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To invest with RateSetter you must:

    - have a UK bank account. 
    - be at least 18 years of age. 
    - be a UK resident.  

We will also need to be able to confirm your identity. We can usually do this automatically, but occasionally we will have to confirm details with you directly. 

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Every investor receives a monthly statement via email which provides information regarding their investment.

Investors can also access their account details by logging in at any time.

The minimum investment is £10 and there is no maximum investment limit.

The main risk to investors is that borrowers do not repay their loans. RateSetter seeks to manage this risk in a number of ways:

Strict lending criteria: we only lend to creditworthy borrowers. You can see our Lending Criteria here.

Excellence in underwriting: robust credit and affordability checks on all borrowers.

Portfolio management: Our loan book is diversified across many borrowers of different types and via a range of channels.

The Provision Fund: Sometimes even a creditworthy borrower can miss a payment. That is why we have the Provision Fund to automatically reimburse investors. This means that you keep receiving your repayments, when you are expecting them.

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Sometimes even a creditworthy borrower can miss a payment. That is why we have the Provision Fund to automatically reimburse investors. This means that you keep receiving your repayments, when you are expecting them.

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RateSetter pioneered the Provision Fund concept in peer-to-peer lending as a way to offer greater predictability for investors. It has ensured that no individual investor has ever lost a penny, although past performance is not a guarantee for the future. 

All borrowers pay into the Provision Fund in accordance with RateSetter’s assessment of their creditworthiness. Sometimes even a creditworthy borrower can miss a payment. If this happens, the Provision Fund automatically reimburses investors. This means that you keep receiving your repayments, when you are expecting them.

The Provision Fund diversifies every investor’s risk across the whole loan portfolio, so that the performance of investments is determined by the performance of the whole loan portfolio, not the individual loans that an investor may be matched to.

Find out more about the Provision Fund here.

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When you apply for a loan through RateSetter, we will give you a lending decision within 1 working day. Once you have accepted the loan, the funds will be transferred in to your account on the next working day and may take up to 6.00pm to be transferred into your account. 

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Yes, you can pay off all or part of your loan early at any time and there are no early repayment fees. You can make additional payments, increase your monthly instalments or repay your loan off in full; all these functions can be managed online.

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All loan applications must be applied for online. Below is a short guide to applying for a loan with RateSetter.

Step 1: Get a quote (five to ten minutes)
If you ask for a quote, we’ll ask you a few questions so we can tell you how much you can borrow and your likely APR.

Step 2: We’ll confirm how much you can borrow (in one working day)
We'll check your credit history with our credit reference agency. This won't have any impact on your credit rating. We’ll email you in one working day to confirm whether you can get a loan with RateSetter and how much you can borrow.

Step 3: We’ll match you up with a Lender
You can then accept the best APR available, which will be matched immediately.

Step 4: We’ll send you the money (on the next working day)
We’ll send you the money the day after you’re matched (as long as it’s a working day).

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When you apply for a loan, we will tell you all the fees which apply. In addition to the loan and the interest, you will be charged the administration fee and the Credit Rate fee. The fees payable will be dependent on how much you would like to borrow, the repayment term and your personal credit profile. There is nothing to pay up front, all the fees are spread out over the monthly repayments and are included in the total amount repayable.

The loan fee allows us to cover our costs. This allows us to create, maintain and service your accounts throughout your journey with us. The loan fee is built into the APR (Annual Percentage Rate) along with your fixed annual interest therefore there are no hidden charges. Please note - the loan fee is non-refundable if you settle your agreement early. The only time this is not chargeable is if you withdraw from your credit agreement within 14 days.

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Sometimes this happens, we recommend that you close down all windows on your browser and clear all your cookies and cache. Attempt to click on the approval link we issued to you. If you are still encountering problems, contact our Borrower Services team on 020 3142 6226 and we will help you get back on track.

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Congratulations you have had your loan accepted. The next stage is to sign your documents.

Simply click the link sent to you advising of your loan acceptance and carefully read all the documentation. If you are not sure or need further guidance on anything you read do not worry, the loan is valid for 14 days to ensure you are totally happy with your loan agreement.
If you are satisfied with the documentation then, after e-signing the agreement, funds will be released the next working day by 6pm. For example, loan signed on Friday 5pm. Funds will be released on Monday by 6pm. Or Signing at Monday 8am – funds will be in your account by 6pm on Tuesday.

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Please ensure you are using a Laptop or PC rather than a mobile device. If you have forgotten your password, please click [forgot my password]. You will be sent a link to reset your password. Please do not copy and paste the temporary password. Instead please type using a laptop or computer. After successfully signing in, please change your password to a more memorable one. If you wish to change your Security Question/Answer, simply click on ‘Account Preferences’, ‘Contact Details’ and then ‘Change Security Info’.

If you still cannot access your account, please contact our Borrower Services Team using [email protected] or 020 3142 6226.

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Your Repayment date is automatically set 30 days ahead from your contract date, you can amend this. The easiest way to change your direct debit date is online.

Please log in to your account and click on ‘Details and Payments’ followed by ‘Change Direct Debit’. At the top of the page, you can confirm which date you would like your direct debit to be changed to.
Please bear in mind that we require at least 5 workings days’ notice, before the direct debit is due to be debited from your account, for the changes to take effect. If you change your direct debit instruction with less than 5 days’ notice, the changes will take effect for the following month.

Alternatively, if you do not have online access please email [email protected]

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We can, sometimes, offer another loan or consolidate your existing loan to provide additional funds. RateSetter will automatically enable the ability to reapply on your online account once you are eligible. We ask for 6 monthly instalments to be made on time and in full, to highlight your ability to manage your loan. Once you have applied this will be considered by our underwriting team in line with our affordability assessments. There is no guarantee that you will be accepted. If you are accepted your additional loan will be paid in line with our time scales, or if you selected a consolidation loan the funds will settle your existing agreement first before paying out the additional funds.

Please bear in mind your new payment date may be different to your initial payment date, please refer to “Change your payment date” for advice on how to amend.

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