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A revolving loan offers you access to your approved credit limit, allowing you to borrow funds as needed. You pay interest only on what you use, and the amount that you repay becomes available again.
A revolving loan is repaid through monthly debit orders into your primary bank account. You can view your statement and balance on the Old Mutual Finance website or request it from an Old Mutual branch or through our Service Centre.
Applying for a revolving loan
A revolving loan allows you to borrow money and pay it back in instalments over an agreed term at a fixed interest rate. It differs from a personal loan, which is a lump-sum amount that you cannot withdraw or repay again. It also shares more similarities with a credit card or overdraft on your bank account in that you can use it multiple times so long as you keep up with repayments.
You can apply for a revolving loan through the Old Mutual Finance website, by visiting a branch or calling their service centre. The lender claims to approve loans within 30 minutes and payout funds in 24 hours during the week (excluding weekends and public holidays). They can also transfer funds to your bank account through a cashier at a branch.
Revolving loans are a great tool for businesses that experience revenue fluctuations. The maximum loan amount is constantly changing depending on the current balance, and you can draw against the facility as often as you like. However, you must keep in mind that your company’s revenue is reviewed annually and may cause the limit to change.
Whether you’re borrowing to fund an ongoing business need or to manage cash flow fluctuations, you can get up to R350 000 with a revolving loan from Old Mutual. You can access your full facility limit as many times as you want, and your monthly payment will stay the same unless the bank decides to change the fee structure.
Paying off a revolving loan
A revolving loan allows you to borrow funds on an ongoing basis up to your approved limit, with interest only charged on the amount you use. Once you repay the funds, they are available again.
This is a different form of credit to a personal loan, which is a lump sum that capfin loan top up online application you pay back in fixed monthly instalments. A revolving loan also offers the flexibility to withdraw and repay funds at any time, while remaining in good standing as long as you meet your minimum monthly payment requirements.
You can access your statement and balance through our website or mobile application, depending on the amount of credit you have available. You can also visit your nearest Old Mutual branch or contact our Service Centre to request a statement and/or balance.
If you miss a revolving loan repayment, you will receive an SMS notification. If you fail to make payments, your revolving loan will be suspended. If you would like to reactivate your account, please contact our Service Centre on 0860 445 445. You will need to provide proof of income and have a primary bank account. We will also require a valid South African ID and the latest payslip.
Managing a revolving loan
A revolving loan is a credit facility that offers you ongoing access to your available credit limit. You can withdraw and repay funds as you please, with interest only charged on the amount you use. When you pay back funds, your revolving loan balance is reset and you can borrow more. However, it is important to manage your revolving loan responsibly.
You can check your statement and balance through the Old Mutual Finance website or call the Service Centre. You must be an existing Old Mutual Finance customer with a valid South African identity document and recent payslips (not older than one month). If you are interested in applying for a revolving loan, you can visit your nearest branch or call the Service Centre to make arrangements.
Revolving loans are repaid by monthly debit orders. These are collected from your primary bank account. In addition to the monthly debit order, you will also be charged a once-off initiation fee and a standard monthly administration fee.
If you miss a payment on your revolving loan, you will receive a warning SMS within the grace period. If you fail to repay the outstanding amount before the grace period expires, your revolving loan will be suspended. If you need to use your revolving loan again, you will have to reapply for it.