Old Mutual’s personal loan gives South Africans the chance to borrow from R2,000 up to R250,000, with terms ranging from 3 to 72 months. The loans are unsecured, which means you don’t need any collateral, and the maximum annual interest rate is capped at 28%. Applications are assessed for affordability to ensure responsible lending.

How to Apply for the Old Mutual Personal Loan

Start by checking if you meet the minimum requirements: be at least 18 years old, earn a minimum of R2,500 per month, and have proof of employment.

Prepare your South African ID, your latest payslip, and bank statements for the past 3 months, not older than 7 days.

You can apply online directly, visit a local branch, use WhatsApp, or call the official Old Mutual loan centre.

Your application will undergo a credit and affordability assessment. If approved, you’ll receive your funds, often within 24 hours.

Repayment begins the following month, with fixed instalments for your chosen loan term.

Advantages of the Old Mutual Loan

One major advantage is the flexibility: choose any loan amount from R2,000 to R250,000 and set your own repayment period according to your budget.

Interest rates are fixed, so your payment won’t change throughout the repayment period, making budgeting simple and stress-free.

The application process is streamlined and can be completed completely online, saving time and hassle compared to going in-branch.

Payouts can be very quick, so you get emergency funds fast. This is ideal when an unexpected expense arises.

Old Mutual is a reputable South African lender, giving you confidence in transparent terms and reliable support.

Drawbacks to Consider

While flexible, the maximum interest rate is relatively high at up to 28% per annum if you do not qualify for a lower rate.

There are once-off initiation and monthly service fees, which add to the overall cost of borrowing.

The loan is only available to permanently employed people, so freelancers or self-employed applicants might not qualify.

If you extend your loan over the maximum term, your total interest paid will be higher.

Multiple credit applications in a short period can negatively affect your credit score.

Our Verdict

Old Mutual’s personal loan offer is highly flexible and transparent, making it a standout choice for employed South Africans needing cash for any purpose.

The online process is quick, payouts are often same-day, and loan amounts are among the highest available without collateral.

Applicants should ensure they understand the interest rates and total cost, but overall, this loan is a solid and accessible option for many.