Personal loans application FAQs

How do I apply for a loan?
You can apply online and complete the online application in as little as10 minutes. You’ll get your individual rate before you apply. Or you can apply over the phone (1300 108 794) by speaking with one of our friendly Lending Specialists.

How do I receive my individual rate?
Getting your individual rate is quick and easy and won’t affect your credit score. You will know your rate before you apply by clicking on and completing the online form on the get my rate page. You will receive your rate within one minute and this rate won’t change when you continue on and submit your online application.

Will applying for a personal loan affect my credit score?

Yes, however the way our application process works is we first allow you to access your individual rate for free without it affecting your credit score. If you decide to proceed to an application, a credit check will be done. 

What is credit scoring and what influences it?
A credit score is used to represent the creditworthiness of the person. We will assess your personal loan application and your current financial situation based on a variety of factors. Pepper will use credit scores to partly determine who qualifies for a loan, at what interest rate, and what credit limits.

Credit bureaus like Equifax use the following credit score groupings:

  • Average = 510-621
  • Good = 622-725
  • Very Good = 726-832
  • Excellent = 833-1200

Not sure where you land? Check your credit score for free by visiting their website here.

There are many factors that may impact your credit score such as a number of enquires, adverse credit listings and personal information held on credit file. Learn more about the common problems that could contribute to a low scores here.

How much can I borrow?
Our unsecured personal loans range from $5,000 to $40,000, repayable between 18 months to 84 months.

What loan purposes does Pepper accept?
You can use your Pepper Money personal loan for almost all purposes. This could be anything from a holiday, home improvements, household furnishings, car purchase or repairs, auto upgrades, debt consolidation, educational expenses, medical and cosmetic surgery, dental surgery, mortgage cost funding, vehicle deposit funding, and even a wedding, funeral or sporting equipment.

We do not offer loans for the following purposes:

  • Debt consolidation of Pay Day lender debts
  • Payout
  • Rental
  • Mortgage and credit arrears
  • Payment of defaults and judgements
  • Loans for business purposes

Do you accept joint applications?
Yes, we accept both single and joint applications.

\What documents do you need from me?
All of our personal loan applicants are required to have an acceptable form of ID. The ID we require is either an Australian passport (valid or expired within the last 24 months) or a current Australian drivers license and Medicare card. Depending on the outcome of your personal loan application, we may ask to see some additional documentation.

What we ask for is different for each application, however to speed up the process it is worth ensuring you have the following to hand: Front & Back of your ID documents, Proof of employment and income, Details of your existing credit commitments, Proof of address, Details of your rent/mortgage payments, Bank statements.

Why do I need to disclose my loan purpose?
As part of Pepper Money’s responsible lending obligations we must enquire about the purpose of the loan. Understanding the purpose also gives Pepper Money the opportunity to ensure that the loan is right for you.

What is the difference between a secured vs unsecured loan?
A secured loan is secured against an asset that you own. This will be your car or other vehicle that can be registered as security against the loan. That means if you fail to make repayments on a secured loan, the asset (the security) may be taken [repossessed] as part of the agreement and sold with the proceeds of the sale used to cover the outstanding balance on the loan. Due to these loans being secured against assets, consumers can often borrow more at a lower interest rate, in comparison to an unsecured loan.

An unsecured loan is simply a personal loan that is not secured against an asset. Unsecured loans are usually offered at lower borrowing amounts and with a higher interest rate.

Pepper Money offers both unsecured and secured personal loan products.

Can I get a loan if I have defaults?

Unfortunately at this time we do not accept applications for personal loan borrowers that have defaults on their credit report.

Can I apply if I am in a Part 9 (IX) Debt Agreement?
If you are currently in a Part IX Debt Agreement, or have had one in the past, we are unable to assist with your loan application.

Can I apply if I receive Centrelink benefits?
If Centrelink is your primary source of income we will be unable to offer you a personal loan. However if your Centrelink benefits supplement your primary employment, we can accept this as a form of secondary income.

I don’t have a Drivers License. Can I use a Proof of Age card instead?
We can only accept the following two combinations of I.D:

1) Current Australian issued Drivers License or Drivers Permit (AND) current Medicare Card, OR
2) Australian issued Passport (current or expired within the last 24 months)

How do you pay off my credit cards?
Funds are disbursed into your bank account. It is a condition of the loan that you must repay the credit card debts within 2 days of the loan funds being advanced.

How long does it take until I receive the funds?
Once you’ve received final approval on your loan and we have received the necessary documentation, the funds will typically be transferred into your nominated bank account the next business day (subject to your bank’s direct credit processing times)

Where can I retrieve my personal loan rate estimate?
Your rate estimate can be retrieved here.

NOTE: You'll need your email address, date of birth and phone number handy. 

Have more questions? Speak to a Pepper Money lending specialist on 1300 108 794.

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