Old Mutual — loans online in South Africa

Old Mutual Loan is a personal loan from Old Mutual Finance (Pty) Ltd, a registered South African credit provider (NCRCP35). It provides a once-off lump sum repaid in fixed monthly instalments over a fixed term, with fixed interest rates. The loan is paid into your bank account within 24 hours after approval.

Loan terms

• Loan amount: from R2,000 to R250,000
• Repayment term: from 3 to 72 months
• Interest rate: fixed for the term; depends on affordability and credit profile; maximum 28% per year
• Initiation fee: R165 plus 10% of the loan amount above R1,000 (capped at R1,050, excluding VAT)
• Monthly service/admin fee: R60 (excluding VAT) for all loan accounts; some examples show R69
• Credit life premium: charged monthly for loan terms of 12 months and longer, based on the Rand value of the loan at application

Borrower requirements

• South African citizen.
• Age between 18 and 60 years (loan term must end before you turn 60).
• Earn at least R2,500 per month before deductions.
• Permanently employed or on contract for more than 3 months.
• Required documents: ID copy, 3 months' bank statements (not older than 5–7 days), latest payslip.

How to apply and get a loan

Apply online via the Old Mutual portal, in a branch, via WhatsApp on 0860 933 333, or by calling 0860 000 866.

1. Start the application, complete personal, employment, and affordability details, and upload supporting documents (optional but speeds up processing).
2. Get a quote, then submit the full application; a full credit assessment is required.
3. If approved, the loan is paid out within 24 hours.

Repayment and payment methods

Repay in fixed monthly instalments via debit order on the date you selected at application.

You can pay more than the minimum due to reduce the balance faster, but this does not let you skip a future payment.

Electronic fund transfers are allowed; use your loan account number as the payment reference.

Other terms

Early repayment: you can settle the loan in full by contacting Old Mutual to obtain a settlement amount.

Arrears and late payment: if you miss a payment, you will be charged default administration and debt collection costs; adverse information will be reported to credit bureaus; the loan may be suspended or handed to debt collectors.

Default interest: charged on overdue amounts at the same rate as the agreement.

Credit life insurance: required for loan terms of 12 months or longer; covers death/permanent disability (outstanding balance) and loss of income/temporary disability (up to 12 months' instalments). You may substitute an equivalent policy ceded to Old Mutual.

Interest is calculated monthly and is fixed for the term; your instalment won't change even if the repo rate changes.

Features

• Fixed interest rate for the entire term.
• Pay out within 24 hours after approval.
• Flexible terms from 3 to 72 months.
• Multiple application channels: online, branch, WhatsApp, phone.
• Credit life cover available for longer terms.
• No collateral required (unsecured personal loan).

Representative example: R5,000 for 3 months — total interest R348.16, initiation fee R649.75, monthly admin fee R69, total amount payable R6,204.91