Old Mutual offers you the ability to take out a consolidation loan so that you can reduce your monthly debt repayments and replaced them with one single, lower instalments. It’s always a good idea to consider debt consolidation loan. If you want to save money at the end of every month, or if you feel that your date repayments are starting to get a bit too much.
Loan consolidation with Old Mutual is 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.
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.