RateSetter Loans Review

A RateSetter personal loan can help you achieve your goals with their straightforward loan application, from buying a new automobile to consolidating your debt!

RateSetter is a subsidiary of the award-winning Metro Bank known for its outstanding customer service. RateSetter provides a mix of different sorts of financing to peer-to-peer and IFISA investors. The company provides creditworthy UK residents with personal loans that are repaid within five years.

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Read our in-depth RateSetter Review if you’re thinking about saving or borrowing through a peer-to-peer lending service.

RateSetter Loans Overview

RateSetter is a trading name of Retail Money Market Ltd with company number 7075792. They are authorised and regulated by the Financial Conduct Authority under reference number 722768. RateSetter is a member of the Finance & Leasing Association (FLA).

With over 800,000 customers, RateSetter began as a peer-to-peer lending platform in 2010 and swiftly expanded to become the UK’s most popular peer-to-peer supplier.

RateSetter was bought by Metro Bank in 2020, ushering in an exciting new chapter for the company, which specializes in providing market-leading personal loans and continuously exceptional customer support.

RateSetter and Metro Bank are two innovative companies with a shared goal of providing clients with something new, intending to make peer-to-peer lending as simple as possible.

In 2019, RateSetter received the Queen’s Award for Enterprise. This prize is the most prestigious business award in the UK, and it lasts for five years.

With over £4 billion in loans under its belt, this Financial Conduct Authority-regulated firm has more than a decade of lending experience.

Services Offered By RateSetter Loans

The RateSetter loan portfolio includes the following services:

  • Personal Loans
  • Debt Consolidation Loans
  • Car Loans

RateSetter’s loans will help you consolidate existing debts, such as credit cards, shop credit, and other loans, into one monthly payment with low interest rates for easier management. You can also buy a new automobile quickly and easily with no mileage restrictions, no deposits, and no balloon payments.

Additionally, you may increase the value of your house by conveniently funding your next home improvement project with a personal loan.

Whether you need a personal loan to consolidate your debts, extra funds to buy a new car, or more money to make home modifications, we believe you deserve pricing tailored to your specific needs.

If approved, you’ll get the money in your savings account the next working day, and then you can manage your loan online, 24 hours a day. You can also change your payment date to one that suits you while feeling safe that no early repayment fees will be charged when you get your interest paid or settle your loan early.

After just 6 months, you can apply for a new loan rate with RateSetter to consolidate your existing RateSetter loan, or you can apply for another loan. If you do the latter, you can ask how much interest you would need to pay.

RateSetter offers the following terms as an award-winning personal loan provider:

  • Depending on your personal circumstances, you can borrow between £1,000 to £35,000, payable in 1 to 5 years.
  • They have a minimum APR of 3.9%.
  • You can make extra payments or settle your loan early with no early repayment fees.

Additionally, their eligibility requirements include the following:

  • You must be 21 years old or over.
  • You must be a holder of a UK bank account or a building society account.
  • You must have been a UK resident for at least 3 years.
  • You must have a regular source of monthly income including wages, or pensions worth at least £16,000 a year.
  • You must have a clean credit history, free of County Court judgments, bankruptcies, or debt relief orders.

RateSetter Loans Contact Details

RateSetter’s registered office is on the 6th Floor of 55 Bishopsgate, London EC2N 3AS. If you have questions, you can contact them through the following methods:

Note that you may be charged for your call depending on whether you call from a landline or a mobile phone and the tariff imposed by your carrier.

Apart from their very good website, you can also reach out to them on their social media accounts:

RateSetter Loans Reviews

Here are some RateSetter reviews that RateSetter customers give:

I have a pre-approved offer from using a credit score app. It was very easy and very quick. Nice low rate of 5.9% APR. –Ciaran Craig

Excellent customer service and very supportive. I have always recieved a quick and helpful response from the customer service team. –Matthew Gibbon

Professional Efficient Service. Quick decision and transfer of funds to savings accounts. –David Penny

The process of applying, being approved and receiving the money was done in a quick and uncomplicated manner. The fact that is isn’t a conventional financial institution makes it even better. –J-Redd

Easy to deal with company. The APR rates are below average. Recommend it. –Juris Magone

No hassle I would highly recommend rate setter when you need a little support in your projects. It’s no hassle, no issues and has done exactly what it’s said. All in all I’d use it again. Thank you. –Ig Muhammad

Summary

To conclude this RateSetter Loan Review, RateSetter has only one goal: to make finance more equitable. RateSetter has grown to become the UK’s largest peer-to-peer lending service by monthly volume since its start in 2010.

RateSetter is also an excellent place to start if you want to get into peer-to-peer lending because it offers simplicity, relative safety, a RateSetter’s provision fund to cover bad debts, and an option to exit early.

Receive instant access to an online personal quotation that has no impact on your credit score with their speedy decision and excellent communication methods. The loan amount will vary depending on your financial situation and affordability.

Note that the Financial Services Compensation Scheme does not protect peer-to-peer platforms.

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