RateSetter Personal Loans Review

RateSetter is an online peer to peer lender in the UK that offers flexible unsecured personal loans in the UK. It also enables borrowers to consolidate their loans and repay them through a single payment. RateSetter provides personalized loans and rates depending on individual circumstances. The fee you will pay depends on your credit profile. RateSetter offers loans for home improvement, debt consolidation and car loans in the UK.

Interest rates depend on the individual cases depending on the information you have entered when applying for the loan. However, the maximum APR you can be offered is 29.9% and it depends on affordability.

Eligibility for RateSetter Consumer Loans

To qualify for RateSetter personal loan, you need to have met the following requirements:

  • Be 21 years or above
  • Must have been a UK resident for at least 3 years
  • Regular source of income of over £16,000 a year
  • Have a good credit history with no bankruptcies

RateSetter Personal Loan Features

If you are looking for a RateSetter personal loan, you can get a flexible loan tailored for you. The loan has the following features:

  • Rates from 3.9% APR
  • Fixed rates
  • Loan term of between 1 and 5 years
  • If approved, you get the loan in the next working day
  • Unsecured personal loan
  • You can borrow between £1,000 and £35,000

How RateSetter Loan Works

If you are looking for a personal loan to buy a car or meet some financial needs to have, RateSetter can provide you with a loan at excellent rates. You can apply for the loan online and once approved, you will get the money in the next working day. You can manage your loan online, 24 hours a day. You can also change your repayment date to the one that is most convenient for you.

You can also get a new loan with RateSetter and consolidate the existing one. Alternatively, you can apply for an additional loan after six months. You can settle your loan earlier and you will not be charged prepayment fees.
How to Apply for RateSetter Consumer Loan

To get RateSetter consumer loan, you need to apply for one online. You can get a personalized quote online. This will not impact your credit score and you are not obligated to apply for the loan. Once you have the personalized rate, you can apply for a loan online. It only takes 5 minutes. The RateSetter team will go through your application and the information you provided to determine if you qualify for the loan. a decision will be made within 24 hours and you will be given a response. If you are approved, the money will be deposited into your account the next working day.

Benefits of RateSetter Personal Loan

You get to enjoy some benefits when you get RateSetter’s personal loan. Some of these benefits include:

  • Debt consolidation. You can combine existing debts like store credit and credit card loans and manage them with a single monthly payment.
  • Car purchase. You can purchase a new car easily through RateSetter. You don’t need to make any deposit to make balloon payments.
  • Home improvement. You can borrower RateSetter personal loan that can help you with your home improvement.

RateSetter Car Loan

You can get an unsecured personal loan for car finance. You can use the loan to purchase any type of vehicle, van, motorbike, or even caravan. You can choose whether to buy the car from a dealer or a private seller. The car loan has rates from 3.9% and if approved, you get money in the next working day. You can make extra payments and you will not be charged prepayment fees.

RateSetter Rates for Consumer Loans

RateSetter rates vary from one individual to the other. RateSetter considers one’s credit rating when determining fees payable. RateSetter does not have hidden fees while the interest rates are fixed. RateSetter provides a representative APR of 3.9%.

Is RateSetter Secure?

RateSetter is regulated by the Financial Conduct Authority. This ensures that it adheres to affordability rules that ensure that lenders charge rates that are payable by borrowers. RateSetter is a reputable lender and in 2019, it won Queen’s Award for Enterprise. So far, RateSetter has lent out £4 billion.

RateSetter Alternatives

If you are looking for an unsecured personal loan from an alternative loan provider, consider

Summary on RateSetter Consumer Loans

RateSetter matches borrowers to lenders and has personalized interest rates. If you are looking for an unsecured loan, you can get one at RateSetter. You can use the loan for home improvement or for car financing. Ultimately, you can consolidate your loans with RateSetter and repay them through a single payment.

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