RateSetter peer-to-peer loans

Discover the benefits of peer-to-peer lending with RateSetter, where your good credit score can secure you a competitive rate on your personal loan.

If you’re looking to take out a personal loan and want a competitive rate, you may want to consider peer-to-peer (P2P) lender RateSetter. When you apply for a loan you’ll be borrowing from its pool of investors, with RateSetter acting as an intermediary. You can borrow money for a variety of purposes, so read the guide below to find out if a RateSetter loan is right for you.

RateSetter Personal Loan Offer

RateSetter 3-Years Personal Loan


7.69 % p.a.

fixed rate


10.24 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
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100% confidential application

RateSetter Personal Loan Offer

This peer-to-peer loan offer from RateSetter offers you a scaling interest rate based on your credit-worthiness.

  • Interest rate from: 7.69% p.a.
  • Comparison rate: 10.24% p.a.
  • Interest rate type: Fixed
  • Application fee: $220
  • Minimum loan amount: $2,001
  • Maximum loan amount: $20,000
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Rates last updated July 18th, 2018
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
RateSetter 3-Years Personal Loan
From 7.69% (fixed)
0.5 to 5 years
RateSetter offers loans with terms ranging from 6 months to 5 years and comparison rates from 6.39% p.a. - 11.08% p.a. based on your risk profile.

Interest and comparison rates calculated for a 3-year loan term.
RateSetter 6-Months Personal Loan
From 4.41% (variable)
0.5 year
RateSetter offers personalised interest rates ranging from 4.41% p.a. to 9.57% p.a. determined by your risk profile.
RateSetter 1-Year Personal Loan
From 4.45% (variable)
1 year
RateSetter offers personalised interest rates ranging from 4.41% p.a. to 9.57% p.a. determined by your risk profile.
RateSetter 2-Year Personal Loan
From 4.5% (variable)
2 years
This peer-to-peer loan is only available for a 2-year term at the rate of 4.5% p.a.
RateSetter 4-Years Personal Loan
From 9.54% (fixed)
4 years
RateSetter offers personalised interest rates ranging from 4.41% p.a. to 9.57% p.a. determined by your risk profile.
RateSetter 5-Years Personal Loan
From 9.57% (fixed)
5 years
RateSetter offers personalised interest rates ranging from 4.41% p.a. to 9.57% p.a. determined by your risk profile.
RateSetter Car Loan
From 3.7% (variable)
0.5 to 5 years
Apply for up to $45,000 and benefit from a tailored rate based on your credit score, interest rates from 3.7% p.a. to 9.6%.p.a.
RateSetter Green Loan
From 6.8% (variable)
3 to 7 years
$150-$600 based on loan term
Get a personalised rate to help you finance a green purchase up to $45,000. Monthly fee ranges from $0 to $20 based on loan amount and term.

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How does borrowing from RateSetter work?

P2P loans work by the lender acting as an intermediary – RateSetter does not fund your loan, your loan will instead be financed by one or several investors willing to lend to you. However, you will need to meet criteria set by RateSetter in order to be approved.

As the interest rate depends on the information provided in your application, you won’t receive your rate until you’re approved, but you can get a rate estimate without it affecting your credit history. After approval you can expect the funds in about one business day.

Personal loan options from RateSetter

RateSetter provides secured and unsecured personal loans with loan terms extending up to 5 year(s). Its flexible terms make the loans suitable for a range of purposes, including:

  • Car finance. You can opt for a secured or unsecured car loan from RateSetter with competitive rates from 3.7% p.a. Pre-approval is also on offer, giving you up to 30 days to purchase your vehicle. While businesses cannot secure car finance, individuals can get a loan for a small business vehicle, such as Uber drivers.
  • Debt consolidation. Bring multiple debts into a RateSetter P2P loan, from credit cards to car loans, and reduce your monthly repayments. Borrow from $2,001 to $45,000 and have between up to years to repay your loan.
  • Personal finance. Funds from a RateSetter loan can be used to renovate your home, go on holiday or finance any other worthwhile purpose.

Features of a RateSetter loan

There are various features and benefits on offer when you borrow with RateSetter, including:

  • Rate estimate. You can secure a rate estimate without it affecting your credit score.
  • Competitive rates. Your interest rate will be determined by the information you give in your application, and your good credit history can secure you a low rate.
  • Fast turnaround. Rate estimates can be given in minutes. You’ll find out if you’re approved on business day after submitting a full application, and you can expect funds in your account one business day after accepting the loan contract.
  • Loan terms. You’ll have up to years to repay your loan. As personal loans usually have a minimum term of one year , this makes it a flexible loan product.
  • Loan amount. Apply for a loan amount between $2,001 and $45,000
  • Flexible repayments. There are no fees for early repayment or to make extra repayments. You can also increase your ongoing monthly repayments at any time.
  • Online account management. To manage your account you can login to your RateSetter account.

How you can apply

If you’re ready to apply for a RateSetter loan, click “Go to Site” to submit your application. You’ll need to meet the following eligibility criteria before you apply:

  • Aged 21 or over
  • An Australian citizen or permanent resident
  • Have a regular source of income that you can demonstrate
  • Have a good credit history

If you meet this criteria you can click through to get a rate estimate without it affecting your credit history. Have your personal, financial and employment details on hand.

Frequently asked questions

Do investors see my personal information?

When considering what loans to invest in, lenders will only see a reference number attached to your application, not any personal details.

How much can I borrow?

The actual loan amount you’re approved for will depend on the information you provide in your application. RateSetter provides loans of between $2,001 to $45,000

Are RateSetter loans secured or unsecured?

You can opt for either a secured or unsecured loan. If you choose to attach a guarantee you may be offered a lower rate.

How much does a RateSetter loan cost?

Your interest rate will be determined by the information in your application and set in your loan contract. You will be sent all fees and charges when you apply. Typical fees to expect include a credit assurance fee that will be payable to RateSetter and a risk assurance charge payable to the provision fund. A monthly loan management fee may also be payable.

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