Pepper Money Personal Loan Review

Learn all the key factors at play in Pepper Money’s personal loans with Savvy and compare your options here.

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, updated on May 28th, 2024       

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Pepper Money is an Australian-founded non-bank lender which specialises in personal, home and asset finance and has grown into a multinational company since its inception in 2000.

Before applying for your personal loan, though, it’s important to know exactly what you’re signing up for and understand the key ins and outs of the finance offer, which you can do right here with Savvy.

We simplify the comparison process for borrowers by breaking down different loan offers so you can quickly and easily obtain the information you need to make an educated choice on which is the best offer for you.

*Please note that Savvy does not represent Pepper Money for their personal loan product.

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The features and benefits of personal loans with Pepper

Interest rates from just 6.75% p.a.

You can access rates as low as 6.75% p.a. (6.75% p.a. comparison) for both secured and unsecured personal loans with Pepper.

Borrow up to $50,000

You can take out a personal loan for as little as $5,000 up to a maximum of $50,000, making it a suitable source of finance for a range of different purposes.

Select your term between 18 months and seven years

While Pepper only offers minimum terms of 18 months for their loans, as opposed to the standard 12, you can still take up to seven years to pay off your deal.

Secured and unsecured finance

Crucially, you can decide whether to put up a valuable asset such as your car as collateral for your personal loan, which can allow you to cut down on the cost of your loan.

Fixed interest rates

Your rate will stay locked in place throughout your repayment term, ensuring you’ll be able to budget more accurately and not worry about your instalments rising in cost.

Direct debits available

Fortunately, you won’t have to worry about remembering to make your repayments manually each instalment, as you can set up direct debits and forget about it.

The pros and cons of Pepper Money personal loans


No setup or ongoing fees charged

Perhaps the biggest benefit of a Pepper loan is that they don’t charge any application or recurring service fees on their loan, removing the need to budget for them.

Fast online approvals

Your application can be approved as soon as the same day you apply and have the funds advanced to your nominated account on the next business day.

Free additional repayments

On top of no fees for establishing your loan and none charged on a monthly basis, you can also pay your loan out early at no extra cost, helping you save further.


Higher minimum loan for secured

Although you can take out a $5,000 loan with Pepper’s unsecured finance offer, you’ll only be able to borrow a minimum of $15,000 if you opt for a secured loan.

No monthly repayment option

While most loans and lenders allow you to make monthly contributions to your loan debt, you can only choose between weekly and fortnightly instalments with Pepper.

No in-person applications

If you’re someone who feels more comfortable applying with a lender directly in-branch, you won’t be able to do so with Pepper (although you can apply over the phone).

Pepper personal loans explained further

How do I apply for a Pepper Money personal loan?

Applying for a personal loan with Pepper Money isn’t a vastly different proposition from the processes employed by most private online lenders: it’s fast, efficient and designed to help you gain access to your funds quickly. The steps for submitting your application are:

Find out your indicative rate

Before you commence the formal application, you’ll fill out a form to find out your interest rate. This helps give you a clearer idea of the potential cost of your personal loan, rather than simply going off the minimum rate offered. This also won’t affect your credit score, so you don’t have to stress about it causing your rating to dip.

Complete your application

Once you have your rate, you can continue on and submit your application form via their website or over the phone. This should only take you around ten minutes to complete and is focused on letting the lender know more about you, your profile and your current financial situation to help them make an informed call on whether you’re a suitable candidate for a loan.

Submit your documents

You’ll also be required to send through copies of your documents, which will include the following:

  • Photo ID such as your driver’s licence or passport, front and back
  • Payslips to provide evidence of income and employment
  • Outstanding liabilities such as loan or credit card debts
  • Proof of your address (typically via a utility bill)
  • Outline of your regular expenses such as rent and other living costs

Receive an outcome and funding

Pepper will assess your application and provide you with a response in as little time as under five hours. If successful, you’ll need to sign a contract confirming the conditions of your loan agreement and return it to them to have your approved funds sent directly to your nominated account by the next business day.

It's important to note that you can find the best loan for your needs by comparing your options with Savvy. We’re partnered with lenders from around Australia who can approve you for fast and affordable finance deals. Start the comparison process today and lock in a great loan deal.

Am I eligible to apply for a personal loan with Pepper?

It’s always crucial to review any lender’s eligibility criteria before commencing the application process. In Pepper’s case, you’ll have to meet the following criteria:
  1. You must be at least 18 years of age
  2. You must be a citizen or permanent resident of Australia
  3. You must be employed and not under a probationary period, either:
    1. Full-time
    2. Part-time
    3. Casual (more than six months)
    4. Self-employed (more than two years)
  4. You mustn’t have any paid or unpaid defaults on your file
  5. You mustn’t have any current or past bankruptcies or court judgments
  6. If you’re receiving Centrelink income, it must serve as secondary to your PAYG earnings

More personal loan questions answered

What can I use my personal loan for with Pepper Money?

Pepper has outlined a list of potential purposes for their secured and unsecured personal loans, which include the following:

  • Car or vehicle purchase
  • Car or vehicle repairs or upgrades
  • Debt consolidation
  • Home improvements
  • Medical and dental expenses
  • Educational expenses
What’s the benefit of using a personal loan calculator?

While our personal loan calculator doesn’t play a role in your application, it can provide you with much-needed clarity on the potential cost of different loans when their rates, terms and sizes are altered. Using this tool helps you gain an understanding of what sorts of loans you may be likely to be able to take out. Our borrowing power calculator can provide a more tailored estimate of what you’re likely to be approved for based on your expenses and financial situation.

How many personal loans can I have on the go at once?

The answer to this question depends on your individual circumstances. If you’re a high income-earner with a strong credit history, you may be able to take out upwards of two to three loans at once if you can show you’re able to support their repayments. Others who take home less each month or have greater expenses will likely only be able to take out one loan (or two small ones). While the general answer to the question “how many can you have on the go?” is two, the reality is different for different people.

Will I be able to apply with my partner?

Yes – joint personal loans are a common way for couples or family members to take on the responsibility of repaying a shared debt or expense together. In many cases, this can be a way for you to strengthen your respective profiles by adding extra security to your loan in the form of a second income, which may result in a lower rate or greater borrowing power.

Can I apply for a personal loan with a guarantor through Pepper?

Yes – you may be able to apply for a Pepper personal loan with a guarantor attached to the deal. These are put in place to help borrowers who may not have the strongest profiles (such as a lack of borrowing history or low income) boost their chances of approval for a personal loan, often helping them access lower interest rates in the process.

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