Taking Out a Consolidation Loan from Old Mutual
Old Mutual Finance provides a variety of loans to customers and this means that you can consolidate your debt by taking a loan with Old Mutual and save money on interest fees.
Too many South Africans fall prey to loan sharks and the loans they get from these unscrupulous lenders aren’t designed around their situations and have high repayments, which is why a consolidation loan is a wonderful solution to people with a lot of debt to repay every month.
Old Mutual Finance’s loans are made to suit each individual’s financial needs, helping them to achieve financial freedom and escape the trap of bad debt. There is an easy way to consolidate your debt, with the My Money Plan.
This plan allows you to consolidate debt and turn it into one plan that allows you to pay lower instalments and save on high interest rates. You will reduce your finance charges and increase your available cash. You can speak to an Old Mutual consultant for more information.
How it Works
- The terms of the loan is 3 – 48 months
- Qualify for a personal loan of up to R100 000.
- Fixed interest rate at the time of the personal loan application.
- You need to be employed for at least 3 months at the same employer.
- The interest rate applied will be determined by your credit score.
- Only individuals can apply for a personal loan.
The Requirements
To apply for a consolidating loan from Old Mutual you have to:
- Be 18 years of age
- Agree that the term of your loan agreement must cease prior to age 60 with a minimum term of 12 months.
- You must have a valid South African ID document (Green, bar coded, 13 digit).
- You must provide a current payslip no older than 1 month.
- You need to provide consecutive bank statements for the last 3 months.
