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RateSetter Personal Loans
RateSetter offers tailored interest rates and rate estimates before you apply. Maximum loan amount is , and application fees apply.
- 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.
RateSetter is a peer-to-peer lender that offers rate estimates before you apply. The rate estimate will not affect your credit score. They also offer tailored interest rates, based on the loan term, the amount you apply for and details you provide in your application. They offer both unsecured variable and fixed personal loans. While there are no monthly or early repayment fees, there will be an establishment fee of for variable and $399 for fixed interest loans. Loan amounts are limited, starting from up to and the interest rate starts at for both variable and fixed interest loans.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
- 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.
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 and loan terms up to 5 years 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 types. You can apply for either a fixed or variable unsecured personal loan. While the application fee for variable loan starts from , the fixed loan application fee starts from $399.
- Loan amount. You can apply for between and .
- Loan terms. Fixed loan term is from 3 to 5 years while variable loan term is from to .
- 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 you choose. Here is the breakdown:
RateSetter Unsecured Variable Personal Loan
- Application fees: From
- Monthly fees:
- Early repayment fees:
RateSetter Unsecured Fixed Personal Loan
- Application fees: From $399
- Monthly fees: $0
- Early repayment fees: $0
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)
Compare other personal loans
1 - 6 of 6
April 11, 2019
My credit score is fair. Do you think I would qualify for a personal loan from RateSetter?
April 11, 2019
Hi Kez,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
If you are interested in applying for a loan from RateSetter, please note that they require applicants to have a good credit score rating. It is worth noting that they also take into consideration other factors aside from your credit score when assessing your application.
Thus, it would be important as well to make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
February 27, 2019
i have a credit score of 361 i disputing a report on my file i have a mortgage work full time own two cars what do you think?
February 28, 2019
Hi Adam,
Thank you for reaching out to Finder.
If you wish to check on lenders that could assist you in taking out a loan with a 361 credit score, you may be interested in checking our list of $5,000 loans. As long as the requirements for eligibility are met, you may be able to get your loan approved. Hope this helps!
Cheers,
Reggie
February 26, 2019
After reading –
“You’ll receive a fixed rate from 7.03% p.a. based on your risk profile”
I submitted my information it came back at 18% which I am not interested in – I wouldn’t have bothered if I knew this beforehand – as far as i’m concerned this is a dodgy practise for companies to collect your information. Why did this happen?
February 27, 2019
Hi Rick,
Thank you for reaching out to Finder.
You will be given a personalized comparison rate based on your credit score. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please reach out to Ratesetter directly to inquire on why you received 18%. Hope this helps!
Cheers,
Reggie
February 27, 2018
Why do you need my bank account details including my online account number before my application is processed?
March 1, 2018
Hi Russ,
Thank you for your comment.
There are lenders, not just RateSetter, that ask for your online banking login 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.Â
We have an article that explains why lenders need your internet banking details. Hope this can help.Â
Regards,
Jhezelyn
June 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.
June 21, 2017
Hi Suzanne!
You may check your options for pensioner loans on our website. Kindly click on the name of your chosen lender and then “Go to site” button once redirected to proceed with your application.
Hope this helps.
Cheers,
Jonathan