Old Mutual’s Personal Loan offering is designed for South Africans who need access to funds quickly and with transparency. You can borrow from R2,000 up to R250,000, with flexible repayment terms between 3 and 72 months. The annual interest rate can be as high as 29.25%, but rates and terms depend on your affordability and credit profile. Fees include a once-off initiation fee and a monthly admin fee, so you always know what to expect. Fast payouts—often within 24 hours after approval—are an added benefit for urgent needs.

How to Apply: Simple Steps

Applying for an Old Mutual personal loan is straightforward and can be done online, by phone, or at any branch. To qualify, you must be at least 18 years old, a South African citizen, earn a minimum of R2,500 per month, and have three months’ employment at your current job. When you apply, you’ll need your ID, three months’ bank statements, and your latest payslip.

Pros of Old Mutual Personal Loan

One of the key advantages of the Old Mutual loan is its flexibility. With repayment periods stretching up to 72 months, borrowers can space out payments to fit their budgets. Transparent fixed rates mean your instalments won’t change during the loan term, making budgeting easier. The option to get loan approval and payout within a day is an excellent feature during emergencies or time-sensitive opportunities.

Cons to Consider

The maximum interest rate, set at 29.25% annually, could be high for customers with weaker credit profiles. There are also upfront and recurring fees, including initiation and admin costs, that can increase the overall cost of borrowing. Applicants who do not meet the minimum monthly income or employment length criteria will not qualify.

Our Verdict

For South Africans seeking a reputable, established lender with user-friendly products and fair transparency about costs, Old Mutual’s Personal Loan is a dependable choice. While some may find the interest and fees relatively high, the convenience, flexible terms, and speed of disbursement will be appealing for many borrowers in urgent financial situations or those planning larger purchases.