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RateSetter Loans £1,000 - £25,000

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Representative APR 8.9%

APR ranges from 6.1% - 27.8%

Loan Amount £1,000 - £25,000

Repayment Method Direct Debit

Payout Method Bank transfer into your account

Speed If approved 1 working day

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Good Stuff

You are borrowing from people, not banks, so you can get lower rates and better terms

Bad Stuff

It may take longer to get your loan as you have to wait until somebody offers you the money

Verdict

Relatively new peer to peer lender that is already becoming highly recommended, really low interest rates even compared to your primary bank, definitely worth trying them as the application form is really simple

Summary[edit]

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 agreed time in form of monthly payments.

RateSetter will give you a score 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 footprint which could lower your chances of getting credit with other lenders.

They do charge set-up fee but it is included in the monthly repayments and is part of the quote you will receive.

[edit]Lending Criteria

Criteria:

  • Employment:
    Full Time Work, Part Time Work, Temporary/Contract, Self Employed
  • Residential Status:
    Homeowner, Tenant, Tenant - Private, Tenant - Housing Assoc., Tenant - Council, Living with Family, Military Accommodation, Work Accommodation
  • Defaults:
    No, or not in the last 6 years
  • Time In UK:
    At Least 3 Years
  • CCJs:
    No, or not in the last 6 years
  • Loan Purpose:
    Debt Consolidation, Home Improvements, House Purchase, Car Purchase, Car (Other), Holiday, Wedding, Boat, Business, Student Loan, Christmas, Other, Home Furnishings

 

Checklist:

  • Must have good credit history
  • You cannot be on Debt Management, an IVA or be bankrupt
  • You must be at least 21 years of age
  • You must have a regular income
  • You must have a valid UK bank account
  • You need to have been a UK resident for 3 years or longer

[edit]Charges

Late Payment FeesLate Payment Fee - £10.00

Default FeesIf you do not make your payment after 28 days, the loan will go into default and a Collection Agency will become involved

Early Settlement FeesNone

RateSetter Loans £1,000 - £25,000 in the Community

This loan has been recommended once in the Loanpages community to the following people:

Looking For... Loan Details Added

perera
Need help getting a loan for 1500
I am a graduate working full time. I have been in the UK for 2 years and 5 months. Have not previously taken any loans. Got a UK current account and a credit card. Fairly good cred...
£1,500 for Other Feb 22, 2011

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