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 new or additional loan will be paid in line with our time scales, or if you selected a loan for the purpose of consolidating a RateSetter loan, the funds will settle your existing agreement first before paying out any additional funds.
IIn case you take out a new loan with us and use this to consolidate an existing RateSetter loan, your right to withdraw will be in relation to the whole balance of your new loan. This means that if you change your mind during your 14 day cooling off period, and exercise your right to withdraw from your new loan agreement, you will need to pay back the full loan amount including your previous RateSetter loan, which cannot be reinstated.
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.