One of the most significant factors behind the development of South Africa is that its government manages different financial assistance programs and loan services to help its citizens. Due to the current inflation after the Covid-19 pandemic, many people need more budget and take loans to fulfill their needs.
Among different loan facilities in the country, Old Mutual is one of the most significant ones. It is one of the first mutual life insurance companies in South Africa. Now the question is, who qualifies for the old mutual loan and its application process?
Pros of The Old Mutual Loan
As I mentioned above, the Old Mutual Loan is among the oldest life insurance companies in the state. It manages different loan facilities to help people fulfill their necessities. Now the question arises, what are the pros of taking loans from Old Mutual?
The main objective of this company is to give financial assistance to support people in any situation. Though many platforms offer loans, Old Mutual is better than others because it has a long repayment period.
Its maximum repayment period is up to 84 months. Furthermore, it offers a personal loan of up to R200 000. The interest rate for each loan is determined by reviewing your credit profile. Compared to other platforms, Old Mutual offers a low-interest rate.
Usually, many other platforms except traditional banks, require collateral for the security. This collateral is a security and is used by the lender in case of no repayment from the borrower. The best part about taking a loan from Old Mutual is that it does not require any security.
Hence, you can apply for a loan without putting up your collateral. If you have previously applied for a loan from any platform in South Africa, you must know about your credit history.
The same is the case with the Old Mutual. It offers loans based on your credit history. I find Old Mutual one of the best options to borrow money from because of its fast-funding and additional features.
Old Mutual Loans Requirements
Although this company offers financial support to people, it has certain eligibility criteria. A South African ID is the most prominent requirement to qualify for an Old Mutual loan.
In short, an applicant must have a South African ID to qualify for the loan. Additionally, an applicant’s age must be between 18 years to 60 years. Like many other loan-providing platforms, Old Mutual has a strict policy.
It offers loans to people who earn at least R2500 per month. Moreover, the applicant should provide his current play slip with the form for verification.
As a security and proof, showing your bank statement from the last three months is mandatory. Lastly, your residential proof plays a vital role in your application’s verification.
How To Apply For The Old Mutual Loan?
The application process for the Old Mutual loan has three methods. First, the online application process is the best way to apply for a loan.
All you need to do is visit the company’s website, and click on “Apply Now”. An online application form appears on your screen. Fill your form with correct information, recheck it, and submit it for verification.
Apart from online applications, you can also use your phone to apply for a loan in a short time. Take your phone and dial the company’s user-friendly customer service number.
Upon picking up the call, you can talk to the representative and they will guide you through the application process. Follow the institutions, add your details, and submit your application.
Though the online application process is quick and easy, many people prefer visiting the branch physically to avoid inconvenience.
If you are one of those people, the branch application facility makes your life easy. This company has numerous branches in the country.
All you need to do is gather the essential documents required for the application and visit your nearest Old Mutual branch. Take help from the representative and follow the instructions to apply for a loan.
How Long Does Old Mutual Take To Approve An Application?
Usually, most traditional banks and online lenders take around 5 to 10 business days to approve an application. On the contrary, Old Mutual takes around 24 hours to verify and approve an application.
Old Mutual is one of the first life insurance companies in South Africa. It offers numerous financial services to support needy people. One of its most significant services is its loan facilities.
People aged between 18 to 69 years apply for this loan, but they must be employed and should have a South African ID. You can apply for the loan via the website, phone, or by visiting the branch.