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.
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.
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.
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.
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.
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 |
Loan type | Unsecured Personal Loan |
---|---|
Loan amounts | £1,000.00 to £35,000.00 |
Loan terms | 1 Year to 5 Years |
Loan rate type | Fixed |
Product fee | Varies |
Same-day funding available | |
Same-day funding note | All 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 methods | Direct 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.
Borrowers will also need to meet the following criteria:
Business borrowers will also need to meet the following criteria:
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.
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.
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.
RateSetter doesn't allow you to run multiple loans at the same time.
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.
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.
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.
If you have any queries, you can RateSetter’s customer services team on 020 3142 6226 or by email at contactus@ratesetter.com.
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