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A revolving loan gives you access to funds whenever you need it. You only pay for what you use, and repayments are made via a debit order from your primary bank account.
There is a money scheme out there that uses Old Mutual branding to target blacklisted consumers. This is a scam and you should steer clear of it.
Does Old Mutual offer loans to blacklisted individuals?
A surprisingly high number of South Africans take out loans that they are unable to repay, which results in them being blacklisted. This can make it extremely difficult for them to get credit in the future, as most banks will refuse to give them a loan if they are blacklisted. However, Old Mutual does have a product that will help them to better manage their debt. This product is called a debt consolidation loan, and it will pay off all of the individual debts that they have, leaving them with just one loan to make repayments on.
A revolving loan is available to individuals with an approved credit limit of up to R250 000, and it allows you to access funds whenever you need them. The amount of money that you have available is displayed on the Old Mutual Finance website, and you can transfer funds to your bank account via a debit order. A once-off initiation fee and monthly administration fees are also charged on your revolving loan, and these charges will vary depending on your approved credit limit.
If you fail to repay your revolving loan in time, your funds will be suspended. You boodle loan application will receive an SMS notification if this occurs, and you can contact the Service Centre to make arrangements to settle the outstanding debt. Once the outstanding debt has been settled, your revolving loan will be reactivated and you will be able to withdraw funds again.
Does Old Mutual have a loan that is specifically tailored for blacklisted individuals?
Old Mutual is a South African investment, savings, insurance, and banking group that operates across Africa. The company is headquartered in Sandton, Gauteng and is listed on the Johannesburg Stock Exchange as well as other international stock exchanges. Old Mutual is committed to fostering the development of a financially inclusive society and has been recognised as a level 1 Broad-Based Black Economic Empowerment (B-BBEE) contributor since 2024.
While Old Mutual does not offer a loan specifically for blacklisted individuals, they do have products that can help you manage your debt better if you’re in financial trouble. One of these is their debt consolidation product, which will pay off all your existing loans and leave you with just one credit account to make repayments on.
In order to apply for a revolving loan, you will need to provide a valid South African identity document, the latest payslip, and bank statements showing three consecutive monthly salary deposits. You can check the status of your application on the Old Mutual Finance website, or by requesting an update from your nearest branch or calling their service centre.
In the event that you miss a payment on your revolving loan, the company will send you an SMS to inform you of this. This will impact your credit score negatively. If you are unable to repay your loan within the set period, your revolving loan will be suspended. You will be able to access the funds again once you receive an SMS confirming that your loan has been reactivated.
Does Old Mutual have a product that will help you better manage your debt?
A surprisingly high number of people in South Africa take out loans that they then fail to repay. This often happens when they hit hard times, such as losing a job or facing an emergency. The result is that they end up being blacklisted.
However, in most instances, people don’t deliberately set out to not repay their debts. Instead, they fall into a trap that is set by unscrupulous lenders or they simply don’t have the financial resources to meet their repayments.
This is why it’s important to have a debt management solution in place. One option that is available is a debt consolidation loan, which can help you pay off all your existing debt and manage your finances more effectively.
Although Old Mutual does have a proportion of funds that are not performing at a competitive level, they also have several outstanding ‘5 star’ rated funds that have performed well over the long term. These are a good choice for anyone looking for high performing funds in competitive sectors.
Does Old Mutual offer a loan to blacklisted individuals with a low credit score?
A surprisingly high number of people in South Africa take out loans that they fail to service. This is often due to financial straits, such as losing a job or unforeseen expenses. This can result in the person being blacklisted. Being blacklisted is not a permanent ban on borrowing money, but it can be difficult to get credit in the future. There are several financial solutions that help individuals overcome this challenge. One of these is debt consolidation, which helps to reduce the number of debt accounts and makes it easier for the person to manage their repayments.
Another solution is a personal loan from Old Mutual, which offers a range of credit options that are tailored to the needs of individual consumers. These include personal loans, debt consolidation and a blacklisted loans option. These products are designed to address the financial needs of consumers, and can be accessed by those with a low credit score.
A revolving loan from Old Mutual gives you access to your approved credit limit at any time, and the amount you pay is deducted through monthly debit orders from your primary bank account. You can view your statement and balance on the Old Mutual Finance website, request it at an Old Mutual branch or contact our Service Centre to make arrangements. The application for a revolving loan impacts your credit score just like any other personal loan application.