Old Mutual offers personal loans from as little as R5 000 up to a generous R250 000, making it possible to cover any expense, big or small. Loan terms can be set from 3 to 72 months, giving you flexibility to match repayments with your budget.

Interest rates can go up to a maximum of 29.25% per year, with fees including an initiation fee and a monthly admin fee. Payments are calculated monthly and every loan is subject to a full credit assessment to ensure responsible lending.

How to apply for an Old Mutual Personal Loan

To start, determine how much you need to borrow and the preferred repayment period. Use the Old Mutual online personal loan calculator to estimate your monthly instalment. Afterwards, proceed with the application process by submitting your ID, proof of income, and recent bank statements online or in person. Once approved, funds are paid directly into your bank account.

What makes Old Mutual Personal Loans a good choice?

One of the main advantages is the flexible loan amounts and repayment terms available. Whether you need a small loan or a substantial amount, you can tailor your plan accordingly. Approval can also be quick if you provide all the required documents promptly.

Additionally, the option for debt consolidation is available, making loan repayments simpler by combining multiple debts into one manageable monthly payment. This can help reduce overall financial stress.

Potential drawbacks to consider

Interest rates can be higher for some applicants, especially those with lower credit scores. As with most personal loans, there are also initiation and monthly admin fees that increase the total repayment amount.

Full credit checks are mandatory, so not everyone will qualify. If you are over-indebted, you may not be approved or may be offered less than you require.

Final verdict: Is an Old Mutual Personal Loan right for you?

Old Mutual’s personal loan offering is well suited for a wide range of borrowers needing flexibility in amount and term, plus the ease of online application. It’s worth considering if you want reputable support and clear loan conditions.