Lender Comparison
Pepper Money Secured Loans vs Spring Finance
Pepper and Spring Finance both target clean credit and minor adverse cases at typical UK loan sizes. They compete directly on 5-year fixed rates, with Spring's Optimal Zero leading at very low LTVs and Pepper having broader minor adverse appetite at higher LTVs.
At a glance
| Pepper Money Secured Loans | Spring Finance | |
|---|---|---|
| Min loan | £5,000 | £3,000 (Optimal 1) / £10,000 (Optimal Zero) |
| Max loan | £500,000 | £250,000 |
| Max term | 30 years | 30 years |
| Max LTV | 85% combined | 85% combined (HLTV variant) |
| Credit tier | Clean to moderate adverse | Clean to minor adverse |
| Rate structure | 2-year and 5-year fixed, then variable revert | 2-year and 5-year fixed, then variable revert |
| Arrangement fee | £995 arrangement fee, flat | £695–£1,495 tiered by loan size |
| Completion | Typically 3–4 weeks | Typically 3–4 weeks |
| Property eligibility | Standard residential property; lender will commission a valuation. Most property types accepted including ex-local authority. | Standard UK residential property. Most construction types accepted. Combined LTV capped at 80% on standard products or 85% on the HLTV variant. |
Which should you pick?
Pick Pepper for broader minor adverse at higher LTV
Pepper's 5-year fix from 6.99% APR extends up to 85% combined LTV with appetite for minor adverse credit. Best when the case has any credit blemishes or sits above 80% LTV where Spring's standard products don't reach.
Read full Pepper Money Secured Loans profile →Pick Spring for cheapest clean credit at sub-80% LTV
Spring's Optimal Zero 5-year fix from 7.61% APR is competitive at sub-80% LTV with tiered fees that favour smaller loans. Best when the case is clean credit with a comfortable equity position and rate is the deciding factor.
Read full Spring Finance profile →Pros and cons
Pepper Money Secured Loans
Pros
- • Strong appetite for self-employed and contractor income
- • Considers CCJs, defaults, and missed payments at higher rates
- • Up to 85% combined LTV with clean credit
- • Backed by an institutional balance sheet — not a P2P platform
Cons
- • Headline rates not the lowest — beaten by Selina Finance on prime cases
- • Maximum loan £500,000 — caps out below some specialist large-loan lenders
- • Application process slightly longer than digital-first competitors
Spring Finance
Pros
- • Granular tiered fee structure — competitive on smaller loans
- • Both clean-credit and minor-adverse products with consistent service
- • Up to 85% combined LTV via HLTV product
- • Low minimum loan of £3,000 on Optimal 1
Cons
- • Maximum loan £250,000 — limits scope on larger consolidation cases
- • Adverse credit appetite limited to 'minor' tier — not for recent CCJs/defaults
- • Headline rates not the lowest at sub-65% LTV
Frequently asked questions
What's the difference between Pepper Money and Spring Finance?
Pepper Money has broader minor adverse appetite — 5-year fix from 6.99% APR up to 85% LTV. Spring Finance's Optimal Zero product is competitive for clean credit at sub-80% LTV — 5-year fix from 7.61% APR with tiered fees. Pepper wins on LTV reach and adverse credit; Spring wins on rate for cleanest cases at lower LTV.
Is Pepper cheaper than Spring Finance?
On headline rate, yes — Pepper's 6.99% APR is below Spring's Optimal Zero 7.61% APR. But Spring's tiered fee structure (£695 on small loans rising to £1,495) can make total cost lower on smaller cases, and Pepper applies higher LTV pricing as the LTV climbs. Compare actuals before deciding.
Should I pick Pepper or Spring for a secured loan?
Pick Spring if you have clean credit at sub-80% LTV and want the lowest total cost on a 5-year fix. Pick Pepper if your case has any minor adverse credit, sits above 80% LTV, or you want the lower headline rate at a competitive LTV.
Get quotes from both lenders
Our advisers quote Pepper Money Secured Loans and Spring Finance side by side against your specific criteria — loan size, LTV, property type, credit profile.