RateSetter

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 £1,000 and £35,000 starting from 8.9%.

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.

RateSetter loan calculator

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Name Product Ratings Finder rating Customer rating Total Payable Monthly Repayment Representative APR Link
RateSetter Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 8.9% p.a. (fixed). Representative APR 8.9% and total payable £11,373.48 in monthly repayments of £315.93.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Late repayments can cause you serious money problems. See our debt help guides.

How do RateSetter loans compare against the competition?

Table: sorted by representative APR, promoted deals first

Before you take out a Ratesetter personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind.

Name Product Ratings Finder rating Customer rating Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 7.4% p.a. (fixed). Representative APR 7.4% and total payable £11,142.00 in monthly repayments of £309.50.
My Community Bank Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
Check eligibility
View details
Representative example: Borrow £5,000 over 48 months at a rate of 27.8% pa (fixed). Representative APR 27.3% and total payable £7,928.57 in monthly repayments of £165.18.
Barclays Existing Current Account Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. (fixed). Representative APR 9.9% and total payable £11,527.92 in monthly repayments of £320.22.
Plend personal loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Representative example: Borrow £8,000 over 48 months at a rate of 16.66% p.a. (fixed). Representative APR 17.99% and total payable £11,013.12 in monthly repayments of £229.44.
Tesco Bank Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.3% p.a. (fixed). Representative APR 6.3% and total payable £10,972.08 in monthly repayments of £304.78.
Tesco Bank Clubcard Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.
RateSetter Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 8.9% p.a. (fixed). Representative APR 8.9% and total payable £11,373.48 in monthly repayments of £315.93.
Lendwise
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Zopa Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £1,500.00 over 3 years at a rate of 22.9% p.a. (fixed). Representative APR 22.9% and total payable £2,028.60 in monthly repayments of £56.35.
Lloyds Bank Existing Customer Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.7% p.a. (fixed). Representative APR 6.7% and total payable £11,034.00 in monthly repayments of £306.50.
RateSetter Personal Loan eligibility
RateSetter Personal Loan eligibility
Not yet rated
Not yet rated
Not yet rated
Check eligibility
View details
Fluro (formerly Lending Works) Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
Check eligibility
View details
Representative example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.
thinkmoney Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

RateSetter loan rates at a glance

The RateSetter Personal Loan charges 8.9% APR representative on loans between £1,000 and £35,000. RateSetter offers the loan with repayment terms between 1 and 5 years, and applicants can apply to borrow from £1,000 to £35,000.

Quick overview of RateSetter personal loans

Representative APR 8.9%
Loan terms From 1 year to 5 years
Loan amounts From £1,000 to £35,000
Age eligibility 21 years and over
Application fee No application fee
Repayment holiday Repayment holiday not permitted

Key features of a RateSetter personal loan

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £35,000.00
Loan terms1 Year to 5 Years
Loan rate typeFixed
Product feeVaries
Same-day funding available
Same-day funding noteAll loans payments are sent via Faster Payments which should clear the next working day.
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit

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.

What credit score do I need to get a RateSetter loan?

RateSetter typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that RateSetter considers. However, if you don't have a high credit score, you're very unlikely to get approved for a RateSetter loan.

A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.

Do RateSetter loans give an instant decision?

Yes, RateSetter offers instant decisions online in most cases. (Occasionally, more information may be required.) First, you can use the soft-search eligibility checker to find out your chances of getting approved. (This won't affect your credit score.) Then, if you opt to go ahead and apply, you'll get an instant answer.

Can I get a second RateSetter loan?

RateSetter doesn't allow you to run multiple loans at the same time.

Can I make overpayments on a RateSetter loan?

Yes, you can make overpayments without incurring any penalty fee. However, RateSetter can continue to charge interest for up to 2 months on any sums overpaid. So, although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.

How do I apply?

First, you can use this eligibility checker to find out if you'd be likely to get approved for a RateSetter loan . This won't impact 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

Will you be approved?

Check your personalised rates and likelihood of acceptance.
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.

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