If you have several debts to pay off each month, the Old Mutual Debt Consolidation Loan can help you simplify your finances. By combining credit cards, store accounts and personal loans together, this solution gives you a single repayment to manage instead of many.

Old Mutual offers loans up to R250 000, with repayment periods ranging from 3 to 72 months. Maximum interest rates are up to 29.25% per annum, with once-off initiation and monthly admin fees involved. Note that extending your loan term might increase total interest paid, but monthly instalments can be much lower.

When you are approved, Old Mutual pays off your chosen debts, leaving you with one manageable account. To qualify, you must be at least 18, have a South African ID, three months of bank statements, and your latest payslip. This makes it accessible to most working South Africans.

How to Apply

• Start online, in-branch, or by phone
• Provide your ID and three recent bank statements
• Submit your latest payslip as proof of income
• Select the accounts you want paid off
• Receive notification when the process is complete

Key Advantages

Consolidation lowers the stress of tracking multiple accounts, and can reduce your monthly instalment. Closing paid-off accounts also improves your financial control. Many applicants find approval is fast and convenient with Old Mutual’s easy process.

Potential Drawbacks

Lengthening your repayment term may lead to higher overall interest and fees. It’s important to close store and credit card accounts yourself after they’re settled, otherwise you might be tempted to use them again.

Final Verdict

Old Mutual’s Debt Consolidation Loan is a smart choice for those wanting to streamline debt repayments, especially if you prefer a single, predictable monthly instalment. With competitive loan limits, flexible terms, and a straightforward application process, it’s a practical, trustworthy solution for South Africans who want financial relief and peace of mind.