Old Mutual offers personal loans in South Africa ranging from R2,000 up to R250,000. Loans are unsecured, so you don’t need to provide collateral. Interest rates are fixed and can be up to 28% per annum, meaning your repayments remain predictable. You can choose repayment terms anywhere from 3 to 72 months, allowing flexibility for your budget and needs. There is a once-off initiation fee, a small monthly admin fee, and applicants are assessed for affordability. Approval often happens quickly, and if you qualify, payout can be within 24 hours.

How to Apply: Step-by-Step

Applying for an Old Mutual Personal Loan is straightforward. You need to be at least 18 years old, earn a monthly income of at least R2,500, and be permanently employed for at least three months. Gather your South African ID, three months’ current bank statements, and your latest payslip. You may apply online, at an Old Mutual branch, via WhatsApp, or by calling their call centre.

What We Like

Old Mutual’s personal loans offer a high maximum amount and long, flexible repayment periods. Fixed interest rates mean no surprises in your monthly repayment, and funds can be paid out as quickly as one day after approval. The online calculator tool allows you to estimate your costs before applying, helping you plan and budget with certainty.

What to Watch Out For

An initiation fee and monthly admin fee will be charged, which can increase the cost of borrowing. Maximum interest rate is high for some borrowers, and the minimum monthly income required is R2,500, which excludes some applicants. Repaying over a longer period will reduce your instalment but increase your total interest and fees over time.

Our Verdict

Old Mutual Personal Loans are well suited for those needing a lump sum with a fixed repayment plan and quick access to funds. The transparent cost structure and variety of application channels are positives. However, consider the total repayment cost—especially if you opt for a longer loan term.