Does Old Mutual Offer Loans to Blacklisted?

Does Old Mutual offer loans to blacklisted individuals? It’s a question that a lot of people have been asking. A surprisingly high number of people in South Africa take out loans that they then fail to service. Many fall prey to unscrupulous lenders. The result is that they end up getting blacklisted. Should this have happened to you, what do you do to get a new loan? Does it mean you will be unable to borrow money for the rest of your life? Or can you get relief from Old Mutual?

Can a person with a low credit score get a loan from Old Mutual?

Old Mutual does not have a loan that is specifically tailored for blacklisted individuals. Neither do they specifically refuse to give loans to people with low credit scores. Each application is handled on an individual basis. So, you need to get in touch with them to find out whether they will offer a loan to you based on your specific set of circumstances.

Old Mutual does have products that are meant to help you better manage your debt if you are in dire financial straits. An example is their debt consolidation product. Should you take out this loan, they will pay off all your existing loans. It means you will only have one loan remaining, that with Old Mutual. That makes managing your finances easier.

Why do people get blacklisted?

That’s the answer to the question, does Old Mutual offer loans to blacklisted individual? A lot of people in South Africa take out loans in one form or the other. Most have credit cards. These tend to be the biggest culprit when it comes to people ending up with negative credit scores.

You should never take out a credit card that you will be unable to manage. Also remember that a credit card does not offer free money. You will have to pay for every loan that you take out at the end of the day.

There are even people out there who take out multiple credit cards. That’s another recipe for disaster. You could end up being blacklisted should you fail to pay after making purchases using these cards.

Another form of debt that can get you blacklisted is store credit. Perhaps you have an account at one retail outlet or the other. Many people have these. Again, you need to take only those goods that you can afford to pay for.

Then there are bank loans. Most people in South Africa take out these. They can be in the form of cash, or in the form or mortgages or vehicle financing.

In most instances, people do not set out not to repay their loans. Most fail to meet their obligations after hitting hard times. Perhaps you have lost you job or you have recently gotten into an emergency. In that case, you could end up failing to meet your monthly payments. The end result is that you will be blacklisted.

Find out how to cancel your African Bank credit card


In this article, we answered the question does Old Mutual offer loans to blacklisted people in South Africa. We noted that Old Mutual does not specifically offer or refuse to offer loans to people with bad credit histories. What they will do is that they will treat each case on an individual basis. So, you need to approach them to find out whether or not you qualify for a loan.

Here is how to check your Old Mutual loan balance

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