How much do you want to borrow?
£500 £25,000Over how many months?
12 months 84 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
8.1% - 11.7%
10.2%
£500 - £25,000
The loan is repaid over 6, 12, 24, 36 OR 60 months
Direct Debit
One working day
£130.00
None Available
Transferred into your bank account
No
68th for APR of 423 loans in the UK (See Lender League Table By APR)
17th for Customer Satisfaction (See Customer Reviews)
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.
Customer reviews tend to say that this company are quite good. They are relatively new so their rates are competitive. One of the only things is that they are completely online, meaning there are no branches to go into if you run into any problems.
|
Default Fees |
If you do not make your payment after 28 days, the loan will go into default and a Collection Agency will become involved |
|
Early Settlement Fees |
None |
|
Late Payment Fees |
Late Payment Fee - £10.00 |
|
Arrangement Fee |
£130.00 |
Average Customer Review:
(5 customer reviews)
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Very easy process
Kevin, Inverness
3 months ago
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
I was a bit confused
Ashley, Shepton mallett
1 year ago
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.
So Impressed
Jackie, Sunderland
8 months ago
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.
Quick and Simple
John, Dundee
1 year ago
Quick to Fill out forms and easy to backtrack if there any mistakes.
Quite Impressed
Adam, Dorset
1 year ago
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.
Unit 327, Great Guildford Business Square, 30 Great Guildford Street, SE1 0HS
0844 249 0115
contactus@ratesetter.com
Terms and Conditions of your loan
http://www.ratesetter.com/about/tandc.aspx
