NEED MORE INFORMATION ON PERSONAL LOANS?
What is a personal loan?
A personal loan is a specified amount of money borrowed from a lender, which are generally paid back in fixed monthly payments over a set time. You can commit to paying back the money over a short-term, mid-term or long-term loan repayment period.
How does an Old Mutual personal loan work
Old Mutual personal loans work by applying for a loan amount, from R500 to R200 000, and upon approval, you will receive the money in a lump sum. Your repayments are fixed monthly amounts over a specified time (up to 84 months) based on the loan amount, what you can afford, and the specified terms of your loan.
How personal loans affect your credit score
Credit bureaus see regular loan repayments as a sign that you are a trustworthy borrower. And a personal loan can improve your credit score if you keep up with repayments. You can also use a personal loan to consolidate your debt into a single loan, giving you fewer and lower monthly payments.
Old Mutual loan offerings is made available through Old Mutual Finance (RF) (Pty) Ltd, a Licensed Financial Services and Registered Credit Provider (NCRCP35).