Debts can easily mount up over time, and with different payment terms, dates and fees charged by different credit providers, managing your finances can feel like a full-time job.
That’s why we’re here to help. A personal loan for debt consolidation could allow you to pay off outstanding debts of up to $50,000.
This could help streamline your finances, meaning you may only need to make a single payment each month. What’s more, a personal loan could have a lower interest rate than your other debts, allowing you to save on interest, too.
Why choose a Pepper Money Personal Loan?
No fees~ - for the life of your loan
Find out your personalised rate without impacting your credit score
Secured interest rates starting from 6.75% p.a. comparison rate*
What could my personal loan repayments look like
$ Your indicative interest rate is*
$ Your estimated repayment is
Get your personalised rate in just minutes.
What's more, it won't affect your credit score.
Get to know our debt consolidation loan option
Secured or Unsecured?
Secured personal loans generally have lower interest rates than unsecured personal loans as the lender will lodge a security interest over the asset. If you don’t pay the loan, the lender may have the right to repossess the asset.
Find out more on our fact sheet, or call us on 1300 108 794.
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Interest rates
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Secured fixed interest rates and comparison rates from 6.50% - 18.95% p.a.*
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Application process
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10 minutes online, or call us on 1300 108 794
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Loan term
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18 -84 months^
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Loan amount
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$15,000 - $50,000
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Funds availability
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Next business day following approval (subject to your bank's direct credit processing times)
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Repayment type & frequency
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Pay by Direct Debit in weekly or fortnightly installments
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Fees and charges
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We don't charge any fees
- Loan establishment fee | $0
- Account administration fee | $0
- Early repayment fee | $0
- Security registration fee | $0
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Interest rate
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Unsecured fixed interest rates and comparison rates from 6.75% - 20.95% p.a.*
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Application process
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10 minutes online, or call us on 1300 108 794
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Loan term
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18 -84 months^
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Loan amount
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$5,000 - $50,000
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Funds availability
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Next business day following approval (subject to your bank's direct credit processing times)
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Repayment type & frequency
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Pay by Direct Debit in weekly or fortnightly installments
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Fees and charges
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We don't charge any fees
- Loan establishment fee | $0
- Account administration fee | $0
- Early repayment fee | $0
What others are asking about debt consolidation
What is debt consolidation?
It’s a term for paying off your outstanding loans (or debts) with the funds from a new loan, often with more favourable terms. Consolidating debts with a personal loan could be a good idea when you have multiple debts with different credit providers; each of them potentially charging different interest rates, different monthly fees, and with different payment dates.
After paying off your other debts, you’ll then just need to manage your one personal loan repayment, meaning less life admin. Depending on your situation, it could be a strategy to reduce the number of payments each month, potentially decrease your interest paid (if you’re paying off a high-interest credit card), or spread repayments over a loan term that works for you.
Debt consolidation is the process of combining multiple debts into one single monthly payment. This can be a good way to combine multiple debts with higher interest rates (such as credit cards and outstanding bills) into a single lower-interest mortgage payment. This is achieved by transferring the balance of any other debts into the total balance of your mortgage repayment.
Consolidating debts can be a good idea if you are able to roll-in existing debts with a higher interest rates into a single account with a lower interest rate. However, each persons individual needs and circumstances must be considered when deciding if debt consolidation is the correct choice.
There’s a lot to consider– including interest charges, cancellation fees and repayment terms. But in some instances debt consolidation can help reduce monthly interest charges and make payments more manageable. For example, it might be possible to consolidate outstanding credit card balances, bills, personal loans and car loans into one loan account.
It's possible that the amount you owe may increase over time and become hard to manage. One way you could improve your short term financial situation is through debt consolidation.
If you've chosen to take out a personal loan to consolidate your debts, then once your personal loan is settled, the funds will be disbursed into your bank account. It's a condition of the loan that you must repay the credit card debts within two days of the loan funds reaching your account.
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
Our unsecured personal loans range from $5,000 to $50,000, repayable between 18 months to 84 months.
The important legal bits
Information and interest rates are correct as of 13 September 2023 and subject to change at any time.
All applications are subject to credit assessment, loan eligibility criteria and lending limits. Terms and conditions, fees and charges apply.
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.
~ ‘No fees’ only applies to new loans. If you do not comply with the terms of your loan, we may pass on to you any third party enforcement or recovery costs incurred by us. Settlement times may vary depending on individual circumstances.
* Pepper Money Unsecured Personal Loan interest rates range from 6.75%-26.95% p.a. (Comparison rates range from 6.75%-26.95% p.a.) and Secured Personal Loan interest rates range from 6.75%-21.65% p.a. (Comparison rates range from 6.75%-21.65% p.a.). The actual interest rate applicable will depend on the individual borrower’s circumstances and the information verified during the loan application assessment.
^ Loan repayment terms range from 18 to 84 months for secured loans. Repayment terms range from 18 to 36 months for unsecured loans between $5,000 and $7,999, and 18 to 84 months for unsecured loans from $8,000 to $50,000.
Comparison rate is calculated based on a secured loan of $30,000 and a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
