Finty
Pepper Money

Pepper Money Secured Personal Loan

SecuredFixed rate

A secured personal loan offering the most competitive rates with loan amounts from $15,000 to $100,000 over terms of 18 months to 7 years. Secured by bill of sale on eligible assets including vehicles, motorcycles, caravans, and other approved security.

Written byDavid Boyd
Interest rate a year, from
5.95%
Comparison rate, from
5.95%
Establishment fee
None
Monthly fee
None
Borrow
$15,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 5.95%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$608
Total repayments
$21,887
Interest
$1,887

Loan details

Rates

Interest rate (a year)
5.95%–16.25%
Comparison rate (a year)
5.95%–16.25%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$15,000 to $100,000
Loan term
18 months to 7 years
Establishment fee
None
Monthly fee
None

How it compares

Against the other secured personal loans we compare. Typical means the middle half of them.

Comparison rate

5.95%

From 5.95%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$3,171

Interest and fees at its starting rate. Typical is $4,624.

Setup fee

None

A typical setup fee is $250.

Monthly fee

None

A typical monthly fee is $8.

Most you can borrow

$100,000

Typically you can borrow up to $100,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 5.95%, below the typical 8.63%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • No monthly fee. The cost doesn't creep up the longer you take to repay.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • 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

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 5.95% to 16.25%, and only some people get the starting rate.
  • 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.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.