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 Name||RateSetter Personal Loan|
|Interest Rate (p.a.)||From 8.42% (fixed)|
|Comparison Rate (p.a.)||10.97%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$2,001|
|Max. Loan Amount||$45,000|
- Low interest rates to reward good borrowers
- Transparent costs
- Get a rate estimate before you apply
- Risk assurance fee from $76
- Credit assistance fee
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: $300
- 18 months: $$300
- 24 months: $400
- 36 months: $220
- 48 months: $350
- 60 months $350
The following fees also apply:
- Risk assurance charge: From $76. This goes to the provision fund, which in place to protect the interest of investors.
- 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