If you need a personal loan that gives options and fast access, Old Mutual offers one of the most flexible products in South Africa. Loan amounts start at just R2 000 and can reach up to R250 000, catering for emergencies, opportunities or home improvements. Repayment terms are also generous, spanning from 3 to 72 months based on what fits your monthly budget best.

The maximum annual interest rate on these loans is 28%, with all rates being fixed. This brings peace of mind, as you always know what your monthly repayments will be, without worry about market changes. A once-off initiation fee and a monthly administration fee apply, but all costs are clearly explained before you accept the loan.

How to Apply: Simple Steps

• Check you are a South African citizen aged 18-60, earning at least R2 500 per month, with three months’ bank statements and a recent payslip.
• Apply online, at an Old Mutual branch, via WhatsApp, or by calling their customer centre.
• Submit your documents and wait for a credit assessment.
• If approved, get funds paid out—often within 24 hours of approval.

What We Like

Old Mutual stands out for transparency and flexibility—borrow only what you need, over a term that suits you. The quick payout means you can address emergencies or seize opportunities fast.

The application process is easy and accessible on multiple platforms, from online to WhatsApp, making it suitable for all applicants.

Potential Downsides

The interest rate, while fixed, can be as high as 28% p.a., which some borrowers may find steep compared to secured lending. Also, the initiation and admin fees can increase total costs on smaller loans.

There’s a credit assessment, so approval is not guaranteed for everyone; applicants with poor credit may be declined or receive less attractive terms.

Our Verdict

Old Mutual personal loans offer a good mix of flexibility, transparency and speed, with convenient application channels and responsive payouts. If you meet the criteria and need upfront clarity about costs and repayments, this loan is a solid option. However, consider the full structure of fees and interest if you’re seeking smaller loans or need the lowest rates possible.