Old Mutual’s Personal Loan offers a flexible financing solution for South Africans looking for quick, convenient access to extra cash. Borrow between R2,000 and R250,000 with fixed interest rates up to 29.25% p.a., making planning your budget simpler. Repay your loan over 3 to 72 months with predictable monthly instalments.

To qualify, applicants must be aged 18 to 60, earn at least R2,500 per month, and provide a valid SA ID, three months’ bank statements, and latest payslip. Once approved, the funds are usually paid out within 24 hours, making it a practical solution for emergencies or personal projects.

How to Apply for an Old Mutual Personal Loan

Applying is straightforward. First, gather your documents: SA ID, recent payslip, and three months’ bank statements. You may apply online, at a branch, or by phoning their dedicated line. Complete the simple application form and await feedback on your eligibility. Once your application is approved, your loan is paid directly into your bank account, often within a day.

Advantages of the Old Mutual Personal Loan

One of the standout benefits is the loan’s transparency – you’ll always know your repayment amount, thanks to fixed interest rates. The service also prides itself on a quick payout, so you won’t be left waiting for your funds.

Flexibility is another key pro. Borrowers can select a term and loan size that best fit their needs, large or small, making this offer accessible whether you’re after a small top-up or planning a larger purchase.

Drawbacks to Consider

There are a couple of potential downsides. The once-off initiation fee and monthly admin charges can make smaller loans comparatively costly. Affordability checks can be strict, so not everyone will qualify, especially those with irregular income.

Eligibility is limited to people with permanent employment and a stable monthly income, making it harder for freelancers or contract workers to get approved.

Verdict: Is Old Mutual Personal Loan Right for You?

This is a sound offering if you value transparency, fast turnaround and flexible terms. However, be sure to factor in the total cost, including all fees, before committing. For eligible applicants, Old Mutual delivers reliable, reputable financing to cover many cash needs.