RateSetter Personal Loans
Compare RateSetter personal loans and rates
The table below displays a snapshot of RateSetter’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.
What personal loans does RateSetter offer?
RateSetter currently offers an unsecured personal loan at the time of writing, which can be used for a variety of different purposes (see below). This personal loan can have both variable and fixed interest, and can be for amounts from $2,000 all the way up to $45,000.
RateSetter’s unsecured personal loan was awarded 5-Stars by Canstar in 2017’s Personal Loans Star Ratings research.
What can you use RateSetter’s personal loans for?
A personal loan with RateSetter can be used for many important life events, such as:
- Buying a car
- Debt consolidation
- Home renovations
- Legal fees
- Medical bills
Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with RateSetter could give you access to more money to pay for these major life events and bills.
Check the product disclosure statement (PDS) from RateSetter to see what you can and can’t take out a personal loan for.
RateSetter’s variable rate personal loan is available for a minimum term of 6 months and a maximum of 5 years. Their fixed rate personal loan is available for a term of three to five years.
At the time of writing, RateSetter has two up-front fees you’ll need to pay when applying. These are a credit assistance fee, payable to RateSetter, and a risk assurance charge which varies based on your credit history, payable to the Provision fund – an external fund which compensates lenders in case of loan default. RateSetter does not charge exit fees or early repayment fees.
See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if RateSetter’s fees are more or less what the average customer is paying.
Yes, RateSetter personal loans require minimum monthly repayments, which you can see in the table of RateSetter’s personal loan products above.
Applying for a RateSetter personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with RateSetter (or most providers in Australia for that matter), you generally need to meet the following criteria:
- You must be 21 years or older
- You must live in Australia
- You must be an Australian citizen/permanent resident or a New Zealand citizen
- Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
- Show an ability to afford your loan repayments
If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:
- A current driver’s license
- Details of your current and previous (if applicable) employer
- Details of your income, assets, expenses and liabilities
- Previous tax returns if you are self-employed
RateSetter launched its Australian business in November 2014. It is an independent company, managed and majority-owned locally which connects individual and SMSF investors with people who want to borrow. For investors, it minimises investment risk via a provision fund and was the first P2P lender to release its loan book data in Australia.
RateSetter was also the first P2P platform to win a 5 star rating for Outstanding Value for personal loans from Canstar back in 2015.