Pepper Money Secured Loans

What types of secured loans does Pepper Money offer?

Pepper Money secured loans are offered in the form of second charge mortgages, which are additional mortgages taken out against a property on which you already have a mortgage. The loan is offered on either fixed, variable or discounted interest rate terms, each offering different advantages and disadvantages, so it pays to do some further research before committing to a secured loan.

What could I use an Pepper Money secured loan for?

In theory, you can spend the money you borrow on a secured loan on anything you like. Most borrowers require the cash to cover a large expense, such as a home extension, a garden landscaping project or even for a holiday. Others use the money to pay off existing debts and consolidate their loans into a single debt. However, this type of loan is secured against your property, which means there is a very real chance you could lose your home if you cannot afford to repay the debt.

In addition, if you use a secured loan for debt consolidation, you could end up paying off more overall as you may extend the term of the loan.

What are the lending criteria for an Pepper Money secured loan?

To be accepted for an Pepper Money secured loan, or any other second charge mortgage, you will need to be a homeowner living in the UK. Lenders will usually also check your credit score and your employment status, alongside your financial commitments, to check you can afford the repayments.

How much will Pepper Money lend me?

This all depends on a range of factors, including your financial circumstances, the value of your home and your credit record. You can check your credit record before starting any application process in order to avoid applying and being turned down, which can damage your credit score.

Can I repay by Pepper Money secured loan early?

You are able to repay the total loan amount outstanding whenever you wish. However, you may incur charges for early repayment, so check these details with lenders before deciding which loan is right for you.

What should I do if I am struggling to meet my Pepper Money secured loan repayments?

It’s advisable to contact your secured loan provider as soon as possible if you think you might miss a payment. This can sometimes help you avoid late payment charges. Lenders will also often help you to meet future repayments by restructuring the repayment agreement, although this may lead to your loan term being extended and the total amount repayable may increase as a result.