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
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.
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.
RateSetter will match you with a lender. You can then accept the best interest rate available.
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
Apply online. Fill out some basic information online.
Speak to a relationship manager. Speak with a RateSetter relationship manager who will take you through a bespoke proposal
Receive funding. After signing your loan agreement your funding will be in your account the next business day
For property development loans
Email RateSetter. email one of RateSetter’s account managers, and receive a response within 2 days.
Meet a representative. One of the team will come and meet you on site.
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
If you apply for a quotation online RateSetter will make a ‘soft search’ of your credit file. It will not affect your credit rating, but will be marked as a quotation. This will be visible to you and to other lenders.
Payment is arranged by direct debit, to be collected once a month. Your first repayment is usually one calendar month after you accept your loan.
Yes. You can pay off all or part of your loan early at any time (this can be arranged online). Technically RateSetter does not charge early repayment fees, however the loan fee, which would ordinarily be spread out across your repayments, is non-refundable.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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