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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Whether you’re confused about secured and unsecured loans, or just wondering how the whole process works; our resources are here to make sense of all that finance jargon.
Information provided is factual information only and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser.
All applications for credit are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply.
Pepper Money Personal Loans is a brand of Pepper Money Limited. Credit is provided by Now Finance Group Pty Ltd, Australian Credit Licence Number 425142 as agent for NF Finco 2 Pty Limited ACN 164 213 030. Personal information for Pepper Money Personal Loans is collected, used and disclosed in accordance with Pepper’s Privacy Policy & the credit provider’s Privacy Policy.
Pepper Money Limited ABN 55 094 317 665; AFSL 286655; Australian Credit Licence 286655 (“Pepper”). All rights reserved. Pepper is the servicer of home loans provided by Pepper Finance Corporation Limited ABN 51 094 317 647. Pepper Asset Finance Pty Limited ACN 165 183 317 Australian Credit Licence 458899 is the credit provider for asset finance loans.
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