Are you waiting for a lump sum payout from your pension, retirement annuity, or investment? Do you need some extra cash to cover your expenses, seize an opportunity, or improve your financial situation? If so, you might want to consider applying for a bridging loan.
A bridging loan is a short-term loan that helps you bridge the gap between receiving a large payment and needing money urgently. It can be a lifesaver when you are facing a cash flow crisis or want to take advantage of a time-sensitive deal.
One of the leading providers of bridging loans in South Africa is Old Mutual. Old Mutual is a trusted and reputable financial institution that offers personal loans and debt consolidation loans to suit your needs and budget. In this blog post, we will inform you about the benefits and features of Old Mutual bridging loans and how to apply for them.
Benefits of Old Mutual Bridging Loans
Old Mutual bridging loans have many benefits that make them an attractive option for anyone who needs money fast. Some of these benefits are:
Fast and easy application process: You can apply for an Old Mutual bridging loan online, in a branch, or over the phone. The online application form is simple and secure, and you can get an instant decision in minutes. You can also upload or submit your documents online, saving you time and hassle.
Affordable and fixed interest rates and fees: Old Mutual bridging loans have competitive and transparent interest rates and fees that are fixed for the duration of the loan. You will know exactly how much you have to pay back each month, and there are no hidden charges or penalties.
Flexible repayment terms: You can choose a repayment term that suits your needs and budget, from 3 to 72 months. You can also pay back your loan early without any extra fees, reducing the total cost of your loan.
Credit life insurance: Old Mutual bridging loans come with credit life insurance that covers the loan in case of death, disability, or retrenchment. This means that you and your family will not have to worry about repaying the loan if something unexpected happens to you.
Old Mutual bridging loans have helped many customers to pay for emergency expenses, seize opportunities, or improve their financial situation. Here are some examples of what customers have said about their experience with Old Mutual bridging loans:
– “I applied for an Old Mutual bridging loan when I was waiting for my pension payout. It was a quick and easy process, and I got the money in my account the next day. It helped me to pay for some urgent medical bills and settle some debts. I am very grateful to Old Mutual for their excellent service and support.” – Thabo, 62, Johannesburg
– “I used an Old Mutual bridging loan to buy a car that was on sale. It was a great deal that I didn’t want to miss, but I didn’t have enough cash at the time. Old Mutual approved my loan within minutes, and I was able to secure the car before it was sold. The interest rate and fees were very reasonable, and I paid back the loan in 6 months. I am very happy with my purchase and with Old Mutual.” – Nomsa, 28, Cape Town
– “I got an Old Mutual bridging loan when I was waiting for my investment payout. It helped me to start a small business that I had been dreaming of for a long time. The loan amount and duration were perfect for my needs, and the repayment terms were flexible and affordable. Old Mutual was very helpful and professional throughout the process. I would recommend them to anyone who needs a bridging loan.” – Sipho, 35, Durban
Features of Old Mutual Bridging Loans
Old Mutual bridging loans have many features that make them suitable for a wide range of customers and situations. Some of these features are:
Eligibility criteria and requirements: To apply for an Old Mutual bridging loan, you need to meet the following criteria and requirements:
Be at least 18 years old and a South African citizen.
Have a minimum monthly income of R2500.
Have a valid ID document, bank statements, and payslip.
Have a good credit score and history.
Loan amount and duration options: You can borrow between R2000 and R250 000, depending on your affordability and credit profile. You can repay the loan over a period between 3 and 72 months, depending on your preference and budget.
Costs and charges associated with the loan: The costs and charges associated with the loan are as follows:
The initiation fee, which is R165 plus 10% of the loan amount in excess of R1,000 (capped at R1,050 excluding VAT).
The monthly service fee, which is R60 (excluding VAT).
The credit life premium, which is based on the Rand value of the loan at the time of application.
The interest rate, which is fixed and depends on the affordability and credit profile of the applicant. The maximum interest rate is equal to the repo rate plus 21%.
How to Apply for an Old Mutual Bridging Loan
Applying for an Old Mutual bridging loan is easy and convenient. You can choose one of the following methods to apply:
Online: You can apply for an Old Mutual bridging loan online by following these steps:
Visit the Old Mutual website and click on the personal loans tab.
Fill in the online application form with your personal and financial details.
Upload or submit the required documents, such as your ID, bank statements, and payslip.
Wait for the approval decision, which will be communicated within 24 hours.
If approved, sign the loan agreement and receive the funds in your bank account.
In a branch: You can apply for an Old Mutual bridging loan in a branch by following these steps:
Find the nearest Old Mutual branch by using the branch locator on the website or calling the customer service number.
Visit the branch with your ID, bank statements, and payslip.
Fill in the application form and submit your documents to the consultant.
Wait for the approval decision, which will be communicated within 24 hours.
If approved, sign the loan agreement and receive the funds in your bank account or by cheque.
Over the phone: You can apply for an Old Mutual bridging loan over the phone by following these steps:
Call the Old Mutual call centre on 0860 000 886 and speak to a consultant.
Provide your personal and financial details and answer some questions to assess your affordability and credit profile.
Wait for the approval decision, which will be communicated within 24 hours.
If approved, sign the loan agreement and receive the funds in your bank account or by cheque.
See also: Marlin Credit
Conclusion
Old Mutual bridging loans are a smart way to bridge the gap between receiving a lump sum payout and needing money urgently. They offer many benefits and features that make them an attractive option for anyone who needs money fast. You can apply for an Old Mutual bridging loan online, in a branch, or over the phone, and get an instant decision and fast access to funds.
