If you’re tired of juggling multiple credit cards and loan repayments, the Old Mutual Debt Consolidation Loan can be a breath of fresh air. This loan lets you merge all your existing debts into one manageable amount, streamlining your monthly payments. Loan amounts are available up to R250,000, with repayment periods ranging from 3 to 72 months. Old Mutual offers a maximum interest rate of 29.25% per annum. You’ll need to be a South African citizen, over 18, and provide your ID, a recent payslip, and bank statements to apply.

How to Apply: Simple Steps

• Begin your application online, by phone, or at an Old Mutual branch
• List all accounts you want consolidated
• Submit your ID, payslip, and three months’ bank statements
• Upon approval, Old Mutual pays your creditors directly
• Close your credit card and store accounts to avoid more debt

Pros

Consolidating your debt with Old Mutual can simplify your financial life. You only track one monthly payment, and there’s a real opportunity to lower your monthly instalments. Extended repayment terms up to 72 months mean flexibility to suit your budget, while competitive interest rates help make repayments manageable.

Cons

If you extend your loan term, you may pay more in interest over time. Additionally, the requirement to close paid-off accounts yourself adds a step in the process. Not closing unused credit accounts may lead you to accrue more debt in the future.

Verdict

Old Mutual’s Debt Consolidation Loan is a great option for people seeking order and simplicity in managing their debt. It’s easy to apply and offers generous limits. This is well-suited if you want a structured way to regain control over your finances and are confident you will close all previous credit accounts when your loan is granted.