
Flexible loans up to R250 000, fixed interest from 15%-28%, 3 to 72 months, low admin fees and fast same-day payout available. Simple application process.
Old Mutual offers personal loans up to R250 000 to South African citizens, with repayment terms from 3 to 72 months. Interest rates are fixed and can go up to 28% per year, making budgeting predictable. Suitable for emergencies or turning dreams into reality, their process is straightforward and transparent with clear fee structures.
The application requires a valid ID, proof of income, and recent bank statements. You need to be between 18 and 60 years old, earn at least R2 500 per month, and have been employed for at least three months. Once approved, the funds can be sent to your bank account within 24 hours.
How to Apply: Step by Step
- Check if you meet the requirements: age, income, and employment stability.
- Gather your ID, last payslip, and three months’ bank statements.
- Apply online, at a branch, via WhatsApp, or by phone.
- Submit your documents and complete affordability checks.
- Review the offer. Upon approval, receive the money swiftly.
Pros of Old Mutual Personal Loan
One of the biggest advantages is the high maximum amount—up to R250 000—to cover almost any personal need. Flexible terms from 3 to 72 months give you control over your monthly payment size. The fixed interest rate ensures your repayments stay the same throughout the term, aiding long-term planning.
Customers praise the fast turnaround process and the ability to get funds within a day of approval. Additionally, you can check your free credit score beforehand, which can help you understand your financial standing without obligation.
Cons of Old Mutual Personal Loan
A notable drawback is the once-off initiation fee and monthly admin charges, which can add to the total repayment cost. Maximum interest is quite high for those with poorer credit profiles.
Applicants must provide recent bank statements and payslips, which may lengthen the process for self-employed individuals. Additionally, only South African citizens qualify, excluding some from eligibility.
Verdict
Old Mutual’s personal loan is ideal for borrowers seeking high limits, predictable payments, and a simple, quick process. While some fees can bump up the total cost, the transparent rates, strong reputation, and speedy access to funds make this loan a solid option for many South Africans.
