Old Mutual
Borrow from R2,000 up to R250,000 with terms from 3 to 72 months, fast payouts, and fixed rates for easy budgeting. Simple requirements and competitive fees.
Old Mutual offers South Africans personal loans ranging from R2,000 up to R250,000, with payment periods of 3 to 72 months. The maximum interest rate is competitive at 28% annually, ensuring repayments remain predictable thanks to fixed interest rates. Approval is quick, with funds often released within 24 hours of approval. A once-off initiation fee, monthly admin fees, and a credit life premium may apply, depending on your loan term and amount.
How to Apply for an Old Mutual Personal Loan
- Be aged 18-60 and a South African citizen
- Earn at least R2,500 per month
- Provide your ID, 3 recent bank statements, and your latest payslip
- You must be with the same employer for at least 3 months
- Apply online, over the phone, via WhatsApp, or at any Old Mutual branch
Professionisti
One major draw of Old Mutual’s loan offer is the flexibility: you can choose a term that suits your monthly budget, from 3 months up to 72 months. Fixed interest rates make planning easy, and quick disbursement means emergency needs can be met fast.
The loan is also accessible with a relatively low minimum income requirement, and the application process is designed to be truly user-friendly.
Contro
The initiation fee and monthly admin charges, while industry-standard, do add to your total cost of borrowing. If you choose a longer repayment term to keep instalments low, the total fees and interest paid over time increase.
Additionally, the top offer is for formally employed South Africans only, so it’s not suitable for self-employed or casual workers.
Verdetto
Old Mutual personal loans offer a good mix of flexibility, clear conditions, and rapid payout for those eligible. While the loan fees are typical of the industry, fixed rates and the ability to consolidate other debts make it a strong choice for reliable access to credit. If you’re looking for a straightforward solution backed by one of South Africa’s biggest financial brands, this is an option worth considering.
