Old Mutual provides two different personal loan options – the My Personal Loan and their flagship My Money Plan which is essentially a debt consolidation plan and very useful if you’d like to bundle and save on all your debt repayments.
Through Old Mutual’s My Personal Loan you can apply for a maximum of R100 000, which can be repaid from anything between 3-48 months. The interest rate is fixed for at the time of application and determined by your credit score – if you have a very bad score, it might be useful to compare the interest rates too make sure you’re going with the cheapest option.
The requirements for an Old Mutual personal loan are:
- You need to be employed for at least 3 months at the same employer.
- Only individuals can apply for a personal loan.
- To apply for My Personal Loan you have to be 18 years of age.
- You must have a valid South African ID document (Green, bar coded, 13 digit).
- You must provide a current payslip no older than 1 month.
- You need to provide consecutive bank statements for the last 3 months.