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. As a P2P lender, RateSetter offers risk-based interest rates that are determined by the amount you apply for, the loan term and the details you provide on your application. There are a few different loan options available including an unsecured personal loan and a green loan to help you make environmentally friendly purchases. Find out more about RateSetter's loans and compare them below.
RateSetter Unsecured Fixed Personal Loan
RateSetter Unsecured Fixed Personal Loan
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RateSetter Unsecured Fixed Personal Loan
RateSetter offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 7.49% p.a. based on your risk profile.
P2P loans work with the lender, RateSetter, acting as an intermediary between you as a borrower and the person or group of people funding your loan. To be approved, you just need to meet the eligibility criteria set by RateSetter.
The interest rate depends on the information provided in your application, so you won’t receive your rate until you’re approved. However, you can get a rate estimate before you apply without it affecting your credit score. 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 years depending on your loan type. Its flexible terms make the loans suitable for a range of purposes, including:
Unsecured personal loan. This loan can be used for a range of purposes, from consolidating debt to paying for a wedding. Borrow from $2,001 to $45,000 and have up to 5 years to repay your loan depending on your loan type. Fees and rates also vary depending on the loan term. Use the comparison table above to get an idea of these costs.
Car loan. You can opt for a secured or unsecured car loan from RateSetter with competitive rates from 4.89% 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.
Green loan. If you want to finance to make an environmentally friendly purchase, such as solar panels, you can consider this Green Loan from RateSetter. You can apply for up to $45,000 and have up to 7 years to repay.
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 before you submit a full application without it affecting your credit score.
Personalised interest rate. Your interest rate will be determined by the loan term you opt for as well as the loan amount and the information you give in your application.
Fast turnaround. Rate estimates can be given in minutes. You’ll find out if you’re approved one business day after submitting a full application, and you can expect funds in your account one business day after accepting the loan contract.
Loan types. RateSetter offers two types of unsecured personal loans - variable and fixed. The application fee for variable loan is from $199 and for fixed loan is from $249.
Loan terms. Variable personal loan term is from 1 year to 2 years while the fixed personal loan term is from 3 years to 5 years.
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 these 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.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
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