If you’re seeking a personal loan in South Africa, Old Mutual Personal Loan is a strong choice. You can borrow between R2,000 and R250,000, with repayment periods ranging from 3 to 72 months. The interest rate is fixed, with a maximum annual percentage rate of 29.25%. Fees include a once-off initiation fee, a standard monthly admin fee, and a credit life premium for longer terms. The application and approval process is straightforward, and funds are typically paid out within 24 hours of approval, making it a fast and reliable option.

How to Apply

• Be at least 18 years old, a South African citizen, and permanently employed at the same employer for at least 3 months.
• Collect your ID, three months’ bank statements, and your latest payslip.
• Apply online, by phone, or at a branch.
• Wait for a quick affordability check and credit assessment.
• If approved, receive the funds quickly to your chosen bank account.

Top Benefits

One standout benefit is the loan’s flexibility: you can select a loan term that suits your financial needs, from short to longer periods. The fixed interest rate helps with budgeting, as you’ll know your monthly instalments from the start.

The approval process is efficient and transparent, meaning you can get fast access to the funds. Affordability assessments prevent over-borrowing, offering a level of financial protection for applicants.

Notable Drawbacks

The initiation and admin fees add to the overall cost of your loan and should be considered when calculating repayments. For some, these extra costs might reduce affordability.

Additionally, the loan is only available to those with stable employment and a minimum monthly income, which can exclude new job starters or those working informally.

Final Verdict

Old Mutual Personal Loan offers competitive interest rates, flexibility, and transparency. The step-by-step application process and quick payout make it ideal for those with urgent financial needs. Nevertheless, pay close attention to the full cost including fees before you apply. It sits as a recommended choice for individuals who meet the employment and income criteria, and seek financial peace of mind from a trusted institution in South Africa.