RateSetter Peer-to-Peer Loan

RateSetter Unsecured Personal Loan - 3yr Variable

RateSetter Unsecured Personal Loan - 3yr Variable


5.85 % p.a.

variable rate


7.84 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
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100% confidential application

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What happens when I click Go to site?
  • Clicking Go to site will take you to your Online Application on the product issuer's website. You do not need to be an existing customer of this provider to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • You'll be given a decision on your application from the lender and you could have the money in your account within 24 hours.
Click here to start your application >>

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.

RateSetter Personal Loan summary

Product NameRateSetter Unsecured Personal Loan - 3yr Variable
Interest Rate (p.a.)From 5.85% (variable)
Comparison Rate (p.a.)7.84%
Interest Rate TypeVariable
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
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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 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 amount. You can apply for between $2,001 and $45,000.
  • Loan term. Loan terms of between 6 months to 5 years 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.

The Household CEO's take on the RateSetter Personal Loan

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):

  • 6 months: $249
  • 12 months: $249
  • 24 months: $299
  • 36 months: $299
  • 48 months: $299
  • 60 months $299

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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Personal Loan Offers

Important Information*
Logo for Citi Personal Loan Plus
Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: The establishment fee will be waived if you apply before 30 September 2019.

Logo for ING Personal Loan
ING Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.

Logo for NOW FINANCE Personal Loans
NOW FINANCE Personal Loans

You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.

Logo for Westpac Unsecured Personal Loan
Westpac Unsecured Personal Loan

You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.

Ask an Expert

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24 Responses

  1. Default Gravatar
    KerrieanneApril 11, 2019

    My credit score is fair. Do you think I would qualify for a personal loan from RateSetter?

    • Avatarfinder Customer Care
      JoshuaApril 11, 2019Staff

      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!


  2. Default Gravatar
    adamFebruary 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?

    • Avatarfinder Customer Care
      JohnFebruary 28, 2019Staff

      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 this Finder page. As long as the requirements for eligibility are met, you may be able to get your loan approved. Hope this helps!


  3. Default Gravatar
    RickFebruary 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?

    • Avatarfinder Customer Care
      JohnFebruary 27, 2019Staff

      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!


  4. Default Gravatar
    russFebruary 27, 2018

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

    • Avatarfinder Customer Care
      JhezMarch 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. 


  5. 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.


  6. 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?


    • Avatarfinder 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,


  7. Default Gravatar
    CarolynnNovember 16, 2015

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

    What is the interest rate

    • Avatarfinder 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.



  8. Default Gravatar
    RajNovember 12, 2015

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

    • Avatarfinder 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.



  9. Default Gravatar
    JennyMarch 27, 2015

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

    • Avatarfinder 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.


  10. Default Gravatar
    AliMarch 11, 2015

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

    • Avatarfinder 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.


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