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.