P2P Lending

Welcome to RateSetter, one of the biggest and most popular P2P lenders in the UK.

What is P2P lending?

P2P lending is simply one person lending money to another (usually) via an online exchange that moderates the process. Opposed to putting money in a bank account you are lending money directly to borrowers wanting personal loans. This often results in a higher rate of return when compared to traditional savings accounts.

Better rates backed by award winning customer service

Lending money online via RateSetter allows you to capture a higher rate of return on your savings. RateSetter operate online with one office in London, there are no branches which means our overheads are low. We pass these cost savings on to you in the form of higher interest rates. You get a better rate on your savings, borrowers get a reduced rate loan - it's a win-win situation.

As well as better rates you'll also get award winning customer service.

What is the difference to putting money in a bank?

Traditionally, most of us have kept our money with our bank, who lend our savings to other people, making and keeping for themselves a sizeable profit at our expense, but there is another way. P2P lending grants you greater control over your savings, allowing you to lend online to prospective borrowers direct, at a rate specified by you.

How difficult is P2P lending?

It's very easy to start lending money online with RateSetter. The whole platform has been designed with you in mind; there are helpful instructions along the way and an in-depth frequently answered question section available 24 hours a day, 7 days a week.

Once you've registered as a Lender (this takes roughly about 5 minutes) you'll need to transfer funds. Transferring money can be done either by debit card, bank transfer or standing order.

When the funds hit your account (usually within 1-2 working days) you'll be able to start lending money online.

The first step is choosing a product - you need to decide how long you want to lend your money out for. If you're looking for a shorter term product choose the monthly access market, or if you're after our highest returns lend in the 5 year income market. Our rates vary between 2.0% - 6.0%, you can see our latest peer to peer lending rates here.
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5.5% *5 Year Income annualised

How does P2P lending work?

RateSetter is not a bank, and as a result, we do not lend money ourselves. What we offer instead is a P2P lending platform, which allows you to lend and borrow from people directly, through our transparent and efficient market place. The platform that we offer is fully regulated, giving you the peace of mind you need when lending your money.

With RateSetter, you will remain in the driving seat at all times, deciding how much you would like to lend, and the rate at which you would be prepared to do so. After setting the rate and loan amount, you will be matched with a borrower who is happy to agree to this rate, making it easier and faster to find creditworthy borrowers than other peer to peer lending sites.

With RateSetter, you choose the rates. We do the rest.

Like any high street bank, we work to ensure the creditworthiness of all of our borrowers, ensuring that you get the highest quality of borrower available when you decide to lend with RateSetter. All of this checking is carried out behind the scenes by our team, who complete all of the necessary paperwork so that you don’t have to, making peer to peer loans as simple as possible for you.

At RateSetter, we have some of the lowest levels of default across the industry, but if for some reason one of our borrowers is late in repaying their loan, our unique Provision Fund is there to protect you, shielding you from the risk of bad debt.

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What rate can I expect from P2P lending?

All of the rates seen on RateSetter are set by our lenders themselves, and are offered to prospective borrowers by way of our fully-transparent lending marketplace, giving you a greater level of control when lending or borrowing with us. Typically, our 36 month loans have a return rate of 7.9% and our rolling monthly loans are on average 4.0%.

Peer to peer lending is not new, but how RateSetter works is. The matching process offered by us, along with our variable rate Rolling loans and Provision Fund have all been designed to make borrower and lending direct easier and faster than ever before.

For more information on P2P lending, how we work and how we can get your savings working harder for you, please get in touch. You can do so by email, using the form we provide on our website, or by telephone, where one of our team will be available to provide you with all of the information and advice you need to get started.