Old Mutual review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Old Mutual lends directly in South Africa, which suits borrowers who want one lender and fast money. The catch is cost: an APR of 28% sits well above the site median of 12%, and the initiation fee is 10% of the amount borrowed.

Key facts

Best for
South African salaried earners wanting one direct lender and money within Within 24 hours of approval.
APR
28% (Source, checked September 26, 2026)
Loan amount
ZAR 2,000 to ZAR 250,000 (Source, checked September 26, 2026)
Term
3 to 72 months (Source, checked September 26, 2026)
Arrangement fee
R165 plus 10% of the loan amount in excess of R1,000, capped at R1,050 excluding VAT (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
Within 24 hours of approval (Source, checked September 26, 2026)
Representative example
Credit of R5 000 borrowed for 3 months, total amount payable R6 204.91 (interest R348.16, initiation fee R649.75, monthly admin fee R69) (Source, checked September 26, 2026)
Rate type
Fixed (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Eligibility
Ages 18 to 60, South African citizen, earn at least R2500 per month, permanently employed at the same employer for at least 3 months (Source, checked September 26, 2026)
Origination fee (%)
10% (Source, checked September 26, 2026)
Loan types
Personal (Source, checked September 26, 2026)
Legal entity
Old Mutual Finance (Pty) Ltd (Source, checked September 26, 2026)
Headquarters
South Africa (Source, checked September 26, 2026)
Founded
1845 (Source, checked September 26, 2026)
Support channels
Phone, Chat (Source, checked September 26, 2026)
Pricing model
Fixed rate
Official website
oldmutual.com

Mortgages

Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
Old Mutual Finance (Pty) Ltd (Source, checked September 26, 2026)
Headquarters
South Africa (Source, checked September 26, 2026)
Founded
1845 (Source, checked September 26, 2026)
Support channels
Phone, Chat (Source, checked September 26, 2026)

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaXLinkedIn

Pros and cons

Pros

  • Lends directly as direct lender rather than through a broker
  • Money arrives Within 24 hours of approval
  • The rate is fixed for the life of the loan
  • Personal loans of ZAR 2,000 to ZAR 250,000 over terms of 3 to 72

Cons

  • APR of 28% against a site median of 12%
  • Initiation fee of 10% of the amount
  • Hard credit check under hard
Old Mutual

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Scored 8.9 / 10 by BorrowCue.

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Who it suits

  • South African citizens who are permanently employed with one employer
  • Borrowers who want a fixed rate and a direct lender rather than a broker
  • People who can cover the initiation fee on 10% of the amount

Who should look elsewhere

  • Borrowers chasing a low rate, since 28% sits above Monzo Flex at 10% to 23%
  • Anyone wanting a soft prequalification, as this lender runs a hard credit check
  • Self-employed applicants, since eligibility rests on permanent employment

How it compares on our data

On loan amount, Old Mutual ranks 526 of 685 brands, helped by a ceiling of ZAR 2,000 to ZAR 250,000. On APR it sits at 277 of 350, with 28% against a site median of 12%. That gap is the trade-off: larger amounts available, at a rate above the middle of the market.

How Old Mutual compares

Where Old Mutual is available

Available
South Africa
Licence in South Africa
National Credit Regulator (registered credit provider) / licensed financial services provider (NCRCP35), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate will I pay on an Old Mutual personal loan?+

The advertised APR is 28%, and the rate type is fixed, so your payments do not rise if market rates climb. For context, the site median across the brands listed is 12%, which sits well below what this lender charges.

How much can I borrow and over what term?+

Personal loans run from ZAR 2,000 to ZAR 250,000 in size, with terms of 3 to 72. The lending model is direct lender, meaning you deal with one provider from application through to repayment rather than a broker.

What fees will I pay on top of the interest?+

The initiation fee is 10% of the amount you borrow, and a monthly admin fee also applies. The published representative example lists interest, an initiation fee and a monthly admin fee as the parts of the total amount payable, so budget for all three.

How long does it take to get the money?+

Funding happens Within 24 hours of approval. That is quicker than most of the lenders in this comparison, and useful if you have a bill or repair to cover without waiting for a pay cycle.

Will applying hurt my credit file?+

The credit check is hard, which means an application leaves a visible mark on your credit record. Hard checks like this one are common across the lenders compared here, but it is worth checking your record first.

Who is eligible to apply?+

You need to be a South African citizen of adult age, permanently employed at the same employer for a waiting period, and earning a stated monthly minimum. Because permanent employment is a condition, self-employed applicants will not qualify on these terms.

How is the lender regulated?+

Old Mutual Finance operates as a registered credit provider and licensed financial services provider in South Africa, overseen by the National Credit Regulator. Its head office is in South Africa, so a complaint stays with a local regulator.

How do I get help once I have an account?+

Support runs on phone and chat. Check what a query about your statement or a payment date involves before you commit to a longer term, and keep the legal entity name handy if you need to escalate.

Sources

  • oldmutual.co.za checked September 26, 2026

    Backs: Founded

    “We've been around since 1845. But our focus is firmly on the future.”

  • oldmutual.co.za/personal/solutions/bank-and-borrow/person... checked September 26, 2026

    Backs: Loan amount, APR, Credit check, Eligibility, Funding time, Legal entity, Lender type, Loan types, Pricing model, Arrangement fee, Origination fee (%), Rate type, Representative example, Support channels, Term, Licences

    “With a personal loan, you can borrow between R2000 and R250 000”

  • oldmutual.com/about checked September 26, 2026

    Backs: Headquarters

    “Old Mutual was established in Cape Town in 1845 as South Africa's first mutual life insurance company”

Compiled from 3 source pages, checked September 26, 2026. We did not open an account.

Old Mutual

Old Mutual

South African salaried earners wanting one direct lender and money within Within 24 hours of approval.

8.9/10See alternatives

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