RateSetter Peer-to-Peer Loan

Receive a competitive, personalised rate and use your loan for any worthwhile purpose with RateSetter.

RateSetter is a peer-to-peer lender that allows you to apply for an unsecured personal loan to use for a range of purposes. You will receive a tailored interest rate based on the loan term and amount you apply for as well as the details you provide in your application. You can receive a rate estimate before you apply.

Find out what you need to know to decide if this loan is right for you in the review below.

Product NameRateSetter Unsecured Personal Loan - 3yr Fixed
Interest Rate (p.a.)From 8.95% (fixed)
Comparison Rate (p.a.)9.55%
Interest Rate TypeFixed
Min Loan Amount$2,001
Max. Loan Amount$45,000
Loan SecurityUnsecured


  • Easy online application
  • Low interest rates to reward good borrowers
  • No monthly fee and early repayment fees


  • Bad credit history will not qualify

Main points to consider with a peer-to-peer personal loan from RateSetter

When you take out a personal loan from RateSetter, it will approve you but the loan will actually be funded by an individual or group of investors. You will also be given an interest rate that will be determined by the amount you apply for, the loan term and the details you provide in your application.

The fees for RateSetter's personal loans vary depending on the loan term and loan amount. You can apply for up to $45,000 and loan terms up to 5 year(s) are available.

Features and benefits of a RateSetter personal loan

The following features are offered with a P2P loan from RateSetter:

  • Tailored rate and rate estimate. The interest rate you receive depends on the loan amount and term you apply for as well as the details you provide in your application. You can receive an estimate of this rate before you submit your full application without it affecting your credit score.
  • Loan amount. You can apply for between $2,001 and $45,000.
  • Loan term. Loan terms of between 0.50 year(s) and 5 year(s) are available.
  • No penalty for extra or early repayments. Repay your loan early without penalty and make extra repayments at any time without any extra charges.
  • Ease of repayments. Making repayments is easy, just set up a direct debit facility. You can also make additional repayments at any time, either through BPAY or through bank transfer.

Fees and charges

The fees you pay vary depending on the loan term you choose. Here is the breakdown:

Credit assistance fee (depends on your loan term):

  • 12 months: $189
  • 18 months: $189
  • 24 months: $189
  • 36 months: $89
  • 48 months: $189
  • 60 months $189

The following fees also apply:

  • Monthly fee: None
  • Early repayment penalty: None

How to apply for a personal loan from RateSetter

Applying for a RateSetter personal loan is straightforward. To complete an online application just click on the ‘Go to Site’ button. You start by getting a Rate Estimate. The next step is to complete the application. You find out about your application status within one business day.

To qualify for a RateSetter personal loan you have to meet certain eligibility criteria, which are as follows:

  • Be at least 21 years old
  • Have regular income
  • Have good credit history
  • Reside in Australia
  • Be a permanent resident of Australia or New Zealand or a 457 Visa Holder (with greater than the loan term remaining on your Visa)

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18 Responses

  1. Default Gravatar
    russFebruary 27, 2018

    Why do you need my bank account details including my online account number before my application is processed?

    • finder Customer Care
      JhezelynMarch 1, 2018Staff

      Hi Russ,

      Thank you for your comment.

      A friendly note that we do not represent any lender, we do not offer loans ourselves and we also do not represent any company we feature on our site. 

      There are lenders, not just RateSetter, that ask for your online banking login being asked when you apply for a loan. Please know that they will not have access to your bank account and neither will the third-party service like finder that facilitates the sending of read-only copies of your bank statements. Lenders will also not store your login details and generally, this process is encrypted and secure through their site. 

      We have an article that explains why lenders do this. Hope this can help. 


  2. Default Gravatar
    SuzanneJune 21, 2017

    I wish to borrow $3500 to help my grand children go to USA for medical treatment at Boston Diabetic Hospital. I am an aged pensioner.

    • Default Gravatar
      JonathanJune 21, 2017

      Hi Suzanne!

      You may check your options for pensioner loans on this page. Kindly click on the name of your chosen lender and then “Go To Site” green button once redirected to proceed with your application.

      Hope this helps.


  3. Default Gravatar
    EmilyOctober 10, 2016

    I have changed jobs 4 months ago, is there a bank or institution that doesn’t have the requirement of minimum 12 months in the same job?


    • finder Customer Care
      ElizabethOctober 10, 2016Staff

      Hi Emily,

      The majority of lenders just require you to be out of your probation period if you’re employed full-time, meaning only requiring three payslips. If you work casually or part-time you can check the criteria on this page.

      Hope this helps,


  4. Default Gravatar
    CarolynnNovember 16, 2015

    Looking to consolidate a personal loan – value approx 30,000

    What is the interest rate

    • finder Customer Care
      ElizabethNovember 17, 2015Staff

      Hi Carolynn,

      Thanks for your question.

      The interest rate you are offered by RateSetter depends on your financial circumstances. You can get a rate estimate by providing a few details to RateSetter without it affecting your credit score on the RateSetter website.



  5. Default Gravatar
    RajNovember 12, 2015

    Looking to consolidate our car and a personal loan – value approx 80,000

    • finder Customer Care
      ElizabethNovember 13, 2015Staff

      Hi Raj,

      Thanks for your question.

      The maximum amount you can borrow with a RateSetter loan is $35,000. You can compare your other debt consolidation options on this page.

      I hope this has helped.



  6. Default Gravatar
    JennyMarch 27, 2015

    Do you provide facilities if I want to refinance a personal loan I already have?

    • finder Customer Care
      ShirleyMarch 30, 2015Staff

      Hi Jenny,

      Thanks for your question.

      Unfortunately RateSetter doesn’t facilitate the refinancing for you. While you may be able to obtain the funds from RateSetter, you will need to organise the refinancing yourself.

      A non-peer to peer lender may be able to assist you with refinancing.


  7. Default Gravatar
    AliMarch 11, 2015

    My husband and I wish so consolidate our car and a person loan – value approx 40,000

    • finder Customer Care
      ShirleyMarch 12, 2015Staff

      Hi Ali,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with RateSetter directly.


  8. Default Gravatar
    nathanMarch 5, 2015


    I’m 23 year old, have full time work. flawless credit rating.im seeking a similar loan. any information would be grateful.

    • finder Customer Care
      ShirleyMarch 6, 2015Staff

      Hi Nathan,

      Thanks for your question.

      If you would like to find out more information about RateSetter loans, please click on ‘go to site’. Please keep in mind that you must be 24 to apply for their loans.

      Otherwise, if you’d like more information on peer to peer lending, please see our guide.


  9. Default Gravatar
    HsleyJanuary 30, 2015

    My name is Haley im turning 26 in march i have a good credit rating
    Im permanent resident of Australia and born Australia live in Cairns im a i have a steady income but its center link single parent income i owe money to different places and want to consolidate in to 1 with a personal loan would use accept me still

    • finder Customer Care
      ShirleyJanuary 30, 2015Staff

      Hi Haley,

      Thanks for your question.

      To be eligible for a RateSetter Peer-to-peer loan you need to be earning a steady income from employment.

      If Centrelink is your sole income, you may want to have a look at our pensioner loans page.


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