Plenti Personal Loans (previously known as RateSetter)


Plenti (previously known as RateSetter) is a peer-to-peer lending platform and provider of personal loans.

Compare Plenti personal loans and rates

The table below displays a snapshot of Plenti’s secured and unsecured personal loan products and rates on Canstar’s database. Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

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What personal loans does Plenti offer?

Plenti currently offers secured and unsecured personal loans from $2,001 to $45,000. Plenti says it uses risk-based pricing to set the overall cost of your loan. This means it looks at factors, including your credit history, to determine your interest rate.

Plenti also offers car loans, green loans that can be used to purchase and install approved clean energy products like solar panels, and legal loans for family law matters.

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What can you use Plenti’s personal loans for?

Personal loans can typically be used for a range of important life events, purchases and other purposes such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Plenti says it will consider “most lawful purposes” when assessing personal loan applications.

Check the lending criteria and other loan documentation from Plenti for any specific details on what you may or may not be able to take out a personal loan for.

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Plenti personal loans FAQs

Plenti says its personal loans are available for terms of between six months and five years.

There are a number of fees to be aware of when taking out a personal loan. At the time of writing, Plenti says it charges customers a once-off Credit Assistance Fee. Plenti says it will provide an estimate of all the fees and charges that may apply to the loan when you request a RateEstimate (which is an initial assessment of your eligibility for a loan). For example, Plenti says you may incur fees for missed repayments as outlined in your loan contract. Plenti says it does not charge any fees for making extra payments or repaying your loan early.

Yes, Plenti personal loans require minimum monthly repayments. Plenti says your minimum repayment amount will be outlined on your online Plenti account.

To be eligible for a Plenti personal loan, Plenti says you must:

  • Be aged 21 or over
  • Be an Australian citizen or permanent resident
  • Prove you are earning over $25,000 per year from a regular source of income
  • Have a good credit history

Plenti says it will consider a loan application if you are self-employed, but additional criteria and requirements may apply.

To apply for a Plenti personal loan, Plenti says you will need to complete a RateEstimate, which will give you a summary of your loan options and include your interest rate and fees.

As part of the application process, Plenti may also need details about:

  • Your identity (i.e. your driver’s licence or passport)
  • Your income, expenses and liabilities (e.g. credit cards, other loans and so on)
  • Your bank account details

Plenti was established in 2014 as RateSetter and rebranded in 2020. As a peer-to-peer platform, it connects investors with people who want to borrow. Plenti says it is an independent company, managed and majority-owned locally.

Written by: Tamika Seeto | Last updated: August 10, 2020