Finty
Pepper Money

Pepper Money Unsecured Personal Loan

UnsecuredFixed rate

A unsecured personal loan with no fees, competitive rates and loan amounts from $5,000 to $50,000 over terms of 18 months to 7 years. No security required.

Written byDavid Boyd

5.95%

interest rate a year, from

5.95%

comparison rate, from

Establishment fee
None
Monthly fee
None
Borrow
$8,001 to $50,000

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 and monthly fees
$1,887

Loan details

Rates

Interest rate (a year)
5.95%–18.15%
Comparison rate (a year)
5.95%–18.15%
Rate type
Fixed
Security
Unsecured

Limits and fees

Loan amount
$8,001 to $50,000
Loan term
18 months to 7 years
Establishment fee
None
Monthly fee
None

How it compares

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

Comparison rate

5.95%

From 5.95%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$3,171

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

None

A typical setup fee is $213.

Monthly fee

None

A typical monthly fee is $10.

Most you can borrow

$50,000

Typically you can borrow up to $50,000.

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 10.56%, 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.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • 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 18.15%, and only some people get the starting rate.
  • 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

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