Old Mutual Personal Loan is one of the leading offers available to South Africans seeking flexibility and clarity when borrowing money. With Old Mutual, you can borrow any amount from R2,000 up to R250,000 and repay it over terms ranging from 3 to 72 months. The annual interest rate is fixed and capped at 29.25%, with a representative example showing a total payable of R6,204.91 for a R5,000 loan over three months. All applicants undergo a credit assessment, ensuring that you only commit to repayments you can afford.

How to Apply for an Old Mutual Personal Loan

To apply for an Old Mutual Personal Loan, you’ll need to be a South African citizen over 18 years old. Prepare your ID, your latest payslip, and your last three months’ bank statements. Applications can be made online, by phone, or at any Old Mutual branch, and successful applicants often receive their funds as soon as 24 hours after approval.

Main Advantages of Old Mutual Personal Loans

One significant benefit is affordability: All loans are carefully matched to your income and expenses, ensuring your financial health is protected. Another key advantage is flexibility, as you can select a repayment term to best suit your budget, helping you to manage your monthly cash flow comfortably.

Downsides to Consider

Old Mutual loans are only available to those with stable employment, so self-employed or informal workers might not qualify. Additionally, while the fees and interest are transparently disclosed, up-front initiation and monthly service charges can make short-term loans relatively expensive compared to some other loan types.

Our Verdict

Old Mutual Personal Loan is ideal for South Africans who value transparency and flexibility. With easy application steps, clear fee structure, and fixed interest rates, it provides peace of mind, but it’s best suited to those who can fully meet the qualification requirements.