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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
How do RateSetter loans compare against the competition?
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.
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
|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 type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £35,000.00|
|Loan terms||1 Year to 5 Years|
|Loan rate type||Fixed|
|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|
|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.
Am I eligible to use RateSetter?
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.
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
- 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 firstname.lastname@example.org.
Frequently asked questions
Will you be approved?
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