RateSetter peer-to-peer loans
Discover the benefits of a peer-to-peer loan from RateSetter.
Updated . What changed?
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
- Please note that RateSetter has been rebranded to Plenti. The information on this page has been kept for the benefit of those who are interested and historical records only.
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.
How does borrowing from RateSetter work?
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 $299 and for fixed loan is from $399.
- 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.
More guides on Finder
Now Finance Secured Personal Loan review
Get rewarded for an excellent credit score with a Now Finance personalised rate secured personal loan. Rates vary between 5.95% p.a. and 15.45% p.a. Apply today.
Alex Personal Loan review
Alex is a neobank lender specialising in personalised rate personal loans. Find out more about Alex's personal loans and what fees and features are involved.
P2P RateSetter rebrands to Plenti – what’s changed for customers?
RateSetter has a new name, a new look and a new set of numbers for investors.
Driva Motorbike Loans
Finding finance for your motorbike needn't be a hassle. Licensed Aussie loan broker Driva specialises in a range of vehicle loans and could help you find the perfect motorbike loan for the bike of your dreams.
loans.com.au green car loan
If you're thinking of upgrading to a more energy efficient vehicle, you can apply for a loans.com.au green car loan today. Receive a competitive rate and a limited-time special offer.
Judo Bank Business Loans
Judo Bank is a lender specialising in SME financing. If you're looking for a business loan, check out Judo Bank's options and compare today.
MoneyMe Line of Credit
MoneyMe offers a flexible line of credit loan that's accessible within minutes. Apply online and get approved for a maximum credit limit from $1,000 to $10,000 and make purchases straight from your mobile phone.
RateSetter Black Friday deal: $25 bonus credit for investors
Receive a cash reward of $25 when you invest $100 or more with P2P lender RateSetter in the lead up to Black Friday.
Brighte Green Loan
Do you want to make your home more environmentally friendly, and save on your energy bills? A Brighte Green Loan allows access to a larger amount of finance, repaid over a longer period.
MyState Bank Unsecured Fixed Rate Personal Loan
Looking for a personal loan without the need for security? MyState Bank offers a competitive fixed rate loan option for almost any purpose.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
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 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.95% p.a. and 17.95% 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.
Ask an Expert