Pepper Advantage Loan

Features

The main feature of the Pepper Advantage Loan is that the criteria of approval are tailored for people with prior debt or credit impairment. Third party lenders are not required for approval and there are alternative methods of income verification for applicants of this loan.

Customers can consolidate an unlimited number of debts under this home loan and unlimited paid and unpaid defaults registered prior to your application under $1,000 are acceptable.

Loan splitting is also available with the Pepper Advantage Loan as well as a repayment redraw facility, though there is a minimum amount that customers must redraw.

While this loan has less strict approval criteria and benefits for those with bad credit, it does attract a very high variable interest rate and very high establishment fees. A monthly fee and an average discharge fee also apply.

Customers of this loan do not have access to a 100 per cent offset account but can have one under a sub-account with a Visa debit card. Additionally, customers are able to cash out for purposes such as renovations, business use and for ATO debt payouts.

This home loan offers flexible repayment options including principal and interest repayments made weekly, fortnightly or monthly as well as interest-only repayments which are to be paid monthly.

Who is the Pepper Advantage Loan good for?

The Pepper Advantage Loan is good for people who don’t meet the loan criteria of major banks and traditional lenders and is also good for people with previous debt and bad credit.

Review - What RateCity says

The Pepper Advantage Loan is a good option for people who cannot be approved for loans by more traditional lenders such as major banks. Options such as unlimited debt consolidation, a split loan facility and access to a Visa debit card under a sub-account make this an attractive offer for those with prior debt.

However, the very high interest rate and establishment fee associated with the Pepper Advantage Loan is something to consider if you’re interested in applying for this loan as it may outweigh the mentioned benefits.

Pepper Advantage Loan Options

To find out more information and enquire about the Pepper Advantage Loan, follow the link provided below.

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Variable Rates from

5.51%

Advertised rate

5.88%

Comparison rate
Pros
  • Approval available for those with bad credit or prior debt.
  • Unlimited debt consolidation.
  • Principle + interest or interest-only payments acceptable.
Cons
  • Very high interest rates.
  • Very high upfront fees.
  • No 100 per cent offset account.
Eligibility

Must be able to show proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $1435.00
  • Discharge fees: $250
  • Ongoing fees: $15 monthly

The establishment fees for the Pepper Advantage Loan are very high and customers are charged a monthly admin fee.

While this loan has an average discharge fee, other fees and charges may apply on an ongoing basis and a full fee schedule is available through contacting Pepper Money.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Pepper
Pepper Money is a non-bank lender, funded by some of the leading financial institutions, specialises in lending, advisory and asset servicing for residential and commercial property with offices across Australia, Asia and Europe.
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