When one is in need of some money urgently, and he/she doesn’t want to borrow the money from their family or friends, then applying for Old Mutual Personal Loan remains as a alternative.
People may get in need of urgent money for many different reasons, for instance, to cover medical expenses, to pay the university fees, renovating their home, buying the latest gadget or for any other reason. Everybody wants to be debt-free, but just sometimes in life, you may need to apply for Old Mutual Personal Loan to get hold of some immediate finance.
Planning ahead and taking out a loan is just one way one can make sure that they don’t have to go without something that they badly need. Old Mutual is a banking group that was founded way back in the year 1845 and it offers people a way to borrow money, without much hassle.
Each customer looking for a personal loan with Old Mutual Finance is offered a My Money Plan where they can take one or a mix of loans for personal use that will suit their financial needs. On average, the borrowed money will have interest rates that start at 15%. The loan amount can be conveniently paid in up to seven years.
Old Mutual Personal Loan Requirements
• The applicant is 18 years or older
• Having 3 months bank statements – the very latest ones
• An ID or passport
• Proof of address
• A copy of their pay slip – the most recent one
With an Old Mutual personal loan, an applicant can have it tailored to his/her specific needs. For instance, they can get an option to consolidate their loan with flexible repayment options and fast payouts.
Old Mutual Personal Loan Repayment Calculation
When someone borrows money from Old Mutual, they can choose the amount that they need and according to the monthly payments they can afford. Old Mutual offers loans of R500, R2 000, R5 000, R10 000 or more – in fact right up to R200 000.
On the website personal loans page of Old Mutual, an applicant can fill in the loan amount he/she wants and it will provide them with a ‘pay-back’ term such as 1 year to pay back the loan, 2 years or 7 years. Old Mutual is providing customers with a loan tailored to their individual financial needs.
If an applicant is approved by Old Mutual to get a personal loan, they will get the money paid into their bank account and they will then have fixed monthly amounts that have to be paid back each month.
When customers apply for a loan from Old Mutual, they get different options for their convenience too. Applicants can:
• Apply online
• Request that a consultant call them back
• Apply in-store at their nearest branch
Lets assume you want to borrow R10,000.00 along with the term 12 months. Your total deduction will be between R1,118.44 and R1,194.03 per month. Please note that max APR would be 24.75%.
Personal Loans for Personal Use – Necessity and Reality
Old Mutual recognizes that lending money is a necessity and a reality for many and to this end, they provide their customers with products and services that meet their needs. They’re able to provide each customer with a unique financial solution that helps them towards financial freedom.