You can apply online or over the phone or visit one of our branches.
Old Mutual offers you a My Money Plan allowing you to take one or a combination of personal loans to suit your financial needs.
You can apply for a personal loan online, Apply Now.

Our personal loans work as follows:

  • A minimum loan term of 3 months.
  • A maximum loan term of 60 months.
  • You could qualify for a personal loan of up to R175 000.
  • Your interest rate is fixed at the time of your personal loan application.
  • You need to be employed for at least the last 3 months at the same employer. (for loans 3, 6, 12 months) and 12 months at the same employer (for loans 12 to 60 months).
  • The interest rate applied is based on your personal credit profile.
  • Only individuals may apply for a personal loan.
  • Credit Life Insurance is only applicable on loans with a term of 12 months and more.
  • You need a valid South African identity document (ID).
  • You need a current payslip not older than one month.
  • You need bank statements for the last three months indicating two consecutive monthly salary deposits.
  • You need proof of residence not older than 3 months. This can be any household utility account in your name, e.g. electricity, water, Telkom etc. or a bank, or credit card statement that has your name and current residential address on it.

You need to provide us with a sworn affidavit from a South African police station indicating your current residential address.

  • You need to be at least 18 years old.
  • You need to be earning at least R2 500 per month.
  • The term of your loan must end before you turn 60 years of age.

Interest Rate - Each customer's situation is unique. The interest charged on your loan will be calculated based on your personal credit profile.

Service Fee - A standard service fee is applied to all loan accounts and is charged on a monthly basis.

Credit Life Premium - A credit life premium is charged monthly and the premium is based on the rand value of your loan at the time of application

If you apply online and have all required documents and you qualify, we will pay out the loan and notify you via SMS within 24 hours of your loan application being approved.

Credit life is an insurance policy that provides cover in respect of your loan in events such as death, disability or retrenchment.

Old Mutual Finance is entitled to require you to take out credit life insurance to ensure the loan is repaid if you die, become disabled or are retrenched. Old Mutual Finance has arranged a policy through OMART, which is an Old Mutual insurance company.

You can either take this policy or provide your own policy when you apply. Not any policy will be accepted by Old Mutual Finance. It must be a policy that provides at least the same protection to you and Old Mutual Finance. Therefore it must cover at least the outstanding balance in the case of death, or permanent disability, if you are temporarily disabled it must cover the instalments for 24 months and if you are retrenched, it must cover the instalments for at least 12 months. It must also not have unreasonable exclusions or waiting periods.

If you know that you will be retrenched when you take out the loan and the cover, the policy will not pay out. If you injure yourself on purpose or commit suicide, the policy will also not pay out. If the disability or death is as a result of existing medical conditions not disclosed, exclusions will apply.

The credit life policy summary is available for you to read and you will get a copy. The cost of the credit life cover will be shown to you when we provide you with the loan offer.

If you have any further questions regarding the credit life policy or you would like to use your own policy, we need to refer you to a specialist to assist you, before we can finalise the loan. Please call them directly on 0860 000 886.

We look at your previous credit record when assessing your loan application; if you don't have previous debt we may not be able to proceed, but we will consider your personal circumstances and let you know what the outcome of your application is. You may only qualify for a small loan until you have built up a good track record.

Depending on the particulars we may be able to help you.

I'm sorry, by law we cannot help you.

We have over 200 branches nationwide. To find your nearest Old Mutual branch, click here.

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