The Old Mutual Personal Loan is a popular loan option in South Africa, offering up to R250 000 for both planned and unexpected expenses. Available repayment terms range from 3 to 72 months, giving you flexibility to fit your budget. The interest rate is up to 29.25% per year, calculated monthly. Every application undergoes a credit and affordability check, and the total cost includes a once-off initiation fee and a monthly admin fee.

How to apply for an Old Mutual Personal Loan

• Ensure you’re at least 18, a South African citizen and earn at least R2 500 per month.
• Gather your ID, latest payslip and 3 months’ bank statements (not older than 7 days).
• Apply conveniently online, at a branch, or via the call centre.
• Applications are assessed for affordability and creditworthiness.
• Approved loans are typically paid out within 24 hours.

Pros of Old Mutual Personal Loan

One of the biggest advantages is the high level of flexibility, with loan amounts suitable for various needs—from emergencies to big purchases. Transparent fee structure and fixed rates make repayments predictable and budgeting much easier.

Payout is quick, often within 24 hours of approval, making it suitable for urgent expenses. Multiple channels to apply, including online and phone, add to the convenience.

Cons of Old Mutual Personal Loan

The maximum interest rate is relatively high compared to secured loans, which can make borrowing expensive for some. There’s also a once-off initiation fee and monthly service charge, which can add up, especially for shorter loan terms.

The loan requires strict qualifying criteria: steady employment at the same employer for at least 3 months, and proof of income. This may exclude some applicants.

Verdict: Is Old Mutual Personal Loan Right For You?

If you need a fast, flexible loan and value transparency in costs, Old Mutual’s offer will suit you well. Just be sure your budget can handle the fees and interest rate before committing. Overall, it’s a competitive option for reliable borrowers.