Pepper Personal Loans
Pepper Money is an award-winning Australian non-bank lender, specialising in personal loans, home loans and car loans. Pepper’s personal loans offer flexible repayment options, where you can choose how frequently you make your repayments, and even pay back your loan sooner. With no establishment fees or ongoing account -keeping fees, you can manage the cost of your personal loan and avoid hidden surprises.
Pepper personal loans are 100 per cent online, so you can quickly and easily apply in the comfort of your own home. Whether you apply online with your computer or use Pepper’s purpose-built mobile-friendly application, your personal loan application can be completed in as little as 15-20 minutes.
Pepper personal loan repayment calculator
Total interest paid
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Pepper personal loans rates
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Fixed up to 16.95%
Personal Loan Fixed
based on $30,000 loan amount for 5 years
Fully drawn advance
- No application fees
- No ongoing fees
- Can apply online
- Early repayment fee
- No branch access
- No redraw facility
Features of a Pepper Money personal loan
Pepper Personal Loans are structured with minimal fees – there’s no application fee or ongoing fee to worry about. Using these flexible personal loans, you can borrow between $5,000 and $50,000 for a variety of different purposes, including debt consolidation, or paying for holidays, renovations or weddings.
Once you’ve completed the short online application for a Pepper Money personal loan, you should receive your funds the next business day following approval – often within 48 hours.
Pepper Money personal loans can be used for a range of different purposes including:
- Debt consolidation
- Medical bills
- Student fees
Pepper Money personal loans – customer service
Pepper Money doesn’t have any branches, but you can apply for a personal loan with Pepper Money online. You can also talk to them via the phone:
- Online enquiry
- Phone, Monday to Friday, 8:00am - 6:00pm (AEDT)
Who is eligible for a Pepper Money personal loan?
To be eligible for a Pepper Money personal loan you’ll need to meet the following criteria:
- Be 18 years or over
- Be an Australian citizen or permanent resident
- Have proof of income and employment
- Be able to afford the personal loan repayments
How to apply for a Pepper Money personal loan?
To apply for a Pepper Money personal loan, borrowers can apply online through the website. The application process takes around 15-20 minutes to complete and involves the following steps:
- Once you’ve compared your personal loan options, you can apply online from any device
- Once you’ve completed your personal loan application and provided supporting documentation, Pepper Money will review your application
- Once approved for a personal loan, the funds will be available to you within 48 hours
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment
- Details of any other financial commitments
Pepper Money personal loans review
Each Pepper Money personal loan is calculated to suit the borrower’s circumstances. Depending on what type of loan you choose, your credit rating and several other factors, the rate of interest you’ll pay on your personal loan could range from average to high. However, the lack of establishment and ongoing fees remains consistent across Pepper Money personal loans, which can help to manage some of the costs for these personal loans.
Borrowers who prefer face-to-face customer support should take note that Pepper Money is 100 per cent online. In saying that, borrowers can contact a Pepper Money lending specialist via phone and through email.
Before applying for a Pepper Money personal loan, always do your research and compare your personal loan options to make sure you’re getting a loan that suits your budget, needs and lifestyle.
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If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.