Personal Loan Contract Changes - FAQs

on Friday, October 25, 2019
Personal Loan Contract Changes - FAQs

Why is my Pepper Money personal loan contract changing?

We have recently reviewed the Pepper Money personal loan agreements, and the changes we have made are to ensure that your loan terms are consistent with regulatory changes.

The changes ensure that the loan agreement terms are fair to our borrowers, not confusing, but clearly and simply worded.

Essentially, there are no changes to your rights and obligations under the contract. For example, your interest rate and monthly repayment amount have not changed. The amounts of the fees and charges under the loan agreement are also unchanged.

Does this change mean that I have to make my loan repayments monthly? Can I make repayments weekly or fortnightly?

Your existing payment arrangements have not changed. If you are already making repayments on a weekly or fortnightly basis, you can continue to do so.

As required by law, your loan agreement sets out the monthly repayment amount, regardless of how frequently you make repayments.

I have a variable rate personal loan. Why am I being charged an early repayment fee?

If you have a variable rate loan, the early repayment fees do not apply to you.

The early repayment fees only apply if you have a fixed rate personal loan, and you repay the whole loan or part of the loan early.

Our loan agreements set out all fees and charges that might apply to a Pepper Money Personal Loan, even if they do not apply to your account, or you do not incur them.

Have more questions? Just give us a call on 1300 650 931. We’re here to help you.

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