Old Mutual has been providing financial services in South Africa for almost 175 years. Personal loans are among the financial products and services provided by the organization. In this article, we will examine Old Mutual’s personal loans in greater detail and determine whether they are a good alternative for clients in 2023.
Personal loans from Old Mutual vary from R5000 to R200 000, with payback durations ranging from 12 to 72 months. The loan’s interest rate will be determined by a number of factors, including the applicant’s credit score and the loan amount. When compared to other lenders in the market, the interest rate offered can be as low as 12.9%.
The application for an Old Mutual personal loan is simple and may be completed online. Candidates must supply personal and financial information, including work information and monthly income. Old Mutual will subsequently undertake a credit check to establish the applicant’s creditworthiness and eligibility for a loan.
The funds will be transferred immediately into the borrower’s bank account once approved. On a monthly basis, payments are paid via debit order. Borrowers have the option of repaying the loan early without incurring any penalties.
An initiation cost of up to 10% of the loan amount, up to a maximum of R1 207.50, is charged by Old Mutual. A monthly service fee of R69 is also paid for the duration of the loan term.
Late payment fines are also charged for any late payments, and the borrower’s credit record may suffer as a result. As a result, before applying for an Old Mutual personal loan, customers must ensure that they can afford the loan installments.
Old Mutual is well-known for providing exceptional customer service. The business offers a dedicated customer care service that can be contacted by phone, email, or live chat. Throughout the loan application and repayment process, the team is accessible to resolve any questions or concerns that borrowers may have.
Old Mutual also offers a variety of online tools and resources to assist borrowers in managing their finances. These tools include money calculators, budget planners, and personal finance educational articles.
When applying for an Old Mutual personal loan, there are various benefits and drawbacks to consider.
Finally, Old Mutual provides affordable personal loans with flexible payback periods and a simple application process. Borrowers should be mindful, however, of initiation costs, monthly service fees, and late payment fees that may apply. Before applying for an Old Mutual personal loan, it is critical to carefully consider the costs and ensure that the loan repayments are feasible.
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