Quick Facts

• Borrow R2,000 to R250,000
• Repay over 3 to 72 months
• Fixed interest rates up to 28% per year
• Apply online, by phone, or in branch
• Money paid within 24-48 hours if approved

What Is Old Mutual

Old Mutual is one of South Africa’s oldest financial companies. It started in 1845 in Cape Town. Today, it offers many services including bank accounts and loans.

Old Mutual Finance is registered with the National Credit Regulator. Their NCR number is NCRCP35. This means they follow South African credit laws.

The company offers the Money Account. This is a bank account with two parts. One part is for daily transactions. The other part is for saving money. The account costs only R5.25 per month.

Old Mutual also offers personal loans. You can apply through the Money Account app. You can also apply online, by phone, or in a branch.

Types of Old Mutual Loans

Old Mutual offers three main types of loans:

1. Personal Loans

This is a one-time loan. You get the full amount at once. You pay it back in fixed monthly amounts. The interest rate stays the same.

Use personal loans for emergencies, home improvements, or consolidating debt. You can borrow R2,000 to R250,000.

2. Revolving Loans

This works like a credit card. You get approved for a maximum amount. You can borrow and repay as needed. You only pay interest on what you use.

When you repay money, you can borrow it again. You don’t need to reapply. The maximum revolving loan is R250,000.

3. Debt Consolidation Loans

This combines multiple debts into one loan. You close other credit accounts. You make one payment instead of many. This can save money if the interest rate is lower.

✅ Who Qualifies for Old Mutual Loans

To get an Old Mutual loan, you must meet these requirements:

Requirement	Details
Age	Between 18 and 60 years old
Citizenship	South African citizen or permanent resident
Income	Earn at least R2,500 per month before deductions
Employment	Permanently employed or on contract for 3+ months
Bank Account	Active South African bank account
ID Document	Valid green bar-coded ID or Smart ID card
Credit Record	Not under debt review or blacklisted

What Will Disqualify You

You cannot get a loan if you:

• Are under debt review
• Have been declared bankrupt (sequestrated)
• Have a very bad credit history
• Cannot afford the monthly payments
• Give false information on your application

How Much Can You Borrow

Old Mutual offers flexible loan amounts and repayment periods:

Feature	Amount
Minimum Loan	R2,000
Maximum Loan	R250,000
Shortest Repayment	3 months
Longest Repayment	72 months (6 years)

The amount you qualify for depends on:

• Your monthly income
• Your monthly expenses
• Your credit score
• Your existing debts
• Your employment history

First-time borrowers usually get smaller amounts. If you repay well, you can qualify for larger loans later.

⚠️ Costs and Fees Explained

Understanding the full cost of your loan is very important. Here are all the fees you will pay:

Interest Rate

Old Mutual charges fixed interest rates. The rate stays the same for your entire loan. The maximum rate allowed is 28% per year. Your actual rate depends on your credit score.

Initiation Fee

This is a one-time fee when you get the loan. It covers the cost of setting up your loan. The fee is charged once at the beginning.

Monthly Service Fee

You pay R60 plus VAT every month. This works out to about R69 per month. This fee covers administration costs.

Credit Life Insurance

For loans longer than 12 months, you must have credit life insurance. This costs about R4.50 per R1,000 borrowed. The insurance pays your loan if you die, become disabled, or lose your job.

Real Example: R5,000 Loan for 3 Months

Amount Borrowed	R5,000
Interest (3 months)	R348.16
Initiation Fee	R649.75
Monthly Fees (R69 x 3)	R207
Total You Pay Back	R6,204.91

Real Example: R100,000 Loan for 3 Years

Amount Borrowed	R100,000
Monthly Payment	R3,686
Initiation Fee	R1,197
Total Admin Fees (36 months)	R2,448
Total Interest Paid	R30,169
Total Credit Life Insurance	R16,394
Total You Pay Back	R150,208

✅ How to Apply for Old Mutual Loan

Old Mutual offers four ways to apply for a loan:

Method 1: Online Application

Step 1: Visit https://www.oldmutualfinance.co.za/personal-loans/apply

Step 2: Click “Apply Now” button

Step 3: Fill in your personal details (name, ID number, contact information)

Step 4: Enter your employment information (employer name, salary, start date)

Step 5: Choose your loan amount and repayment period

Step 6: Upload required documents

Step 7: Submit application and wait for response

Method 2: Phone Application

Step 1: Call 0860 000 866

Step 2: Speak to a consultant

Step 3: Provide your information over the phone

Step 4: The consultant will guide you through the process

Method 3: WhatsApp Application

Send a message to 0860 933 333 on WhatsApp. A consultant will help you apply.

Method 4: In-Branch Application

Step 1: Find your nearest Old Mutual branch

Step 2: Bring all required documents

Step 3: Speak to a consultant who will help you apply

Step 4: Fill in the application form together

Method 5: Money Account App

If you have an Old Mutual Money Account:

Step 1: Open the Money Account app

Step 2: Go to the Loans section

Step 3: Answer quick questions for pre-screening

Step 4: A consultant will call you to complete the application

Required Documents

Gather these documents before you apply:

Document	Requirements
ID Document	Valid South African ID or Smart ID card (both sides)
Proof of Income	Latest payslip (not older than 1 month)
Bank Statements	Last 3 months (not older than 7 days, must show salary deposits)
Proof of Address	Recent utility bill or bank statement (may be requested)

Document Tips

• All documents must be clear and readable
• Bank statements must show your name and account number
• Payslips must show your employer name and salary amount
• Make sure all information matches across documents
• Do not send fake or altered documents

Providing fake documents is fraud. This is a criminal offence. You will be blacklisted and could face jail time.

