To apply for a Personal Loan at Old Mutual in South Africa, there are certain requirements that must be met. The applicant for the loan must be 18 years of age or older; credit period must be at least 12 months long and mature before the applicant’s 60th birthday.
Up to R200,000 over a period of up to 84 months is available to borrow from Old Mutual’s personal loans. There are no hidden fees, and even an individual with bad credit can apply. One can apply for short term loans to get through a tight spot financially and get the extra cash they need within 48 hours of applying. Any citizen of South Africa can apply and qualify for credit through Old Mutual Woolworth to help meet their short term financial needs.
The applicant must have current pay verification, not older than 90 days, and must be employed with the same employer for at least 90 days; have a current bank account for at least three months, a current South African Identification card and proof of residency.
Interest is charged according to the maximum amount allowed by the NCA, National Credit Act. A typical credit calculation would be calculated as follows:
R10000 = amount; for a 24 month term; Installments will be minimum R592.49 and maximum R619.17 monthly along with the interest rate between 23% to 27.50%. The service and initiation fees aren’t included R69; R1207.50 accordingly.
One must remember, this is only an estimate of how applying for a loan may look, with a typical credit period and interest rate. Credit varies according to lenders and the individuals personal credit rating depends on the interest rate assigned to your line of credit.
Contact Old Mutual today and see how they can help your financial outlook and what type of credit you qualify for. you may apply your personal loan via online, drop a call to 0860 000 886 or visit the nearest bank branch to you. Old Mutual would be happy to make your dreams come true ,once we make sure about your affordability and the reasons of your needs.