Pepper Money Secured consumer loan (asset finance)
Secured
Our Secured Consumer Loan allows you to purchase a vehicle or other acceptable assets, with the asset to be used as security for the loan. The loan provides certainty to you as you repay the loan over an agreed term with a fixed interest rate and fixed monthly repayments.
- Comparison rate, from
- Not published
- Establishment fee
- $499
- Monthly fee
- $9
- Borrow
- $5,000 to $300,000
Interest rate a year, from
Not published
Loan details
Rates
- Interest rate (a year)
- Not published
- Comparison rate (a year)
- Not published
- Rate type
- Not published
- Security
- Secured
Limits and fees
- Loan amount
- $5,000 to $300,000
- Loan term
- 1 year to 7 years
- Establishment fee
- $499
- Monthly fee
- $9
How it compares
Against the other secured personal loans we compare. Typical means the middle half of them.
Setup fee
$499
A typical setup fee is $250.
Monthly fee
$9
A typical monthly fee is $8.
Most you can borrow
$300,000
Typically you can borrow up to $100,000.
Longest term
7 years
7 years is the usual longest term.
Pros and cons
Pros
- Room to borrow more. Up to $300,000, more than the typical $100,000, which can cover bigger costs in one loan.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- A soft check on your rate. You can see the rate you'd get without it showing on your credit report.
Cons
- A higher setup fee. $499, above the typical $250. It's usually added to the loan, so you pay interest on it too.
- A $9 monthly fee. That adds $534 over 5 years, as well as the interest.
- Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
- An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
- A $35 late payment fee. Setting up automatic repayments avoids it.