Pepper Money Secured consumer loan - Pepper Lite
Secured
Our Secured Consumer Loan - Pepper Lite 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 through a fixed interest rate and fixed monthly repayments, while offering the option of no account keeping, account closing, or early termination fees.
- Comparison rate, from
- Not published
- Establishment fee
- $499
- Monthly fee
- None
- 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
- None
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
None
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
- No monthly fee. The cost doesn't creep up the longer you take to repay.
- 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.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- 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.
- Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
- A $35 late payment fee. Setting up automatic repayments avoids it.