RateSetter peer-to-peer borrowing
Ratesetter is a peer-to-peer lender operating in the UK. They offer fast and flexible personal loans at competitive prices, which can be used for various purposes, including buying a new car, making home improvements and consolidating your debts.
RateSetter loans work on the principle of lenders stating how much they are willing to loan and what interest rates they want to see, while borrowers state how much they need to borrow and what interest rates they are willing to pay. Borrowers and lenders then compete for loans that match their personal criteria.
Types of RateSetter loan
RateSetter offer three main types of loans to their borrowers – property finance, business finance and personal loans.
RateSetter property finance – Aimed at professional property developers, RateSetter property finance is available to professional developers with at least 5 years’ experience. Loans can be anywhere between £500k to £5m with a maximum loan to value ratio of 65% or loan to cost ratio of 75% (whichever is lower).
RateSetter business finance – Borrowers looking to inject cash into their business have the choice of a personal loan for borrowing under £25k, or a loan direct to the business for loans of £25k to £2m. Loans terms usually last from 3 months to 5 years.
RateSetter personal loans – Intended for those looking for an unsecured loan to use for any purpose. See below for more about the lending criteria for RateSetter personal loans.
Can you get a RateSetter personal loan?
RateSetter’s personal unsecured loans are available to a wide range of borrowers, including those who may not have been able to access a loan elsewhere.
To qualify for a RateSetter personal loan you must:
- Be aged 21 or over
- Hold a UK bank or building society account
- Have been a UK resident for a minimum of 3 years
- Have a regular source of income
- Have a good credit history
- Pay a credit rate fee which goes into a Provision Fund designed to reimburse lenders in the event of late payments and defaults
Benefits of RateSetter personal loans
If you are interested in applying for a RateSetter personal loan, you could benefit from:
- No impact credit checks
- Fast processing – money can be in your account in as little as 24 hours
- Flexible repayments – make early repayments (including full repayment) with no additional fees
Get the best deals on RateSetter loans
With any type of borrowing, it is always a good idea to shop around for the best interest rates and other features available. This can help significantly reduce the final amount you end up repaying. RateSetter makes this easier with their internal loan marketplace, but it is also highly advisable to compare deals from other lenders to see which offer the best rates as the result can sometimes be surprising.
Our loan comparison tool allows you to look at leading deals on personal loans from all the top lenders, making it quick and simple to find the best loan deal for you. That way you can access the money you need at a fair rate with the minimum of fuss.