Old mutual 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.

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.

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.