Old Mutual Finance
Get flexible loan amounts, easy repayments from 3 to 72 months, with an interest rate of up to 28% per year. Initiation and admin fees apply.
Old Mutual offers flexible debt consolidation options with its easy-to-use debt repayment calculator. You can estimate your payoff time based on your debt, interest rate, and monthly repayment.
Loan terms range from 3 months up to 72 months, offering the flexibility to suit different budgeting needs. The maximum annual interest rate is 28%, calculated monthly, and you can expect additional initiation and admin fees.
With Old Mutual Finance, you get a transparent, straightforward way to plan your debt payment and potentially save by changing your monthly installments. Here’s how you can get started.
How to Apply: Step-by-Step Guide
Firstly, visit the Old Mutual website and navigate to their debt calculator tool. Enter your total outstanding debt and your current monthly payment details.
Next, input the annual interest rate on your debt and any relevant loan information requested. The calculator then shows your estimated payoff time.
If satisfied, follow the prompts to start your formal application. You will need to provide ID, proof of income, and bank statements.
Wait for your credit assessment. The final loan offer – including interest, admin, and initiation fees – will be presented for your review and acceptance.
Upon approval, you’ll receive your funds and can manage repayments via convenient monthly installments set to your needs.
Pros of Old Mutual Debt Calculator
The online calculator is easy to use, helping you plan your debt payoff quickly. It enables accurate budgeting based on real numbers, which many appreciate.
Flexible loan terms between 3 and 72 months mean you can tailor your repayment plan to fit perfectly with your financial situation.
Cons to Consider
Fees can add up, especially if you opt for longer terms that lower monthly payments but increase total interest and admin charges.
The maximum interest rate of 28% may be high for some borrowers, particularly compared to secured loan options elsewhere.
Our Verdict
Old Mutual’s debt calculator offers South Africans a practical, straightforward way to manage and forecast debt repayments. With its flexible approach and transparent terms, it is a competitive option for many needing debt consolidation.
