Old Mutual offers a personal loan designed to meet the diverse needs of South Africans. Borrow from as little as R2,000 up to R250,000 and choose repayment terms between 3 and 72 months. Interest rates are fixed for the duration of your loan and can go up to a maximum of 29.25% per annum, so you always know your monthly payment. Once-off initiation and monthly admin fees apply, and if approved, funds are usually paid out within 24 hours.

How to apply for an Old Mutual personal loan

• Be a South African citizen aged 18-60
• Gather your ID, latest payslip, and 3 months’ bank statements (not older than 7 days)
• Meet the minimum monthly income (R2,500) and job stability requirements
• Apply online, over the phone, or at an Old Mutual branch

Application is straightforward, and Old Mutual performs a credit assessment to tailor your offer based on affordability and your credit profile.

Highlights of the Old Mutual Loan

One great advantage is the flexible range of borrowing amounts to suit both big and small needs. Fixed interest rates mean predictable repayment totals, and the longer terms allow for increased affordability in tough months. Approval is relatively quick and, for eligible borrowers, the payout can hit your bank account within a single day.

Downsides to consider

The loan comes with fixed admin and initiation fees, which can make smaller loans pricier relative to the total borrowed. Additionally, only those with stable employment history and a good credit profile will qualify, leaving some applicants disappointed. The maximum rate of 29.25% is also on the high side.

Verdict: Is Old Mutual’s personal loan worth it?

Old Mutual personal loans are a trustworthy choice for eligible South Africans who need quick, flexible finance. Their transparent approach to costs and wide range of loan options make them a contender when considering personal loans. However, do compare your offers for the best rates and total costs before you commit.