Old Mutual’s Personal Loan offers South Africans the flexibility to borrow between R2,000 and R250,000, with repayment terms from 3 to 72 months. The fixed interest rate can go up to 29.25% per annum, giving borrowers certainty in their monthly repayments. Added transparency means you’ll know up front about initiation and admin fees, ensuring you won’t face surprise costs later.

How to Apply for an Old Mutual Personal Loan

The application process is straightforward and can be completed online, over the phone, or at any Old Mutual branch. You’ll need to provide your ID, the latest payslip, and three months’ bank statements. As long as you’re a South African citizen, at least 18 years old, earning R2,500+ monthly, and employed for three months, you can apply in minutes.

Advantages

One of the main benefits of this loan is the flexible range with a high ceiling of R250,000, suitable for anything from debt consolidation to home improvements. The interest rates are fixed for the full loan term, providing certainty and stability. Fast approval means you can access funds within 24 hours after approval, ideal for urgent needs.

Drawbacks

There are some downsides to consider. The maximum interest rate is on the higher side at 29.25%, which could be expensive for some borrowers. Also, there’s a once-off initiation fee and ongoing monthly admin costs that will add to your total repayment amount.

Verdict

Overall, Old Mutual’s Personal Loan stands out for its flexibility, clear terms, and speedy approval. While the interest and fees could be a concern for some, the quick payout and transparency are definite strengths. This loan should appeal to those who value reliability and fast access to funds.