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RateSetter Reviews [Read Our Experts Opinion]

Jane Wardle

Written by Jane Wardle on February 2, 2018

Updated July 11, 2018

Overall Rated: 4.0 / 5


Launched in 2010 in the UK, RateSetter’s main drive is ensuring money works for its clientele, whether you are a borrower or investor. Investing with RateSetter comes at no fee, allow investors to begin earning fast in an award-winning company with a 100 percent track record and 98 percent satisfaction level. Borrowers are offered diverse loan facilities by RateSetter, which include personal loans of £35,000 and below, business growth asset finance of £500,000 and below and property finance loans of between £500,000 and £7.5m.

RateSetter has worked with over 429,000 borrowers since their launch in 2010 in the UK and lent £616m in 2017 alone. It bridges the gap between investors and borrowers offering a chance to see investments grow and borrowers meet their financial obligations with loans at excellent rates.

RateSetter has also opened up in Australia, showing its success in industry and potential. The growth and reliability of the lender are without question.  Loans are offered at no additional fees and accessible within 24 hours after approval and provide a quick soft credit check in a way that doesn’t affect a borrower’s credit rating.

They are very diligent at assessing affordability and creditworthiness of applicants through form data and credit reference agency checks and ensuring borrowers do not have individual voluntary arrangements, bankruptcies, trust deeds or debt relief orders or recent defaults.

RateSetter offers borrowers three unique products. These include low rate personal loans of between £500 and £35,000 payable within 1-5 years from an APR of 3.9%. Asset Finance perfect for business growth from £10,000 to £500,000 to access soft assets such as telephony, office equipment and computers and hard assets such as engineering equipment, vehicles and machinery. Property Development Loans ranging between £500,000 and £7,500,000 to residential property developers.

Borrowing or investing with RateSetter is a chance to work with a very efficient company that has high customer satisfaction rating and diverse awards for its peer-to-peer service provision.Their expertise and efficiency allow them to offer individual unsecured loans, individual secured loans and business loan facilities.

Trust & Reputation

Rated 4.0/5

Borrowers with RateSetter work with a highly professional, reliable, efficient and transparent financial company that offers investors and borrowers a way to have their needs met. RateSetter is regulated and authorised by Financial Conduct Authority (FCA) and registered with Information Commissioner’s Office and also a member of the Peer-to-Peer Finance Association and CIFAS. Since its launch in 2010, RateSetter has won over 20 top national industry awards such as AltFi Best Consumer Lender of 2016, Investors Chronicle FT Best P2P Platform 2014, 2015 and 2016 winner. RateSetter was also the 2015 and 2016 readers top-rated Which? Magazine highest P2P lending platform. In 2016, the lender was also top-ranked by Sunday Times’ Tech Track 100 and high customer satisfaction rating on various platforms.

RateSetter has an on-going partnership with trustees such as London & Colonial Innovation in Pensions, ConceptGroup Pioneering Pensions and Fiduciary Solutions, SIPPclub, Whitehall and Westerby Trustee Services.

Expertise & knowledge

Rated 4.0/5

RateSetter is without a doubt an expert in peer-to-peer lending offering investors a chance to grow their funds and borrowers a chance to meet their financial obligations with perfectly tuned personal and business loans. RateSetter was actually the first company to launch one-year lending and rolling markets globally, including first provision fund launcher with big equity investors such as Artemis and Woodford Investment Management.

RateSetter also boosted industrial transparency in 2015 by becoming a founding provider of returns and loan book data to AltFi Data. Currently, RateSetter total invested amount stands at (as of 1st March 2018) £2,371,413,479 with zero investor amount lost. With the support of Women in Finance Charter since 2017, RateSetter has pledged to balance gender throughout its financial services.

Customer Service

Rated 4.0/5

RateSetter offers an unbelievably easy access to services and has seen both the number of investors and borrowers explode since their launch in 2010. Their loan application process is deemed easy and fast, including the verification period and financial products access thereafter. With forthright customer service, RateSetter has a Readies 4.6-star score out of 5 stars and certified ‘A’ lender, particularly in customer service, flexibility, ease of use and value for money out of 105 reviews. RateSetter also holds a TrustScore of 9.7 out of 10 in TrustPilot with an excellent 5-star rating out of 5 stars from 3,727 reviews with 94% average excellent score.