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Old Mutual Loans South Africa: 2024 Review

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Old Mutual loans are a versatile financial tool that can help solve a wide range of money problems. Learn more or apply below.

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✅ How Much Do You Need?


Old Mutual Finance (RF) (Pty) Ltd is one of South Africa’s most established first mutual life assurance societies. 

The company was established in Cape Town in 1845 and has since expanded to other countries, such as Namibia, Zimbabwe, Kenya, Botswana, and China. 

The company provides financial services including personal loans, debt consolidation loans, life assurance-based solutions, short-term insurance, and wealth management. 


  • Loan Amounts: Between R2000 and R250 000
  • Loan Terms: 3 to 72 months
  • Interest Rate: Max rate is 29.25% annually
  • Loan Types: Short term and long term loans


If you borrow R5 000 over 3 months, the total amount payable would be approx. R6 205. Your monthly repayment would be roughly R1 852. The total costs include interest of approx. R348, a once-off initiation fee of R649.75, and a monthly admin fee of R69. 


✔️ Multiple loan options

✔️ Fixed, personalised rates

✔️ Fast payout after approval

✔️ Great customer service


❌ Some loans require a long employment history


This lender has been serving South Africans for over 177 years. It has established a reputable brand that many South Africans trust. The good news is that the company has managed to remain competitive in a lending landscape where many new-age online lenders are offering convenient alternative options to borrowers.


A great option for borrowers looking for short-term and long-term loans from one of the most established financial institutions in South Africa.


  • Are looking to consolidate debt
  • Prefer to deal with a large and trusted financial service
  • Have a long history of employment at your workplace

Full Old Mutual Personal Loans Review

Learn more about the application process, and the pros and cons of this option.

Old Mutual Loans South Africa

Pros Explained

Wide Range of Loan Options

Old Mutual Finance loans are available up to R250 000 with minimum repayment periods of 3 months. 

The flexibility ensures you can apply for a loan to suit any financial need, whether short-term or long-term. Popular uses for an Old Mutual loan include debt consolidation, home improvements, and education costs.

Personalised Loan Offers

This option is best for borrowers with a healthy credit history and a good employment history. The loan amount you qualify for depends on your affordability. 

Borrowers with excellent credit are more likely to get lower interest rates. The good news is that rates are always fixed, so your instalment remains the same throughout the term of your loan. 

Money May Be Available Within 24 Hours

If your application is approved, the lender says it will pay out the money within 24 hours of approval. However, disbursement times vary depending on other factors, such as business hours and your bank’s processing times.

Lending With a Human Touch

The advantage of dealing with a traditional financial institution is that you can deal with real people if that’s your preference. 

You can apply for Old Mutual online loans, call the lender, or visit the nearest branch. In contrast, some online lenders operate strictly online and don’t have a telephone number or call centre. 

The quality of customer service is also high because the lender offers a range of digital solutions. For example, you can easily perform a balance check via WhatsApp, USSD, and online banking or download the app.

Cons Explained 

Employment Requirements Are Stricter

Only borrowers who have been permanently employed by the same employer for at least 12 months can qualify for long term loans of 13 to 72 months. 

Some lenders offer better alternatives and only require a minimum employment history of at least 3 months.

How Do Old Mutual Loans Work?

Here are the main financial products offered by this provider.

Personal Loans

There are two options to consider: Short-term or long-term.

  • Short term loans: You can get a loan over a period of 1 to 12 months if you have been working at your current workplace for at least 3 months. An Old Mutual short term loan is ideal for emergency expenses and other small-money financial needs.
  • Long term loans: Repayment periods range from 13 to 72 months. You can qualify if you’re permanently employed by the same employer for at least 12 months. Long-term loans can cover large purchases and major projects like home improvements.

Debt Consolidation Loans

An Old Mutual debt consolidation loan helps you get rid of multiple debts that are a hassle to manage. For example, if you have credit cards, other smaller personal loans, or store accounts, you can combine the debt. 

