RateSetter stands out to this reviewer as a high quality P2P/P2C lender, that still manages to make their loans widely available. In terms of new loans created, RateSetter is Britain’s largest P2P lender. And they manage to accomplish this while making the service extremely trustworthy for lenders and borrowers alike. RateSetter accepts only 10-15% of applying lenders. Among their borrowers, they maintain a <2% bad debt rate, meaning that their financing and terms are both affordable and comprehensible for the vast majority of users. User reviews (available on unaffiliated sites in the hundreds) agree.
Rate Setter’s rates and loan terms
APR – RateSetter lists a representative APR of 7.9% on their website, for a moderate loan with a 2 year term. To find out what you will pay, you can get an individualised quote in about 2 minutes on their website. With approval following in less than 24 hours and financing available in another business day, this process is much faster and more convenient than similar financing through a bank. But how does it stack up in terms of cost?
Co-operative Bank and Lloyds Bank give two standard examples. These offer 8.9% and 14.9% APRs, respectively. While excellent credit might earn you a slightly lower rate at either institution, you certainly won’t get your money any sooner, with average wait times between 2 and 4 weeks. You’ll also have to provide much more records and paperwork, answer more phone calls, and sign sign sign. RateSetter uses elegant data-driven methods to determine your ability to take on and pay off new debt, without you ever having to supply your life story.
Rate Setter’s FAQ
Are there any charges or penalties if I pay my loan off early?
No. If you pay off your loan early, RateSetter financing won’t cost you much at all.
How much can I borrow?
Qualified individual borrowers may receive loans between £500 and £25,000.
How Long do I Have to Pay Back My Loan?
Loans are issued with terms between 6 and 60 months. There is no penalty for early repayment.
What Can I Use My Rate Setter Loan For?
ateSetter issues loan for many purposes. During your application, you’ll select from a number of choices like “Medical Bills”, “Vehicle Loan”, or “Holiday”. Don’t see your purpose listed? Just click “Other”.
Who May Apply for a Rate Setter Loan?
RateSetter borrowers must be at least 21 years of age, and in possession of a UK bank account.
How Fast is the Loan Process?
RateSetter loans can be taken from application to funding in as little as 2 business days.
Why Rate Setter?
RateSetter is trusted. They have built their business very well and very large. Even today, with hundreds of thousands of customers, users find customer service to be excellent and the whole loan process to be simple and seamless. With excellent rates and transparent terms, there is little reason not to make yourself one of RateSetter’s growing user base.
I found RateSetter through the usual price comparison websites. The process was very simple and took minutes to complete. There is also a very handy upfront soft credit check which lets you know the likelihood of being accepted without recording a hard search on your credit file. This is a very good feature and played an important role in my selecting RateSetter to borrow from. If there is one aspect that could have been better, I would have preferred my actual interest rate to be close to the representative rate especially as I have what I consider to be a very good credit rating. Overall though RateSetter is very good and I would use it again and recommend to family and friends.
Sentinalwarrior , ReviewCentere
Rate Setter .Perhaps should be called Speedy Rate Setter.
My Application was dealt with very fast and contact very polite at all times.
Completed in 48hrs. Many Thanks To All Staff Involved. Great Service.