Unlike a traditional bank, Ratesetter is an ASIC-regulated peer-to-peer or marketplace lender. Originally established in England in 2009, Ratesetter set up shop in Australia in 2012 with the aim of creating a more efficient, customer-focused financial system.
As a peer-to-peer lender, Ratesetter doesn’t directly provide the funds for a loan; instead, it provides a platform which connects borrowers with individual investors.
Ratesetter is an online-only operation, which means it doesn’t have branches. You can apply for loans online, while they also have a customer service line if you need to speak to someone.
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Features of a RateSetter personal loan
Ratesetter offers secured and unsecured personal loans from $2,001 to $45,000, for periods of six months to five years. Borrowers can pay down Ratesetter personal loans in monthly instalments over the nominated loan term until the debt is repaid. This personal loan allows you to make extra repayments on the loan which will save you interest and help pay your loan off quicker.
There are no exit fees or early repayment penalties. It’s worth noting that there is an upfront application included in the loan as well as an ongoing monthly fee attached to the loan.
Ratesetter personal loans can be used for a range of different purposes including:
- Student fees
- Debt consolidation
- Medical bills
- New and used cars
RateSetter personal loans – customer service
Ratesetter doesn’t have any branches, but you can apply for a personal loan with Ratesetter online. You can also talk to them via email or over the phone:
- Phone, Monday to Friday, 9.00am to 5.30pm AEST
Who is eligible for a RateSetter personal loan?
To be eligible for a Ratesetter personal loan, you’ll need to meet the following criteria:
- Be aged 21 or over
- An Australian citizen or permanent resident or New Zealand citizen
- Have a regular source of income
- Have a good credit history
How to apply for a RateSetter personal loan
To apply for a Ratesetter personal, borrowers can apply online through the Ratesetter website. The application process takes around 10 minutes and involves the following steps:
- Check your personalised interest rate using the Ratesetter website - it won't affect your credit score
- Once you have a rate, you can start the application
- Ratesetter will review your application. This usually takes minutes, however it may take up to one business day if additional documentation is required
- Once approved, the funds will be transferred to your bank account
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment (including payslips)
- Details of any other financial commitments
RateSetter personal loans review
Ratesetter don’t operate the same way as a traditional bank. Their business model is to provide an alternative to traditional banks by offering simple personal loans via a transparent peer-to-peer marketplace.
Ratesetter offer secured or unsecured personal loans, with terms from six months to five years. Personal loans with terms between six months and two years come with a variable rate. Loans with terms between three and five years are fixed-rate loans, meaning that your interest rate will remain the same for the entire term of the personal loan.
Ratesetter personal loans come with personalised interest rates, which means different borrowers get different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount.
Ratesetter personal loans come with an upfront establishment fee and borrowers will pay ongoing loan fees. There are no exit fees or early repayment penalties.
Before applying for a Ratesetter personal loan, always do your research and compare your options to make sure you’re getting a personal loan that suits your budget, needs and lifestyle.
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It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.