This leaves you with only one loan that requires one repayment every month. By restructuring your debt this way, you can simplify your finances and save money on administration fees. 

How does an Old Mutual consolidation loan work? – When you submit your application, you must communicate with the lender about the accounts you want settled. 

The lender will settle your debt on your behalf. Then you’ll get a settlement letter to confirm the payments. 

That means you’ll NOT receive money in your bank account. Instead, the lender will pay your creditors directly. After this, it may be best to close up any paid-up revolving credit accounts to avoid new debt from accruing.

Other Loan Types

Interested borrowers may also want to know about other financial products offered by this lender.

  • Secured loans. This lender does not appear to offer secured loans. It seems you can only apply for unsecured personal loans.
  • Bridging loans. You can use an investment-backed loan. For example, if you’re a business that requires bridging finance to cover immediate costs. 
  • Student loans. You can use a personal loan from this lender to cover education costs.

Additional Details

  • What are the costs? – Your interest rate will depend on your affordability and credit profile. Charges include a monthly service fee of R60, a monthly credit life premium, and a once-off initiation fee.
  • How do I check my application status? – Contact the call centre on 0860 445 445.
  • Where can I get my loan statement? – You can access your Old Mutual Finance loan statement by visiting the nearest branch or contacting the call centre.
  • How do I check my balance? – The lender offers a range of digital solutions via online banking, WhatsApp, secure web, USSD, or the company’s app.
  • How does Old Mutual loan settlement work? – Most loans are paid via debit order every month when your salary is paid into your account. You are free to settle your loan earlier if you want to save on interest and fees.

Is This Lender a Safe and Trusted Option?

It’s always safer to apply for a loan with a registered credit provider. The good news is that Old Mutual is one of the largest financial institutions. The company is fully registered in South Africa and is a licensed financial provider. 

But, it’s up to you to do your research. Check Old Mutual loans reviews online and use the legit site – www old mutual loans co za – if you want to apply online.

How to Apply for an Old Mutual Loan

Check whether you qualify and learn how to apply for a personal loan with this lender.

Who Qualifies for an Old Mutual Loan?

You must meet the following requirements to qualify

  • Between the ages of 18 and 60
  • South African citizen with a valid ID number
  • Earn at least R2500 per month before deductions
  • Permanently employed at the same employer for at least 3 months
  • 3 months bank statements not older than seven days
  • Latest payslip

Old Mutual Loan Application Process 

Visit the site and click on Apply Now. Complete the loan application form which requires your personal details, employment information, financial details, and address. 

You’ll also need to provide the required documents. If approved, the next step is to accept your quote and sign the agreement.

Want to apply in person? You can skip the online application and visit the nearest branch. You can also apply via WhatsApp or contact the call centre.

Old Mutual Loans Contact Details

📌Contact number: 0860 000 866

📌Complaints: 0860 445 445

📌Customer service: 0860 445 445 / 0860 222 252

Other Loans Like Old Mutual

  • African Bank Loan: Apply for up to R250 000 from one of South Africa’s top banks.
  • Wesbank Loans: Wesbank offers personal loans from R5000 to R300 000.
  • RCS Loans: RCS is part of the RCS group and offers personal loans up to R250 000.
  • Sanlam Loans: One of South Africa’s largest financial service providers. Loan amounts from R5000 to R300 000.

Frequently Asked Questions

Does Old Mutual offer loans to blacklisted people?

There’s no specific financial product for blacklisted people. However, it’s possible to get a bad credit loan. Keep in mind that your loan amount and interest rate will be based on your affordability and credit profile.

How to check my Old Mutual loan balance?

To view your loan balance, you can use the App or log in via the secure platform.

How long does Old Mutual take to pay out a loan?

Disbursement times vary, but generally, payouts happen within 24 hours of approval.

Watch Video: Old Mutual Loans Apply Online

Our Research Expert

Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.