3/7/2023 0 Comments Pref setter reviewThis is a very good feature and played an important role in my selecting RateSetter to borrow from. There is also a very handy upfront soft credit check which lets you know the likelihood of being accepted without recording a hard search on your credit file. The process was very simple and took minutes to complete. I found RateSetter through the usual price comparison websites. With excellent rates and transparent terms, there is little reason not to make yourself one of RateSetter’s growing user base. Even today, with hundreds of thousands of customers, users find customer service to be excellent and the whole loan process to be simple and seamless. They have built their business very well and very large. RateSetter loans can be taken from application to funding in as little as 2 business days. RateSetter borrowers must be at least 21 years of age, and in possession of a UK bank account. ![]() Don’t see your purpose listed? Just click “Other”. During your application, you’ll select from a number of choices like “Medical Bills”, “Vehicle Loan”, or “Holiday”. There is no penalty for early repayment.ĪteSetter issues loan for many purposes. Loans are issued with terms between 6 and 60 months. Qualified individual borrowers may receive loans between £500 and £25,000. ![]() If you pay off your loan early, RateSetter financing won’t cost you much at all. Rate Setter – Apply For Loan Rate Setter’s FAQĪre there any charges or penalties if I pay my loan off early? RateSetter uses elegant data-driven methods to determine your ability to take on and pay off new debt, without you ever having to supply your life story. You’ll also have to provide much more records and paperwork, answer more phone calls, and sign sign sign. While excellent credit might earn you a slightly lower rate at either institution, you certainly won’t get your money any sooner, with average wait times between 2 and 4 weeks. These offer 8.9% and 14.9% APRs, respectively. But how does it stack up in terms of cost?Ĭo-operative Bank and Lloyds Bank give two standard examples. With approval following in less than 24 hours and financing available in another business day, this process is much faster and more convenient than similar financing through a bank. To find out what you will pay, you can get an individualised quote in about 2 minutes on their website. User reviews (available on unaffiliated sites in the hundreds) agree.ĪPR – RateSetter lists a representative APR of 7.9% on their website, for a moderate loan with a 2 year term. Among their borrowers, they maintain a <2% bad debt rate, meaning that their financing and terms are both affordable and comprehensible for the vast majority of users. RateSetter accepts only 10-15% of applying lenders. ![]() And they manage to accomplish this while making the service extremely trustworthy for lenders and borrowers alike. In terms of new loans created, RateSetter is Britain’s largest P2P lender. RateSetter stands out to this reviewer as a high quality P2P/P2C lender, that still manages to make their loans widely available. Astonishing rating of 4.9/5 in Review Centere, over 600 reviews.
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