Loans
How to apply for a personal loan at Old Mutual?
If you are looking to apply for a personal loan at Old Mutual, make sure to read this article and prepare everything you need!
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Learn all you need for the application!
Are you in need of money to achieve your personal ambitions or pay for unforeseen expenses?
Old Mutual, a well-known provider of financial services in South Africa, has a selection of personal loan choices that can be customized to meet your unique requirements.
In this post, we’ll walk you through the steps of applying for a personal loan with Old Mutual and provide you with insightful advice on how to succeed.
Although applying for a personal loan can occasionally feel intimidating, Old Mutual’s streamlined application procedure makes the process convenient and easy.
So let’s get to the important stuff!
Who can apply?
Here is a list of the most common applicants for personal loans, in case you’re thinking about doing so:
- Citizens of South Africa or permanent residents: Old Mutual personal loans are normally provided to South African nationals or anyone who has a permanent address there.
- Age: Personal loans are only available to borrowers who are at least 18 years old.
- Minimum income: Depending on the loan amount and repayment term, a minimum income requirement may apply. Applicants typically need to make at least R2,500 per month in regular income.
- Employment history: Depending on the loan’s term, the precise employment criteria may change. Frequently, applicants must have been continuously working at the same job for at least three months in order to qualify for loans with terms of three to twelve months. Applicants typically require a minimum of 12 months of continuous permanent work with the same company for longer-term loans of 12 to 84 months.
- Creditworthiness: When evaluating loan applications, Old Mutual takes into account a borrower’s credit history and credit score. The likelihood of approval is increased by having good credit, but applicants with little or no credit history may also be taken into consideration.
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How is the application process at Old Mutual?
You must submit the required information and supporting documentation when applying.
After that, you will choose the loan amount and period that best suit your needs while completing the application.
In order to suit a variety of financial circumstances, Old Mutual offers a choice of loan amounts and terms.
You will be required to submit personal information, including your complete name, phone number, South African ID number, and home address.
Old Mutual will also need information about your job situation, including the name of your company, how long you’ve been there, and your monthly income, in order to determine your eligibility.
A valid South African ID, recent payslips (often no older than one month), and bank statements showing your salary deposits for the last three months will be needed as supporting documentation.
Old Mutual will check your information and determine your creditworthiness after you submit your application.
They might also speak with credit bureaus to get further details. If your application is accepted, you will receive the loan agreement, which includes the details of the loan, the interest rate, and the repayment schedule.
The loan amount will be transferred to your designated bank account after you sign the agreement.
Depending on the loan size, length, and your unique situation, the application process may change.
Old Mutual works to make the application process quick and clear, making sure that candidates are informed at every stage.
Want to look at another option?
Make sure to look at Mercantile Bank as well if you want to weigh your options before choosing one lender.
In addition to providing you with a tailored solution depending on your needs, you may borrow up to R200,000 from them. Look at this!
Mercantile Bank Personal Loans full review!
With almost 60 years of experience, Mercantile is an excellent option if you need a personal loan that fits your needs!
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