If you’re looking for a personal loan in South Africa, Old Mutual offers a flexible and straightforward solution. You can borrow from R2,000 up to R250,000, with repayment terms ranging from 3 to 72 months. Interest rates are fixed, which means your monthly payments remain predictable. The maximum interest rate is 29.25% per year, and transparent fee structures are clearly explained upfront, adding peace of mind to your borrowing journey.

How to apply for an Old Mutual Personal Loan

• Make sure you are a South African citizen over 18 with a monthly income of at least R2,500.
• Gather your ID book, the latest payslip, and three months’ bank statements.
• Apply online, by phone, or by visiting a branch.
• Wait for your affordability check and credit assessment.
• If approved, funds are paid within 24 hours after approval.

Key Advantages

One of the biggest advantages is the range of loan amounts and repayment terms. You can select flexible options that suit your needs, whether it’s for a small emergency or a large purchase.

The process is very transparent, with a fixed interest rate and clear upfront disclosure of all fees. Approval and payout are typically fast for qualified applicants.

Potential Drawbacks

An upfront initiation fee and monthly admin fees do apply, so it’s important to factor these into your total cost.

If your credit score isn’t strong or your income is unstable, approval may be harder to obtain, as affordability checks are stringent.

Verdict

Old Mutual Personal Loan is a solid option for South Africans seeking flexibility, speed, and reliable service from a reputable lender. With competitive rates, swift payouts, and a transparent process, it stands out for those who meet the eligibility criteria and want the security of a known institution.