Having piles of debt to pay every month can be frustrating and exhausting. What’s even worse is that people sometimes don’t how much more they pay in interests to repay their loans. Month-end has also not become a time to look forward to as one has too much debt to repay. A consolidation loan is the answer to people’s pile of debt. By turning numerous debts into one, people can save money and know that a certain amount per month goes to one payment.
This is the reason Old Mutual has My Money Plan, a product that helps people save money and also have a better credit rating. People with a lot of debt generally will get a lower credit rating, which means that they will be declined for credit in the future or will pay higher interest rates if approved. My Money Plan takes the customers debts and combines it into one debt through a consolidation loan. This means that customers will have more cash at their disposal on a monthly basis.
Through My Money Plan, Old Mutual offers customers a consolidation loan of up to R150 000. Customers can enjoy flexible repayment periods of one to 60 months and fixed interest rates at the time of application, which means that customers know how much they pay every month and are able to budget for it.
To apply for a consolidation loan, customers must be over 18 years old and permanently employed for at least 12 months with the same employer. The loan should cease to exist 12 months prior to the customer’s 60th birthday. Customers must provide a valid South African ID document, a payslip no older than one month, proof of residence and three months’ bank statements.
To get more information or apply for a consolidation loan, customers can visit their nearest Old Mutual branch, call 0860 000 886, or fill in the online call-me-back form at www.oldmutual.co.za. Alternatively customers can SMS their name + MMP to 44964.