If you’re considering borrowing for a major expense or consolidating debt, the Old Mutual Personal Loan offers amounts from R2,000 up to R250,000. Loans have repayment periods from 3 to 72 months, and the maximum annual interest rate is 29.25%. Successful applications see cash disbursed within 24 hours after approval. Each loan is subject to an affordability check, with costs clearly explained upfront. Fees include a once-off initiation fee, fixed monthly admin fee, and, if relevant, a credit life premium for longer terms.

How to Apply for an Old Mutual Personal Loan

It’s easy to apply. You must be a South African citizen, between 18 and 60, with regular employment and an income of at least R2,500 per month. Prepare your ID, your latest payslip, and bank statements for the last three months. You can initiate your application online, by phone, or at any Old Mutual branch. The process is designed for convenience, with prompt feedback and smooth disbursement if approved.

Key Benefits

Among the clear plus points, Old Mutual offers a highly flexible range of loan amounts and repayment terms. The speed of payout means access to cash when you need it most. Transparency is also a standout—costs are displayed upfront and the interest is fixed, making it easy to plan your monthly obligations.

Considerations

As with many loans, fees do add up, especially for small loan amounts with short terms. The top interest rate is high (capped at 29.25% annually), which could mean notable interest costs for some applicants. Remember, your eligibility depends on an affordability check, so not everyone may qualify for the highest amounts or best rates.

Final Verdict

Old Mutual Personal Loan is a robust, trustworthy option for South Africans seeking transparent lending, flexible terms, and quick access to funds. Provided you meet the requirements, it’s an attractive, user-friendly product suitable for emergencies, big purchases, or debt consolidation.