How Long Does Old Mutual Take to Payout a Loan?

Old Mutual is one of the best known insurance companies in South Africa. A lot of people are not aware that they also offer loans to people in the country. The truth is, Old Mutual is not just about insurance. They have other products, including tax free savings accounts. With regards to loans, you are here because you have been asking yourself how long does Old Mutual take to payout a loan? It’s a question that we are going to answer in this post.

When will Old Mutual release my loan money?

According to Old Mutual, once your application has been approved, your money will be released into your bank account within 24 hours. You may have to wait a couple of more days for the money to be cleared by your bank. Usually, it can take about 3 days for the entire process to be completed.

How can I speed up the process?

That’s the answer for those wondering how long they are going to need for their loan money to be released. It’s normal to be impatient. When you apply for a loan, you need the money and you want to be able to use it as quickly as possible.

The great thing is that Old Mutual quickly releases money for successful applications. But the key here is that your application needs to be successful. In order for that to happen, you need to make sure that everything is in order.

We have another article in which we list the Old Mutual loan requirements. If you do not present all the required information and documents, you may have to do a back and forth with Old Mutual, which will delay the release of your money.

Summary

In this article, we answered the question, how long does Old Mutual take to payout a loan? It was noted that upon approval, your money will be released fairly quickly. You may encounter a few more days of delay with your bank. The biggest challenge is to ensure that you have everything in order when you apply for a loan to ensure that there are no delays.

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