Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk Loanski is an authorised credit broker not a lender

    RateSetter Loans Alternative

    Loans from £100 to £10,000

    • 3 months to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

    Choose Loan Amount

    Credit score not affected*

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    Rates from 45.3% APR to 1575% APR Minimum Loan Term is 3 months - Maximum Loan Term is 60 months. Representative Example: Borrow £1000 for 24 months. Annual interest rate 70% (fixed). 24 equal instalments of £77.48. Total amount to repay £1,859.52. Representative 97% APR (variable).
    *Subject to application being approved by the lender. Not all lenders are able to provide up to £10,000

    Choose Loan Amount

    Credit score not affected*

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    Rates from 45.3% APR to 1575% APR Minimum Loan Term is 3 months - Maximum Loan Term is 60 months. Representative Example: Borrow £1000 for 24 months. Annual interest rate 70% (fixed). 24 equal instalments of £77.48. Total amount to repay £1,859.52. Representative 97% APR (variable).
    *Subject to application being approved by the lender. Not all lenders are able to provide up to £10,000

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

    Loans from £100 to £10,000

    • 3 months to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid out in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    REPRESENTATIVE 97% APR

    Loanski offers competitive interest rates compared to some lenders across the market.

    Installment Options

    Customize your loan term from 1 month to 60 months putting you in control of your payment plan.

    Fast Payouts

    You can expect fast payouts sometimes within 10 minutes^

    Company Number: 

    07075792

    Company Name:

    Retail Money Market Ltd

    Date firm started up business:

    13 November 2009

    Type of Business: 

    64999 – Financial intermediation not elsewhere classified

     

     

    Loan value range:

    3000 pounds to 35,000 pounds

    Loan term length:

    1 year to 5 years

    Head Office Address: 6th Floor 55 Bishopsgate, London, England, EC2N 3AS

    FCA Status: Authorised

    Payout Time:

    You will receive a decision on your application within 24 hours and if approved, the money will be in your account the next working day.

    RateSetter Review

     

    RateSetter is a different type of loan company compared to your normal short term or payday loan. They work on a peer to peer lending system where real people invest their money to loan out so you know exactly whos money you are borrowing, unlike the high street banks.

    You will need a good credit history to be able to borrow money with them as you will be borrowing money from genuine people, however, you are more likely to get the best rates with them compared other loan companies.

    You are also able to invest money with them if you wish to and lend it out to customers and earn cash on the interest.

    RateSetter is not a payday loan or short term company, their loans are more long term and start at a minimum of £3000 all the way up to £35,000. The minimum loan term range is 1 year, going all the way up to 5 years. 

    How the company works:

    It is easy to apply for a loan with RateSetter. If you match all of the conditions to be eligible to apply then you get a free online quote without it even affecting your credit rating.

    Once you have received your quote, you can apply online using their innovative application form. This should take no more than 5 minutes according to the RateSetter website.

    After submitting your online application, you should receive a decision in no more than 24 hours. If you are accepted for a loan with RateSetter then your money will be transferred to your bank account the next working day! It really is that simple!

    Repayment method:

    Monthly repayments are made by direct debit on a date of your choosing. You can set this up whilst completing your online application form. This is one of the most convenient ways to repay your loan as it means that you will never forget a payment. You also have flexibility in choosing a date that is close to when you get paid.

    Do I need a bank account?

    Yes, as RateSetter is an online loan company, you will need a bank account to be able to apply

     

    To be eligible to apply for a loan you must fit the following criteria:

     

    Age

    The minimum age to be able to apply for a loan with RateSetter is 21 years of age.

     

    Address information

    You will need to have been a resident within the United Kingdom for more than 3 years to be eligible to apply and hold a UK address.

     

    ID and Income

    As do most loan companies, RateSetter will ask you information on your income and outgoings. You must have a regular source of income to be accepted to borrow money with them.

    During your online application, you can fill all of this information out along with details of how much your household bills are each month. Although this may seem a little invasive, it is to ensure that as responsible lenders, they will not be putting any of their customers into any financial difficulty.

    You will need to provide them with information such as mortage/rent payments, credit cards, grocery bills, car bills and other monthly outgoings that you may have.

    Penalties

    Nobody can predict the future or when they will run into difficulties in life, especially with finances. If you know that you will miss one or more of your loan repayments then it is better to contact RateSeter at your earliest opportunity.

    Doing this may prevent you from receiving any late payment fees, which could put your credit account into even more arrears and potentially push a detrimental influence to your credit score.

    Continuing to miss payments will result in your account being referred to a debt collection agency. If you contact RatesSetter to discuss your issues then they may be able to help you, giving you the chance to fix your situation.

     

    Reviews

    The TrustPilot reviews on RateSetter are pretty good in total. They have an amazing 4.5 stars over 5 which is really good going. Their reviews rates are as follows:

    Excellent – 91%

    Great – 5%

    Average – 1%

    Poor – 1%

    Bad – 2%

    The majority of their reviews have been rated as excellent by their previous customers. Customers compliment that they are happy with the customer service they received and how smooth the process was when borrowing money.

    Most customers stated that the money was in their bank quickly and they were offered a great rate on their loan compared to other loan companies.

    After reading into the 2% of bad reviews that were left, most of them seem to be about the investing side rather than the loan side. There were not many reviews at all about the loan borrowing side of the business.

    Most customers complained that recently RateSetter had changed their terms and conditions and had made it harder for investors to withdraw the money that they have invested in to the company. Customers stated that it was near impossible or that it incurred fees so they would lose money.

    However, the investing side of the company shouldn’t at all affect the borrowing side of the company, so don’t let bad reviews about the investment side have an impact on whether or not you will apply for a loan with them.