🚨 CRITICAL: Avoid Old Mutual Loan Scams

Scammers are using Old Mutual’s name to steal money from people. Here’s how to protect yourself:

NEVER Pay Money Upfront

OLD MUTUAL WILL NEVER ASK FOR UPFRONT FEES

Scammers send emails or messages offering loans at very low rates (2% to 4%). They ask you to pay an “admin fee” or “processing fee” first. Once you pay, they disappear.

Common Scam Tactics

• Guaranteed approval: Real lenders check your credit. Scammers promise approval to everyone.
• Too-good-to-be-true rates: Offers of 2% or 3% interest are fake. Real rates are much higher.
• Urgent pressure: “Apply now or offer expires” creates false urgency.
• Bad credit welcome: Scammers target people who can’t get real loans.
• Fake emails: Addresses like contact@oldmutual-finance.com (note the hyphen) are not real.

New Scam Alert: Deepfake Fraud

Scammers now use AI to create fake videos and voice messages. They make it look like Old Mutual executives are offering special deals. These are completely fake.

Vishing (Voice Phishing) Scams

Scammers call pretending to be from Old Mutual. They ask for your CVV number, PIN, or OTP (one-time password).

Old Mutual will NEVER ask for your CVV, PIN, or OTP over the phone.

Fake Recruitment Scams

Scammers claim to be Old Mutual recruiters. They offer jobs but ask for fees for “background checks.” Old Mutual never charges recruitment fees.

How to Verify Real Old Mutual Contact

Contact Method	Official Details
Website	www.oldmutualfinance.co.za (no hyphens)
Phone	0860 000 866
WhatsApp	0860 933 333
NCR Registration	NCRCP35

If You’ve Been Scammed

Report immediately to:

• SAPS (Police): Report at your nearest police station or email 419scam@saps.org.za
• Old Mutual Fraud: Email gfs@oldmutual.com
• SAFPS Scam Hotline: Call 083 123 7226
• National Credit Regulator: Call 0860 627 627

Repayment Information

How Repayment Works

Old Mutual takes payment via debit order from your bank account. The debit order goes off on your pay date each month.

When Does Your First Payment Happen

• If your loan pays out more than 14 days before pay day: First payment same month
• If your loan pays out within 14 days of pay day: First payment next month

Can You Pay Extra

Yes! You can pay extra or pay off your loan early. This saves you money on interest. Old Mutual does not charge penalties for early repayment.

What If You Miss a Payment

Missing payments has serious consequences:

• Late payment fees are charged
• Your credit score drops
• You may be blacklisted
• Old Mutual can take legal action
• Your salary can be garnished

Having Trouble Paying

If you cannot pay, contact Old Mutual immediately. They may be able to:

• Extend your loan term (lower monthly payments)
• Give you a payment holiday
• Restructure your debt

Do not ignore the problem. Contact them on 0860 000 866.

✅ Alternative Loan Options

Before taking an Old Mutual loan, consider these alternatives:

Other Banks and Lenders

Lender	Features
Capitec	R1,000 to R250,000, good for bad credit
African Bank	R1,000 to R350,000, competitive rates
Standard Bank	R10,000 to R300,000, existing customers get better rates
FNB	R3,000 to R250,000, quick approval

Non-Loan Alternatives

• Emergency Savings: Try to save money for emergencies instead of borrowing
• Stokvel: Join a savings club with friends or family
• Ask Family: Borrow from family (cheaper than loans)
• Sell Items: Sell things you don’t need anymore
• Side Income: Find extra work to earn more money

Your Consumer Rights

The National Credit Act protects you when borrowing money. You have these rights:

Right to Information

• Get all information in clear language you understand
• Know why your application was declined
• Receive copies of all documents you sign
• Get monthly statements at no cost

Right to Fair Treatment

• Not be discriminated against
• Have your affordability properly assessed
• Not be given a loan you cannot afford (reckless lending)
• Apply for debt counselling if over-indebted

Right to Privacy

• Your personal information must be protected
• Get one free credit report per year
• Dispute incorrect information on your credit record
• Know who has accessed your credit information

Protection Against Reckless Lending

Old Mutual must check if you can afford the loan. If they give you a loan you cannot afford, this is reckless lending. The lender can be penalized and may lose the right to collect the debt.

However: You must provide honest information. If you lie on your application, you are not protected.

⚠️ How to Make a Complaint

If you have a problem with Old Mutual, follow these steps:

Step 1: Contact Old Mutual First

Call: 0860 000 866

Email: Available through their website

Give them 20 business days to respond.

Step 2: Banking Ombudsman

If Old Mutual doesn’t solve your problem:

Phone:	0860 800 900
Email:	info@obssa.co.za
Website:	www.obssa.co.za

Step 3: National Credit Regulator

For credit-related complaints:

Phone:	0860 627 627
Email:	complaints@ncr.org.za
Website:	www.ncr.org.za

What Information to Provide

• Your name and contact details
• Your loan account number
• Details of the problem
• Copies of relevant documents
• Steps you’ve already taken
• What you want as a solution

Old Mutual is a legitimate, NCR-registered lender with over 175 years of history. They offer reasonable loan options for South Africans who need credit.

Before you apply:

• Make sure you can afford the monthly payments
• Compare rates from at least three different lenders
• Choose the shortest repayment period you can afford
• Only borrow what you really need
• Never pay upfront fees to anyone

Remember: All loans cost money. Only borrow if you have no other option. Consider saving money instead of borrowing when possible.

Stay safe: Always verify you are dealing with the real Old Mutual. Check their NCR registration number (NCRCP35) and only use official contact details.