Old Mutual Personal Loan Review: Flexible Terms and Fast Pay-Outs
Discover Old Mutual Personal Loan in South Africa. Get flexible terms up to R250 000, easy application, fixed interest rate, and fast payout. Find out if it's right for you with our unbiased review.
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Old Mutual Personal Loan
Loans up to R250 000, flexible terms from 3–72 months, competitive fixed rates, simple application and transparent fees. Quick approvals and payout.
Old Mutual offers a personal loan tailored for South Africans needing cash for emergencies, opportunities, or home improvements. Loan amounts range from R2,000 up to R250,000, with repayment periods extending between 3 and 72 months. The interest rate is fixed, with a maximum annual rate of 29.25%. Fees include a once-off initiation and monthly administration charge, ensuring transparency and clarity for all applicants. Applicants must be South African citizens, aged 18 to 60, earning at least R2,500 per month, with at least three months’ employment at their current job.
How to Apply for an Old Mutual Personal Loan
Applying for an Old Mutual Personal Loan is straightforward. You can submit your application online, visit a branch, or phone their call centre. Gather your ID document, your latest payslip, and three months’ bank statements not older than seven days. Approval is subject to a full affordability assessment — and if successful, you can receive the funds within 24 hours after approval.
Key Advantages
The top benefit is flexibility: choose repayment terms that suit your budget, from 3 to 72 months. Old Mutual is transparent, breaking down fees and costs clearly. Another advantage is fast payout, typically within 24 hours after approval. You may also use a loan calculator before applying, helping you budget accurately.
Possible Drawbacks
Some customers may find the once-off initiation fee and monthly admin charges add up, especially on smaller loans. The maximum interest rate of 29.25% is competitive, but still on the higher end if you do not have a strong credit profile. Qualification requires stable employment and a minimum income, which may not suit everyone.
Final Verdict
Old Mutual’s Personal Loan is a suitable option for South Africans wanting a reputable lender with clear terms and fast disbursement. Applicants who meet the employment and income requirements can benefit from flexible terms and easily understand all costs involved. Consider calculating your repayments before you apply to ensure the loan is affordable for you.
