Old Mutual Personal Loans: Up to R250,000, Flexible Terms, Fixed Rates

Old Mutual Personal Loans make it possible to access between R2,000 and R250,000 with structured fixed-rate repayments. Loans can be repaid over periods from 3 months to 72 months. Interest rates are fixed, and the highest chargeable APR is 28%. This predictability lets you budget with security, knowing your instalment won’t change based on Reserve Bank fluctuations.

How to apply for an Old Mutual Personal Loan

Applying for a loan with Old Mutual is straightforward. Applicants must be South African citizens aged at least 18 years, earning a stable income of at least R2,500 per month, with three months of recent payslips and bank statements.

You can apply online, at an Old Mutual branch, over the phone, or via WhatsApp. The approval process includes an affordability assessment. Once approved, your funds are typically paid out within 24 hours.

Pros of Old Mutual Personal Loans

One of the biggest advantages is fast access—approved applicants often get their funds by the next business day. The transparent fee schedule and fixed rates provide certainty about your total repayment costs throughout your loan term.

Borrowers have flexibility in choosing terms from just 3 months up to 6 years, with clear explanations of all fees involved. The loan is unsecured, so no collateral is needed.

Cons of Old Mutual Personal Loans

On the downside, all loans are subject to a once-off initiation fee, as well as a monthly administration fee, which can increase the total cost. Rates depend on your personal credit profile and affordability.

Applicants must also meet steady employment requirements, so freelancers or new job starters may find it harder to qualify.

Our Verdict

Old Mutual Personal Loans offer competitive fixed rates, rapid pay-outs, and easy-to-understand terms. If you need medium to large sums urgently and want payment certainty, Old Mutual is a solid choice for South Africans seeking a reputable lender.