Key features:
Pepper Money’s Personal Loan gives you the choice of a variable or fixed interest rate loan repayment. Both loans have a $5,000 minimum loan amount and $50,000 maximum amount, giving you the option to choose your repayment term from 1 - 7 years.
The variable rate option:
Interest rate from 9.99% variable
No application, service or exit fees
No early repayment penalty fee
Flexible repayment options as weekly, fortnightly or monthly
$50 late payment fee
The fixed rate option:
Interest rate from 9.99% fixed
Flexible repayment options as weekly, fortnightly or monthly
No application, service or exit fees
$50 late payment fee
$300 early repayment penalty
$150 break fee if early repayments exceed amount equal to 3 months or more.
Who it's good for:
This is the perfect loan for anyone needing the money to pay for something now such as an upcoming holiday or new kitchen, and then pay it back overtime.
As Pepper Money is an online lender you can apply from the comfort of your own home and from any device and Pepper’s quick application process only takes 20 minutes to complete.
Any catches?
Keep in mind that variable rate loan repayments can increase when interest rates change, so if you’d prefer knowing what your loan repayments will be for the life of your loan, then it’s a good idea to consider getting the fixed rate option.
With a Pepper Money Personal Loan, if you make extra repayments just be aware that there isn’t a redraw facility option.
