The Old Mutual Personal Loan stands out with flexible terms, transparency, and a swift process. Borrowers can get up to R250,000 with terms ranging from 3 to 72 months. The interest rate is capped at an attractive 29.25% annually, and each application undergoes a thorough affordability assessment. Upfront, applicants face a once-off initiation fee and a monthly admin fee, but there are no hidden surprises. It’s designed with South Africans in mind and fits many needs, from emergencies to consolidating debt.

How to Apply for an Old Mutual Personal Loan

• Be a South African citizen aged 18–60 and earn at least R2,500/month
• Prepare your ID, 3 months’ bank statements, and latest payslip
• Apply online, via phone, or at an Old Mutual branch
• Undergo a full credit and affordability assessment
• Funds disbursed within 24 hours if approved

Top Advantages

Old Mutual is highly regarded for its transparent loan process. They detail all costs upfront, so there’s no confusion about what you’ll repay over the loan term. Their digital tools, including a loan calculator, empower you to plan confidently before applying. Flexible terms up to 72 months mean you can tailor repayments to your budget, and fixed interest rates offer peace of mind despite fluctuations in market rates.

Main Disadvantages

Despite flexibility, initiation and admin fees may be substantial, particularly for lower loan amounts. The maximum annual interest rate, while capped, is still higher than what some may expect from secured lending options. You’ll also need to be permanently employed for at least three months by the same employer, which might restrict access for some.

Final Verdict

The Old Mutual Personal Loan is a reliable, transparent offering for South Africans who value clear terms, fast turnaround, and broad flexibility. While fees and certain eligibility requirements might exclude some, most employed South Africans will find this a practical choice for borrowing—from unforeseen expenses to once-off opportunities. The application is smooth, digital-friendly, and the loan calculator makes planning straightforward.