Old Mutual runs a separate application number for personal loans, distinct from its general service line, and publishes a worked example of what a loan actually costs.
Official provider route
- Personal loan applications: 0860 000 866
- WhatsApp: 0860 933 333
- General service: 0860 933 333, weekdays 08:00 to 17:00
Product or service support
Loans go up to R250,000 with repayment terms from 3 to 72 months. Interest is calculated monthly and the maximum rate is 28 percent a year. A once-off initiation fee and monthly admin fees apply on top of interest. You can apply online, in a branch, on WhatsApp or by telephone.
Eligibility, account or policy requirements
To qualify you must be at least 18 and a South African citizen, and you need an identity document, three months of bank statements no older than seven days, and your latest payslip. The requirement that statements be no more than seven days old is easy to miss and is a common reason an application stalls.
Escalation route
Old Mutual publishes a representative example: a loan of R5,000 over 3 months carries R348.16 in interest, a once-off initiation fee of R649.75 and a monthly admin fee of R69, giving a total repayable of R6,204.91. On a small short loan the fees exceed the interest, which is worth checking before borrowing. Note that a personal loan is not the same as the Old Mutual revolving loan: a personal loan is a single lump sum repaid over a fixed term, while a revolving facility can be drawn again up to your limit without reapplying. Credit complaints go to the National Credit Regulator on 0860 627 627.
Sources
- oldmutual.co.za/personal-loans/, including its cost example and qualifying criteria, read 3 September 2026.