Compare the best loans of South Africa and find the lowest rate
If you’ve paid with credit cards over a significant period, you must be in a financial trouble right now. If this is your case, this article is for you as; you may be searching information about lending companies offering consolidation loans. We’ll refer to Old Mutual Finance, also known by its short name OMF, which is an entity that can help you with this issue. After delving into its application, requirements and terms, you’ll be ready to decide if they are the right company for your situation.
Old Mutual Loan Requirements
I want to start by the requirements you need to meet in order to apply with OMF. I’ll list the documents you’ll be asked to present together with the requirements:
1) if you want to take out a loan, you must be 18 years old or older.
2) Old Mutual Finance requests you’re employed with a minimum monthly salary of R2500.
3) Also, your repayment period should terminate before you’re 60 years old.
As regards documentation you must submit, they are:
4) A valid SA ID.
5) Your last payslip.
6) Your last three bank statements showing the latest three monthly earnings deposits.
7) And finally, a proof of resident three months old top. In this case, you can present a household utility registered in your name, for instance.
How to apply with Old Mutual Finance?
This amazing company provides their clients with three ways to apply for a loan. Borrowers can apply over the phone, in person or, the most convenient and fastest, online. I recommend you to have ready all the documents you’ll be asked before starting the process so, you can shorten the waiting time and, get the funds quicker. Next, I’ll expand on each type of application for you to choose the best one.
If you prefer to apply online, you should start by completing Old Mutual Finance online application form. Then, you should send them the proper documentation through mail or fax and, the company will get in contact with you to inform you about the approval of the loan request. In case you find difficulty when applying, you can get in touch with Old Mutual Finance call centre.
But, if you prefer to talk to someone over the phone, you can dial the number 0860 000 886 and, get assistance from their consultants. They’ll take care of guiding you through the entire process and, of course, you should also use the email address or fax to provide them with the documentation.
Finally, if you like getting a face to face service, you can visit the closest branch you have and, apply in person. Please, remember to take the supporting documents with you in order to present them to Old Mutual Finance.
Old Mutual Finance Contact Information
As I mentioned before, you can contact Old Mutual Finance assistants to help you with the application process or any doubt you may have. Now, I’ll provide you with telephone numbers, addresses and working hours you can find them.
There’s a Client Service to elicit any kind of query. You can call the numbers 0860 445 445 or, 0860 222 252 any weekday from 7:30 am to 6 pm or, Saturdays from 8 am to 2 pm. For Loan Sales the number to dial is 0860 000 886 from 7:30 to 18 on weekdays and, from 8 to 13 on Saturdays. If you need to take care of payments, the Collections’ phone number is 0860 633 377. In this case, they work between 7 am and 9 pm from Monday to Thursday, between 8 am and 1 pm on Friday and, between 8 am and 1 pm on Saturdays.
Old Mutual Loans Branches
This entity has many branches around South Africa. I’ll refer to some of them now.
For example, in Western Cape you can direct to Vangate Mall Vanguard in Athlone. Also, there are three branches in Bellville. You’ll find one of them at 169 Voortrekker Road, Regkam Building. Another one is placed in the Bibc Building at 133 Voortrekker Road. And, the last one is in Tyger Valley Mall, in the corner of Bill Bezuidenhout and Willie.
I’ve summarized Old Mutual Finance’s most important information in the following chart for you to have it at hand when deciding to apply:
Maximum of R200000
Annual Percentage Rate
Between 19.7% and 72%.
SA ID, monthly income from R2500, bank statements.
Shop4, Gral Accident Building, 47.49 Field Street, Durban.
(031) 31 90 875
Weekdays: 8:00-17:00. Sat: 8:00-17:00.
What about rates and terms with Old Mutual Finance?
Now, when you apply for a loan with this company, you can request a maximum of R175000 and, you can repay it within 3 and 84 months. Bear in mind, the loan amount can go up to R200000 for some particular situations. Based on what you choose and, on your specific financial situation, you can get an APR between 19.7% and 72%. Apart from this, you’ll be charged a one-time only origination fee and, an administrative fee every month the loan lasts.
Let’s review an example. For a loan of R5000 payable in 3 months, you’ll have to pay an approximated R35.31 on monthly interests, R649.75 for the originator fee and, R69 for the monthly administrative fee. The APR would be around 28% and, all this leaves the total cost of the loan in R5915.72.
If you’re not sure if you can afford to take out a loan, you can use OMF online calculator to get an estimated idea. For instance, if you R10000 for 12 months, you’ll have to pay between R857 and R1015 on monthly instalments plus, the originator and administrative fee. You can change the options selected until you get a quote and term that’s payable for you.
Now you have this information, you can organize all your debts into one single payment with Old Mutual Finance. After doing this, you’ll see life will be much easier for you.