RateSetter Loan

RateSetter Loan

(11 customer reviews) Submit review
RateSetter Loan has an average rating of 4.7 out of 5 based on 11 user reviews

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Address
Ratesetter, 406 Great Guildford Business Square, 30 Great Guildford Street, SE1 0HS
Telephone
020 3142 6226
Email
[email protected]
 
 

Acceptance Criteria

You need:
  • You must have a regular income
  • You need to have been a UK resident for 3 years or longer
  • You cannot be on Debt Management, an IVA or be bankrupt
  • You must be at least 24 years of age
  • You must have a valid UK bank account
  • Must have good credit history
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Reviews
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Customer Reviews - The truth about RateSetter Loan

Average Customer Review: (11 customer reviews) Add your own review

Average Customer Review:

(11 customer reviews)
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The most favourable review

fast fair

Christopher thornthwaite, Banknock
3 months ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

I have a credit card with my bank with an unused 4.5k limit, a car on finance with no missed payments a mortgage with 40 equity and an unused £1500 overdraft facility yet i still couldn't get a bank loan with them, rate setter took less than 24 hours to source me a 7k loan and i had the funds the very next day very straight forward, pay more pay, less pay lump sum, pay off early with no extra hidden charges low 6% interest.... win win situation.

fast fair

Christopher thornthwaite, Banknock
3 months ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

I have a credit card with my bank with an unused 4.5k limit, a car on finance with no missed payments a mortgage with 40 equity and an unused £1500 overdraft facility yet i still couldn't get a bank loan with them, rate setter took less than 24 hours to source me a 7k loan and i had the funds the very next day very straight forward, pay more pay, less pay lump sum, pay off early with no extra hidden charges low 6% interest.... win win situation.

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Fast, fair and forthright

Peter nixon, Chesterfield
10 months ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

Despite having an above average credit score I struggled to borrow money because I foolishly have no unsecured debt! RateSetter came to my rescue and lent me 3,000 for a new car. Not only that but it was significantly cheaper than my bank of some 20 years. It was easy and fast and the representative who called me up was from a UK call centre. Highly recommended.

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Super Easy

Kate, Bristol
1 year ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

Found them on Money Supermarket, took 1/2 working day to respond and money was in account the next day.

When i called them to confirm i went straight through to a real person, no selecting numbers etc.

Most brilliant I'd say.

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Very good, indeed

Alexander, Terrence
1 year ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

I applied for a £12k personal loan with Ratesettler and it took less than 48 hours for the money to be in my account. Borrowing from a bank would have taken me at least three time the amount and a good deal of useless calls and correspondence exchanges. The fact that the interest generated does not go to a bank but to savers is a benefit. I recommend the service without reserve. Alex

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Best Lender by far

Cassie, Chelmsford
1 year ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

Got turned down despite good credit history by tesco, tried ratesetter as it doesn't impact my credit score and got accepted the day after (Thurs) money arrived Friday.

Amazing service

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Very easy process

Kevin, Inverness
2 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

I was looking for a smallish loan quickly, to pay for home improvements; easy o apply and funds reached bank account within 48 hours. Thereafter, their website is very easy to understand (best on line "money" site I have ever used). Highly recommended

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So Impressed

Jackie, Sunderland
2 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

Wow found these on Money Super market and to be truthful as i had not heard of them i had reservations, how could they be so competative too good to be true, so i rang them. Spoke to a lovely guy in the office who explained what peer to peer was. I completed the application,next day i had an email and text to say i had been accepted. i completed Direct Debit details that were emailed to me, then Repayment details emailed to me, along with any other documentation Money in the bank next day. If i had a question and emailed them they responded within a few minutes. Honestly what a wonderful company. I borrowed 4,500 over 2 years for a car. I would definately recommend this company.

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Really happy

Saeiabp, N/a
3 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

I am so happy with this company I wanted to spread the word to those who are in my position. I basically run up a few thousand debt on 5 credit cards due to break up

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Quick and Simple

John, Dundee
3 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

Quick to Fill out forms and easy to backtrack if there any mistakes.

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Quite Impressed

Adam, Dorset
3 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

ratesetter is quite a new company I found out, but they are really good. Ii only took me a few minutes to do the application form and then I received an email the next day saying I was provisionally accepted. now I am just waiting for a lender.

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I was a bit confused

Ashley, Shepton mallett
3 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

To start out with, I was confused about what all this peer to peer lending was but now i've gone through the process it really makes sense. i borrowed £3,000 and I understand that it comes from a few different people. it's really great because I don't think they would give me a loan at such a low rate at one of the high street banks.

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Loan Details
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Loan Details

APR 5.9% - 8.2%
Representative APR 8.2%
Loan Amount £1,000 - £25,000
Repayment Period The loan is repaid over 6, 12, 24, 36 OR 60 months
Repayment Method Direct Debit
Speed To Payout One working day
Arrangement Fee £130.00
Payment Holidays None Available
Payout Method Transferred into your bank account
APR 5.9% - 8.2%
Representative APR 8.2%
Loan Amount £1,000 - £25,000
Repayment Period The loan is repaid over 6, 12, 24, 36 OR 60 months
Repayment Method Direct Debit
Speed To Payout One working day
Arrangement Fee £130.00
Payment Holidays None Available
Payout Method Transferred into your bank account
Representative Example
Representative example: based on £1000 over 6 months, monthly repayments of £170.53, total amount repayable £1,023.19. Representative APR 8.2%.

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About RateSetter Loan
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About RateSetter Loan

Ratesetter.com is a peer to peer lending website. What this basically means is that you, (the borrower) borrow directly from another person (the lender), cutting out the bank. This particular type of loan from RateSetter is more like a traditional loan. You set up a contract between yourself and the lender and you pay the loan back over 3 years in 36 equal monthly payments.

You can apply online with Ratesetter.com. Their application form is only a few pages long and is really simple. Step one is getting a quote - RateSetter will tell you how much you can borrow and the likely interest rate. Step Two is confirming how much you can borrow - RateSetter checks your credit history by carrying out a "soft" search which has no impact on your credit rating. Step Three is RateSetter matching you with a lender. Step Four is them sending you the money. The money will be sent the day after you are matched with a lender.

When you have finished your intial application, they will send you an email with your account number which you need to keep hold of. Their quote is free, with no-obligation and does not involve any credit checks that will have an impact on your credit file. You are told via email within one working day if you have been accepted, then you can log-in and see which lenders are available to you. RateSetter will give you a Credit Rate based on your credit profile. The better your credit profile, the lower the rate - the worse your credit profile, the higher the rate.

One of the most interesting things is that Ratesetter only run what is called a soft credit search. What this means is they can view your credit history but it wont leave a mark on there that other lenders can see. Every borrower is given an individual limit that they can borrow depending on their credit history and financial position. You will be given a credit rate which will be based on your credit score. The higher your credit score, the lower the credit rate. This credit rate is added to the rate you agree with the lender.

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