RateSetter loans

Our RateSetter loan calculator will help you work out how much you'll pay back on a RateSetter personal loan, and how it compares. Loan amounts between and starting from .


RateSetter is no longer accepting new personal loans applications. We’ve kept this review for historical purposes. You can compare alternative loans.

Launched in 2010, RateSetter began as a peer-to-peer platform offering fast and competitive fixed-rate loans of up to £35,000 online. RateSetter is a marketplace where people looking to borrow are matched up with those who want to invest. In August 2020 RateSetter was acquired by Metro Bank.

Quick overview of RateSetter personal loans

Loan amount not specified
Loan terms From year to years
Age eligibility Age eligibility not specified
Application fee No application fee
Repayment holiday Repayment holiday not permitted

Key features of a RateSetter personal loan

While most personal loan providers don’t charge a fee, peer-to-peer lenders often do. RateSetter’s is set based on your credit profile and it’s spread out over your loan payments. Crucially, it’s non-refundable, so if you repay early, you might save money in interest, but you’ll need to pay the fee off in full.

Am I eligible to use RateSetter?

Borrowers will also need to meet the following criteria:

  • You are 21 or over
  • You hold a UK bank or building society account
  • You have been a resident for 3 or more years (this does not include the Channel Islands)
  • You have a regular source of income
  • You have a good credit history

Business borrowers will also need to meet the following criteria:

  • Minimum of 3 years trading in the UK with at least 2 years of filed accounts
  • 3 months satisfactory bank statements
  • Satisfactory credit search of the business and its shareholders

Property development loans are deemed more “personal”, and do not have a strict set of criteria to meet. The loan approval is at the discretion of the account managers.

How do I apply?

If you've decided that a personal loan from RateSetter is right for you, you can head over to RateSetter's website to apply. Completing the secure online application form usually takes about 15 minutes. In most cases RateSetter will give an instant decision. Before you apply, you can provide RateSetter with a few details about yourself to find out your likelihood of being approved. This will not affect your credit score.

For non-business borrowers

  1. Visit the RateSetter website for a no-obligation quote.
    Answer some short questions and RateSetter will tell you how much you can borrow and your likely interest rate.
  2. RateSetter will confirm how much you can borrow.
    This includes a ‘soft search’ of your credit file. It will not affect your credit rating, but will be marked as a quotation. RateSetter will email you in one working day to confirm your eligibility for a loan and how much you can borrow.
  3. RateSetter will match you with a lender.
    You can then accept the best interest rate available.
  4. RateSetter will send you the money.
    Once you have accepted the loan, RateSetter will send you the money the next working day.

For business borrowers

  1. Apply online.
    Fill out some basic information online.
  2. Speak to a relationship manager.
    Speak with a RateSetter relationship manager who will take you through a bespoke proposal
  3. Receive funding.
    After signing your loan agreement your funding will be in your account the next business day

For property development loans

  1. Email RateSetter.
    email one of RateSetter’s account managers, and receive a response within 2 days.
  2. Meet a representative.
    One of the team will come and meet you on site.
  3. Receive your decision.
    You will receive a decision within 5 working days.

Ratesetter customer reviews

Ratesetter has received positive reviews from customers, according to review platform Trustpilot. It currently has a rating of 4.8 out of 5, based on more than 11,000 reviews (updated June 2023). Some customers praised the simple and easy loan application process and quick approval.

How do I contact RateSetter?

If you have any queries, you can RateSetter’s customer services team on 020 3142 6226 or by email at contactus@ratesetter.com.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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