Pepper Money Personal Loans

Pepper Money positions itself as an ‘alternative lender’ and provides personal loans as well as home and car loans.

What personal loans does Pepper Money offer?

Pepper Money currently offers a single personal loan product, which comes with the following features:

Fixed interest rate
Loan can be secured or unsecured
Interest rates tailored to the borrower and which depend on a number of factors
Terms ranging from one to seven years (depending on the amount borrowed and whether the loan is secured or unsecured)
Unsecured personal loan amounts from $5,000 to $40,000. Secured personal loan amounts from $15,000 to $50,000.

What can you use Pepper Money’s personal loans for?

Personal loans can typically be used for a range of important life events, purchases and other purposes such as:

Buying a car
Debt consolidation
Going on a holiday
Renovations
A wedding

Pepper Money says you can use one of its personal loans “for almost all purposes”. However, it does specify that you cannot use its personal loans for businesses purposes or to pay out mortgage and credit arrears, defaults and judgements or tax debt. Pepper Money also says that some loan purposes may have changed due to COVID-19. Check the lending criteria and other loan documentation from Pepper Money for any specific details on what you may or may not be able to take out a Pepper Money personal loan for.

What are the loan terms on Pepper Money’s personal loans?

Pepper Money says its unsecured personal loans are available for terms of between 18 months to three years (for loans up to $7,999) or 18 months to seven years (for loans up to $40,000). It says its secured personal loans are available for terms ranging from 18 months to seven years.

What are the fees on Pepper Money’s personal loans?

There are a number of fees to be aware of when taking out a personal loan. At the time of writing, Pepper Money says it charges an establishment fee of 4% of the loan amount (capped at $495), a security registration fee of $20 for secured loans and an administration fee of $3 per week or $6 per fortnight.

Pepper Money says it does not charge an early repayment fee or break fee on its personal loans.

Do Pepper Money personal loans come with minimum repayments?

Pepper Money does not specify any minimum repayments on its personal loans. However, depending on the terms of your personal loan, you may be required to make a minimum regular repayment. Check the lending criteria and other loan documentation from Pepper Money for more details.

How to apply for a Pepper Money personal loan

You can apply for a Pepper Money personal loan online or over the phone. If applying online, Pepper Money says it can take as little as 10 minutes, provided you have everything on hand.

You may want to firstly consider comparing your personal loan options with Canstar before committing.

Compare Personal Loans

To be eligible for one of its personal loans, Pepper Money says you must:

Be an Australian citizen or permanent resident
Be 18 years or older
Have no defaults (paid or unpaid) or active payday loans
Not be currently or previously bankrupt or have a court judgement
Be employed full-time or part-time (not on probation), self-employed for over two years or casually employed for over six months

Pepper Money says Centrelink may be used as a secondary income in addition to PAYG income. You can also apply for a personal loan as a single or joint borrower.

When applying for a personal loan, Pepper Money says you may need to provide documents and identification such as:

Your Australian passport or your current Australian driver’s licence and Medicare card
Proof of your employment and income (such as payslips)
Details of your rent and/or home loan repayments
Details of any money you owe, including other loans, credit cards and overdrafts.
Proof of address

Please note that due to COVID-19, Pepper Money says that some loan purposes and suitability criteria may have changed. Contact Pepper Money for more details.