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Old Mutual Personal Loan
Flexible amounts up to R250,000. Repayment terms between 3 and 72 months. Transparent costs. Fast pay-out. Ideal for those needing affordable finance quickly.
If you are seeking a personal loan with a well-known South African institution, Old Mutual offers a credible option. Loan amounts range from R2,000 up to R250,000, making it suitable for various needs such as emergencies, home improvements, or even debt consolidation. The maximum interest rate is 29.25% per annum, while repayment terms are flexible, from 3 up to 72 months.
This loan offering is designed for South Africans over 18 with a minimum income of R2,500 per month, and you must be employed permanently for at least three months. The cost structure is clearly explained: a once-off initiation fee, a monthly admin fee, and fixed interest rates ensure you always know what to expect each month.
How to Apply for an Old Mutual Personal Loan
Applying for an Old Mutual Personal Loan is straightforward. Start by gathering your ID, the past three months’ bank statements (not older than seven days), and your latest payslip. You can apply online, visit a branch, or phone their customer service. Once submitted, your application will be assessed for affordability. Upon approval, the loan amount is paid out usually within 24 hours.
Pros of Old Mutual Personal Loan
One of the clear benefits is flexibility – you can choose your loan amount and repayment term to best suit your needs. Transparent costs are upfront, so you aren’t surprised by hidden fees or sudden interest changes. Furthermore, Old Mutual’s fast approval and pay-out process make it ideal for urgent financial needs.
Cons of Old Mutual Personal Loan
On the downside, you must meet strict employment and income criteria, potentially limiting access for some applicants. The maximum interest rate can be relatively high, especially for those with less-than-perfect credit ratings, so always compare other available offers to ensure this is your best option.
Our Verdict
Old Mutual Personal Loan is a trustworthy choice for those who need quick, straightforward access to funds and value clear terms. If you meet the eligibility requirements, it’s a strong candidate for a reliable SA personal loan.