Optimum Credit

4000+ reviews

Optimum Credit has recently been renamed Pepper Money.

If you are a customer in England, Scotland, or Wales you can apply for a second-charge mortgage (also known as second mortgages).

Who are Pepper Money?

Founded in June 2014 and formerly known as Optimum Credit Ltd, Pepper Money are based in Cardiff, Wales. They primarily offer second-charge mortgages, offering a range of products including variable, fixed-rate, and discounted mortgages to suit your needs. It doesn't matter why you need a loan. You could be extending or renovating your home or using the loan to consolidate other debts. If you contact Pepper Money, they will call back to discuss your requirements.

Borrowing from Pepper Money

LendersLoan type Loan amount Loan terms  
Bamboo Personal LoansPersonal Loan£1,000 to £5,0001 to 5 yearsCompare Loan
BeSavviPersonal Loan£1,000 to £10,000 2 to 5 yearsCompare Loan
Everyday LoansPersonal Loan£1,000 to £15,000 3 to 5 yearsCompare Loan
1st Stop Personal LoansPersonal Loan£2,000 to £15,0002 to 6 yearsCompare Loan
Hitachi Personal FinancePersonal Loan£1,000 to £25,0002 to 5 yearsCompare Loan
Leap LendingPersonal Loan£500 to £25,0001 to 5 yearsCompare Loan
LendablePersonal Loan£1,000 to £20,0001 to 5 yearsCompare Loan
Lending WorksPersonal Loan£1,000 to £25,0001 to 6 yearsCompare Loan
Likely LoansPersonal Loan£1,000 to £25,0001 to 5 yearsCompare Loan
My Community FinancePersonal Loan£15,00 to £25,0001 to 5 yearsCompare Loan
Shawbrook BankPersonal Loan£1,000 to £35,0001 to 7 yearsCompare Loan
ZopaPersonal Loan£1000 to £250001 to 5 yearsCompare Loan
Admiral LoansPersonal Loan£1000 to £250001 to 5 yearsCompare Loan
KoyoPersonal Loan£1,000 to £5,0001 to 3 yearsCompare Loan
LiveLendPersonal Loan£1000 to £120001 to 5 yearsCompare Loan
118 118 MoneyPersonal Loan£1000 to £50001 to 2 yearsCompare Loan
RAC LoansPersonal Loan£1000 to £350001 to 7 yearsCompare Loan
RateSetterPersonal Loan£3,000 to £25,0001 to 5 yearsCompare Loan
Amigo LoansGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
BambooGuarantor Loan£1,000 to £8,0001 to 5 yearsCompare Loan
Buddy LoansGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
George BancoGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
Guarantor My LoanGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
1+1 LoansGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
TrustTwoGuarantor Loan£500 to £10,0001 to 5 yearsCompare Loan
Fluent MoneyHomeowner Loan£10,000 - £250,0001 to 25 yearsCompare Loan


Borrowing from Pepper Money

Pepper Money only provides second-charge mortgages, a type of homeowner loan secured on your property. These are only available to people who already have a mortgage (known as first-charge) and are commonly used to help homeowners to fund large projects to improve the home, or to consolidate other debts into a longer-term loan with lower repayments.

One thing to keep in mind with this option is that, as you are repaying your debt over a long period you will probably end up paying more over the long term. Before you consider applying for a second-charge mortgage make sure that it will suit you in the long term.

About Pepper Money Loans

  • Pepper Money can lend you up to 100% of your home's valuation, less any amount you have outstanding as a mortgage. For example, if your home is worth £150,000 and your current mortgage is £50,000, you may be able to borrow up to £100,000 from Pepper Money.
  • You can choose repayment terms from as little as three years to as many as thirty - depending on your age and circumstances.
  • They offer three different types of interest rates on their loans:
  • Fixed, where the interest rate will remain the same for 2-5 years
  • Discounted for 12-24 months
  • Or they may vary with the interest rate set by the Bank of England
  • Not all customers will be offered all options, Pepper Money will decide which they feel able to provide.
  • You will be using your home as security for this loan, meaning that your home will be at risk if you are not able to keep up repayments. You will be able to reduce the term or your repayments by agreement with Pepper Money, but there may be a charge if you settle the loan early.
  • You will need to pay for the valuation on your home and a set-up fee for taking out the second-charge mortgage.

Advantages and Disadvantages of Pepper Money (Optimum Credit) Loans

Second-charge loans allow you to:

  • Borrow more than you can with an unsecured personal loan
  • Pay lower interest rates
  • Make extra payments when you can to reduce your overall loan and repayments
  • Borrow alongside your existing mortgage

Things you should consider are:

  • If you can't make payments, your home will be at risk
  • As the loan is over a longer period, you may end up paying more to borrow it overall
  • If you are able to pay the whole amount off early, you might be charged an early repayment fee.

Will Pepper Money lend me money?

The final decision from Pepper Money will be subject to their approval process, but here are some quick checks to help you determine if you could apply:

  • You currently own a property that has a mortgage on it. Note that if the first-charge mortgage is joint, the second charge will have to be too
  • You have a job or you are self-employed and can prove your income through income tax assessments (SA302) or your Statement of Accounts
  • You aren't borrowing for reasons that Pepper Money won't lend for such as business purposes, divorce settlements, or borrowing to transfer equity
  • When you take away the amount you owe from the value of your home, the difference is over £75,000.

How to Apply

To start the process of application, click on the Get Quote button here on Free Price Compare and fill out the form to request a callback from a member of the Pepper Money team. A mortgage adviser will then call you back to talk about your needs and situation, and make recommendations as to which of their products would best suit you. They will then perform a credit check and get back to you with a decision very quickly.

What if I can't pay?

Pepper Money does offer payment holidays or deferrals to customers who have experienced changes in income such as redundancy or the impact of coronavirus. Contact the company to see if this is possible for you.


Pepper Money are currently rated 4.6/5 on Trustpilot, with 90% of customers rating them as Excellent or Good with many mentioning their fast turnaround and good customer service.

4000+ reviews