Does Old Mutual Offer Loans in South Africa? Compare Rates

Does Old Mutual Offer Loans in South Africa? Compare Rates

It’s of common knowledge entering into a loan contract can be a difficult task and many citizens feel scared when first start going over this topic. Although it might be a little problematic, if you take responsible measures to get information about each step, you can have a good experience along the process. Next, I’ll get you informed about a particular company in South Africa that can grant you a loan: Old Mutual.

Does Old Mutual offer Loans?

As I’m sure you know, Old Mutual has a great variety of products aimed to assist South Africans financially. Luckily, loan is one of those options. Read these lines and you’ll know everything you need about Old Mutual Loans.

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Who qualifies for Old Mutual Loans?  

As Old Mutual is a reputable entity, they make sure every applicant is qualified to return the money borrowed before granting it. Old Mutual qualifying criteria to be issued a loan includes the following:

  • Checking the person’s financial status is good. This means, he or she is free of outstanding debts.

  • They also verify the applicant enjoys a regular income high enough to cover for the monthly payments.

  • Finally, the possible borrower’s credit history determines two things:

                       1) One of them is whether Old Mutual accepts him or she as client.

                       2) The oher is the loan amount to lend.

What do I need to apply for a loan at Old Mutual?   

You already know who qualifies for Old Mutual Loans but now, let’s see what documents you need to present to prove Old Mutual you can take a loan:

  • Of course, you need to show your SA ID, as with any legal errands.

  • Then, you also have to show the last salary slip you have and your bank statements so as to make Old Mutual know about your finances.

  • Finally, you need to prove you live in South Africa by presenting a proof of address.

3 steps to take before going through Old Mutual Loan Application Online   

I know you might be a little anxious to apply for a loan. Still, it’s important you check the following list before doing it to get the best loan for you:

  • Check you meet the requirements and that you have documents to support them.

  • Have a clear idea about the sum of money you need. This will help you avoid asking more money than what you need, for example.

  • Use a loan calculator to know if the loan terms Old Mutual offers you are fair.

Once you verify these steps, you’re ready to apply online for your loan.

How does Old Mutual Loan work?       

Old Mutual is focused on helping their clients the best they can. When referring to issuing loans, they know how important it is to make the possible client understand every aspect of the loan. Because of this, they will educate you on your credit affordability which will let you know how much money you can ask for. Besides, they study your situation in detail before packing the best loan terms to cover your economic need.

There’s an essential characteristic of these loans that I want to highlight. As with most personal loans, they are unsecured loans. What does it mean? It simply means, you don’t need to present any kind of guarantee to take the loan. Old Mutual will only check your documents to decide on your loan without asking for a collateral. The main benefit of this unsecured loan is that the whole process will take less time to be fulfilled.

What type of interest rate is charged for an Old Mutual Personal Loan?  

Here in South Africa, all loans must be issued in accordance to what the NCA establishes. One of the main purposes of the NCA is to regulate the interest rate charged by lenders so as to avoid borrowers paying more than what’s fair. Of course, Old Mutual’s interest rates are decided taking this in mind but, apart from that, your overall financial status will determine the rate for your loan. For instance, the better your credit score, the lowest your interest rate

Is it useful to use a Loan Repayment Calculator when applying at Old Mutual?

As you will only know the total cost of your loan after your application is approved, it’s a great idea to use tools like online calculators to get ahead. The loan quote and term you choose will have a direct impact on the cost of the loan so, by using this tool, you’ll be able of making adjustment to reach your perfect loan terms.

What’s more, there are 2 different types of calculators. One of them shows you the cost of the loan depending on the terms and, the other asks you some information about your expenses and wage to show you how much money can you afford to pay.

Does Old Mutual have long term loans? 

If I focus on Old Mutual loan terms, I must explain first the difference among them.

Basically, there are 3 options: short term, intermediate terms and long terms. The latter, long terms, makes reference to a loan that must be paid over many installments. At Old Mutual, you can find any of these options but bear in mind, the length of the loan depends on the sum of money you ask. For example, if you ask a high quote, you won’t have a short term as option.

Can I take a temporary Loan at Old Mutual?  

Sadly, there isn’t a product named temporary loan at Old Mutual. All the same, as this company has different loan terms as alternatives, you can get a loan with similar characteristics of a temporary loan. What I mean is that, for instance, you are allowed to ask rather a small amount to repay in a short term. Of course, you can take it as long as your credit score is good. This way, you can have a quick loan to cover those unexpected expenses no one can plan.

How does Old Mutual Consolidation Loan work? 

If you are noticing it’s getting harder for you to keep up payments for all your loans taken, you’re surely dreaming about a solution. Dream no more! Old Mutual can prevent you from ending up in a big trouble through a consolidation loan. What’s more, even if you’re cancelling those instalments with no bigger issues, consolidating your loans into one monthly payment will make you save money on fess. With an Old Mutual consolidation loan, you will pay just one monthly fee instead of accumulating several fees per month. The good news is that applying for this type of loan is not different from applying for a personal loan. The only difference is that the company will need information about the loans you want to get together.

If you look for some clients’ reviews, the advantages of this loan are clear:

  • You get a more simplified life with your financial duties.

  • You save money.

