Old Mutual’s Personal Loan is a popular loan option for South Africans seeking flexibility and transparency. With loan amounts between R2,000 and R250,000, repayment stretches over 3 to 72 months. Interest rates are typically fixed, with a maximum of 29.25% per annum, so monthly payments stay predictable. There is a once-off initiation fee and a monthly admin charge. The application is open to citizens between 18 and 60 who are employed and earning at least R2,500 per month. Funds can often be paid into your account within 24 hours after approval.

How to Apply: Simple Step by Step

1. Prepare your South African ID book, 3 months’ bank statements, and your latest payslip.
2. Apply online, at any Old Mutual branch or by calling Old Mutual directly.
3. Your affordability and credit history are assessed.
4. On approval, loan documents are signed and submitted.
5. Upon completion, funds usually arrive in your bank account within a day.

Pros: Benefits of Old Mutual Personal Loan

One standout benefit is the flexible borrowing range and extended repayment periods, which cater to diverse personal needs, whether for emergencies or opportunities.

Furthermore, Old Mutual is transparent about terms and costs, helping borrowers make informed decisions and avoid unpleasant surprises down the line.

Cons: What to Consider

Fees such as initiation and monthly admin charges can increase overall costs, especially for smaller loan amounts or shorter loan durations.

Additionally, approval is only for those who meet strict credit, employment, and income requirements. This may not suit self-employed or informally employed applicants.

Final Verdict

Old Mutual’s personal loan shines for borrowers seeking a reliable and regulated lending partner. Its predictable fees, broad terms and speedy payouts make it a top choice for qualifying applicants looking to borrow responsibly.