Old Mutual Finance Personal Loan Full Review
Get to know one of the most popular lenders in South Africa and end up borrowing up to R250,000 over six years.
If you’re looking for a flexible and reliable way to borrow money in South Africa, Old Mutual Finance might be the right choice for you.
Offering personal loans ranging from R5000 to R250.000 with repayment terms as long as 72 months, Old Mutual Finance’s personal loans offer the flexibility you need to boost your life.
In this article, you’ll learn everything you need to know about an Old Mutual personal loan, including its features, requirements, advantages, and much more.
Who is Old Mutual Finance?
With over 170 years of experience in South Africa, Old Mutual Finance is one of the most reputable and trusted lenders in the country.
The company has a great deal of experience providing a variety of products and services, including personal loans, vehicle finance, insurance, and more.
With a strong focus on responsible lending and customer satisfaction, Old Mutual Finance has built a solid reputation among South African borrowers over the years.
The company prides itself on offering transparent and flexible financial solutions that meet the needs of different customers.
How does an Old Mutual Finance personal loan work?
Old Mutual Finance’s personal loans can be used for a variety of purposes, such as debt consolidation, home improvements, or unexpected expenses.
The loan amount ranges from R5,000 to R250,000, and the repayment term can be anywhere from 9 to 72 months, depending on the borrower’s needs and financial situation.
Currently, the personal loan offered by Old Mutual is unsecured, which means you don’t have to provide any collateral to get your request approved.
Apart from its high amount and longer terms, Old Mutual Finance offers some exclusive advantages within its personal loan, making it a great option for those in need of financial assistance.
These begin with Old Mutual’s fast approval process, which can take as little as 10 minutes to complete online.
Ols Mutual’s personal loans also came with a unique skip payment feature that allowed you to skip a payment or take a payment break once a year, under certain circumstances.
Other advantages include:
- No collateral request;
- No early payment penalty;
- fast application process;
Disadvantages of Old Mutual Finance Personal Loan
While an Old Mutual personal loan has many advantages, there are also some potential drawbacks to consider before applying for a loan.
One of the main disadvantages is the potential for high fees and charges, including an initiation fee, a monthly service fee, and a credit life insurance fee.
As with many other lenders in South Africa, Old Mutual loans come with mandatory loan protection insurance.
While that insurance will cover your outstanding balance in case of death, disability, or terminal illness, it will add an extra cost to your loan.
Additionally, the interest rates for an Old Mutual Finance personal loan can be higher than those offered by some other lenders in South Africa, especially for borrowers with less-than-perfect credit scores.
Finally, it’s important to note that late payments or missed payments can negatively impact your credit score and result in additional fees and charges.
How to apply for Old Mutual Finance Personal Loan
If you’re interested in applying for an Old Mutual Personal Loan, tap the green button below!
You can check out all the requirements you must meet and a step-by-step guide in order to apply for an Old Mutual personal loan.