Most commons FAQ about Old Mutual Loans that will help you decide faster

I’m perfectly aware about the many doubts that appear when starting a loan application process. That’s why, next, I’ll summarize some of the most basic enquiries borrowers tend to face so we can avoid having doubt along the process.

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

As you have few options to apply for a loan, we’ll focus on one of them: applying online. By this method, Old Mutual assures they’ll deposit the money in your account in no more than 2 days.

Will Old Mutual grant me a loan against my policy?  

This is probably one of the most common questions. I know for some people it makes sense to use their provident fund or policy as collateral for an Old Mutual loan but, remember this company don’t offer that kind of loan. Old mutual only grants unsecured loans, so they won’t use your policy as security or to approve a loan request.

How does an Old Mutual loan works for self-employed workers?

Self-employed South Africans know they have trouble to get a loan approval. This is so due to lending entities asking for proof of income to verify their salary. I already stated Old Mutual’s requirements include such document so, I must tell you if you can’t submit a pay slip in your loan application, Old Mutual won’t have you as borrower.

Does Old Mutual offer loans to Students? 

For those students looking for ways of financing their education, Old Mutual can help you but, not with student loans. This company only grants personal loans so, if you think you can work out a personal loan, Old Mutual can be a solution if you have a regular job. If you’re interested in Student loan specifically, you can read about it to know your options.

What’s a Payday loan? Is it available at Old Mutual?  

Payday loans are short term loans payable in just 30 days. They are useful when there’s an unpredicted event like a car or computer broken down and, you need to fix it urgently. You can take a payday loan and repay the money on the following month, when your wage is paid to you. Old Mutual doesn’t offer such type of loan but, again, you might find their short term as an easy solution; specially if you have already taken a loan with them and they have your information.

Is there a special Old Mutual Personal Loan for Pensioners?     

Personal loans granted by Old Mutual are equal to any kind of applicant. No matter the type of income you receive as long as you can prove you have one and that is sufficient to take a loan. Don’t forget, the loans you’ve taken in the past and how you repaid them will be crucial for Old Mutual when stating your loan terms.

What is an Old Mutual Bridging Loan? 

It might happen to you that you’re waiting to collect some money someone owns you. For example, your retirement fund or your insurance payout. You know you’ll have that money but you need it now. Well, fortunately for you there’s a loan thought to assist you on this issue: bridging loans. When you ask this loan, you let the company know you’re expecting to be paid a certain amount of money and, as long as they can verify that information, they lend you that same amount for you to use it. Then, once you are paid your insurance payout, you return the money borrowed. Simply put, as its name says so, it’s a loan that works as a bridge between today and the moment in which your money is paid to you.

Does Old Mutual offer Business Loans?  

Finding a business loan at Old Mutual is not possible. Neither it is to take out a personal loan in the name of your company as this entity works with individuals only. For business loans, you might refer to Nedbank Loans and their great alternatives on this topic.

Reviews from Old Mutual Loans – are there good?  

When people refer to how well a company has worked for them, they tend to talk about their personal experience. There might be some reviews about personal attention, solution offered to certain problems and so on. If we look from another point of view, we can clearly see Old Mutual loans are a possible solution for South African as they can find a variety of options as regards quotes and terms. Besides, these loans are flexible which gives them freedom to make the credit fit their budget.

What’s Old Mutual Call Center number?     

If you have some queries about Old Mutual loans, you can dial the number 0860506070 to refer to one of their consultants. But, if you don’t want to waste much time, we might be able to help you if you leave us your question below.

Does Old Mutual work in Randburg?   

Of course! Old Mutual is well known for having many branches in the country. In Randburg, you’ll find one in the City Mall located in Pretoria and Hill Streets corner. They open at 8:30 am and close at 5 pm.

Where’s Old Mutual Loan office in Cape Town?

If you live in Cape Town, you will have the chance of visiting this entity’s branch if you go to Jan Smuts Drive in Mutualpark. If you want, you might make a phone call first using this number: (021) 50 – 99-111.

How can I contact Old Mutual from KZN if I want a loan?

In this province, you’ll find plenty of Old Mutual branches. For instance, just in Durban, there are at least 5 offices. One of them is located right in the corner of Albert & Victoria Street.

What if I reside in Kimberley and need an Old Mutual Loan?

There’ll be no problem at all! Old Mutual hasn’t left out Kimberley citizens from their products. One of their plenty of offices in this area can be found at Shop 10 in Jones Street Square.

Before I leave, I must remind you the importance of getting the most informed possible before choosing your loan company. Also, don’t forget you can use our loan calculator to determine which bank has the lowest rate. Having these two points in mind will get you closer to the best loan offer for sure.

Preguntas Frecuentes

Can I finance a house?

Yes, you can do it with this personal loan

When are installments paid?

On a monthly basis

Are rates always the same?

They are fixed

I am awaiting pension payout and I need bridging finance. What is the process to follow?

Old Mutual would not be your right choice if you are looking for bridging finance. The only option available for individuals at this bank when it comes to finance is personal loans. Please, check our website to find information about the companies that do offer pension bridging loans in South Africa.

I want to settle all my debts, so I need about 1,300,000 rand. How much is monthly repayment of that amount?

Old Mutual offers the possibility to combine all your loans and credit accounts into one single monthly repayment. Unfortunately, 1,300,000 rand is a lot of money as the company can lend a maximum amount of 200,000 rand to be repaid in a period of up to 7 years with a low interest rate. 

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