Old Mutual offers a personal loan solution tailored to various needs, whether you’re consolidating debt, paying for unforeseen expenses, or investing in life goals. With a borrowing range from R5 000 up to R250 000, individuals receive flexibility and accessible financing options. Depending on your profile, loan terms span from 3 to 72 months. Maximum interest reaches 29.25% per annum, applied monthly, with once-off initiation and monthly admin fees, ensuring transparency in your repayment structure.

Applicants benefit from a fixed-rate product, clear fee breakdown, and up-front cost indications. Every approved loan is subject to a comprehensive credit assessment, ensuring responsible lending and suitability for your financial situation. Notably, mandatory credit life insurance and service charges are included in the monthly instalment estimate, helping you plan accurately. The loan example illustrates that borrowing R5 000 for 3 months could result in a total repayment of R6 204.91, inclusive of fees and interest.

How to Apply: Step-by-Step Process

• Select your desired loan amount, choosing from listed values or entering your preferred sum.
• Choose the repayment period that suits your budget, anywhere between 3 and 72 months.
• Use the loan calculator to preview monthly repayments based on amount and term.
• Complete the online application with your personal and financial details.
• Submit your documents and await a full credit assessment and loan approval decision.

Pros of Old Mutual Personal Loan

One major advantage of this offering is the wide selection of loan amounts and repayment terms, allowing flexibility to suit diverse needs. The clear fee structure, including set initiation and monthly admin fees, ensures you understand all costs up front. The application is straightforward, with immediate instalment estimates from the online calculator.

Additionally, the inclusion of credit life insurance in monthly estimates provides an extra layer of security, helping protect your obligations if unforeseen life events occur.

Cons of Old Mutual Personal Loan

The maximum annual interest rate of 29.25% is relatively high compared to some alternative products, especially for those with better credit scores. Also, the required fees (initiation and admin) can increase the total cost of small loans.

Loan approval depends on a full credit assessment. If your financial history is limited or unfavorable, you may be declined or face less favourable terms.

Our Verdict: Is It Worth It?

Old Mutual’s personal loan is a competitive option for South Africans looking for reliable, flexible financing and a transparent fee structure. Its straightforward application process and built-in protection make it appealing for many needs. However, be mindful of interest rates and total loan costs over the term. Compare offers to ensure this product best matches your financial circumstances and repayment ability.