Pepper Money Review

Pepper provides reasonably competitive fixed-rate consumer and commercial car loans across a variety of asset classes. However, their credit policies can be very strict and turnaround times are slower than almost every lender on Driva's panel.

Best for

Open to customers of all credit scores, often accepting credit scores from 250

No minimum time in current employment - provided industry is consistent, Pepper can accept customers that have only just started in their role

Draw backs

Very limited willingness to accept past credit events (e.g. late payments, defaults etc.) even though they technically accept applicants of all credit scores

Slow to approve and settle - with approvals sometimes taking ~1-2 days to come through, and even longer for settlements

Pepper Money overview

Pepper is a global non-bank lender, offering a wide range of loan products for auto, equipment, and personal loans after diversifying from their original specialty of mortgages. Once listed on the Australian stock exchange, the group offers relatively competitive rates to a fairly broad range of customer types.

Pepper has a long history and a solid reputation, but it’s worth noting that Pepper is particularly strict on past credit events, such as late payments or defaults. Their loan application process is fairly slow and manual, and so not recommended if you are in a hurry to get your wheels on the road.

How to apply for a Pepper Money car loan

On paper, Pepper is a specialist lender open to customers of all credit scores and income levels. This means you can apply to Pepper with a bad credit history and won’t be automatically knocked out, and there’s no minimum amount of income you need to earn per year.

In practice however, Pepper has fairly strict lending criteria which means even though you won’t be knocked out based on your score or income alone, other factors like defaults, late payments, ability to service the loan or other poor conduct might make you ineligible.

Pepper does have more favourable employment policies than most other lenders and doesn't have a minimum time in current employment (provided that you have not changed industries recently).

Driva tip: If you select Pepper as your preferred loan option, a Driva lending specialist will assess your application based on your financial situation to ensure you’re likely to be approved before lodging it. This protects your credit score.

See if you qualify for a Pepper loan in 60 seconds

Find my rates
Fixed rates from:

5.99% (7.51% comparison rate*)

Loan amounts:

$5,000 - $100,000

Loan terms:

1-7 years

Loan types:

Consumer and commercial loans

Min. credit score:

N/A

Min. income:

N/A

Co-applicants?

Yes (if residing at the same address)

Fees:
  • Establishment fee: $449 dealer sale, $600 private sale
  • Monthly: $8.90
  • Early termination charges: $150 flat fee plus $650 variable fee (reduces as you pay down the loan)
  • Brokerage up to $990

Big no-no's (automatic declines)

Any payday loans or enquiries within the last 6 months (loans under $5k)

If you’ve been self-employed for less than two years

Other hot tips

Visa holders are accepted with Pepper - so long as the visa lasts longer than the loan term!

Pepper Money - Frequently Asked Questions