Borrowers' FAQs

General

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.

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One you have decided to apply for your loan two things could happen;

  • Instant Decision
    If all the information you provided is accurate. You could be given an instant decision.
  • Referred Decision
    If we require additional information our team will contact you requesting for necessary information, once the information is received in the correct format, we aim to provide a decision within 2 working days. (check emails)

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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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Unfortunately, in these instances, our credit team have declined your application for a loan.

As a Peer-to-Peer Lender, our criteria for lending are different from traditional lenders. As it is our investor’s money which is being lent, we take seriously the need to be as responsible as possible in our lending decisions. This means our lending criteria are higher than most lenders. We generally only accept borrowers with an “A” credit rating, amongst our other criteria.
Our credit team do not give us specific reasons for applications being declined or approved, but the three main considerations are the affordability of the loan, your credit score and past credit history.

Your RateSetter application leaves no impact on your credit file, which makes it easier for you to try with another Lender.If you wish to reapply with RateSetter we cannot accept any new applications for 6 months. After this time elapses we will welcome a new application.

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RateSetter conducts a soft search on your credit file, to give us an insight into your debt history & creditworthiness. This allows us to make a personalised quote. Don’t worry this is not visible to other lenders. If you decide to go ahead with the loan we will conduct a hard credit search which will appear to other lenders.

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GiffGaff and RateSetter have teamed up to provide quality finance for quality handsets. To apply simply visit www.giffgaff.com and after selecting the phone you wish to purchase RateSetter will handle the financing of the handset for you.

The airtime tariff and delivery of the handset will still be handled by GiffGaff. However your payments will be made directly to RateSetter for the handset.For help on the application process please email [email protected] and one of our advisors will get you back on track.

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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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This could be caused by a direct debit date change, if this has moved there may be additional or less interest, hence why your instalment amount has changed. Also, if you have made a one-off payment this could reduce the next instalment if you have opted to retain the term.

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Simply log in to your account and go to the ‘Your Borrowing’ tab on the top navigation. You can then click on the ‘Details and Payments’ button next to your current loan. If you would like to pay off your entire loan outright, please scroll down to the section entitled ‘pay off your loan’. You can then pay the entire amount by debit card or opt to have the funds debited from your account at a future date by direct debit. If you choose the direct debit option, please select the date you on which you would like the funds to be debited from your account. The system will then calculate the final payment, depending on which day you select.

In the meantime, please do not cancel your direct debit instruction until we have contacted you to let you know that your account has been settled, as you may have a regular monthly payment due. We will usually notify you within a few days of the payment being received.

If you do not have access to your online account, please refer to reset your password or contact our Borrower Service Team on 020 3142 6226

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Of course you can! Simply log in to your account and go the “Your Borrowing” tab on the top navigation. You can then click on the “Details and Payments” button next to your current loan.

If you would like to make additional payments, to clear your loan quicker, please scroll down to the bottom of the page to the section entitled “Add Extra Payment”. You can then pay by debit card or opt to have the funds debited from your bank account at a future date. If you would prefer the latter, please select the date you on which you would like the funds to be debited from your account.

The amount paid will be deducted from the total balance of your loan. Once the payment has cleared, your term will automatically reduce. Should you wish to reduce your instalments and keep the term of the agreement the same, please contact [email protected] or 020 3142 6226 and our team will make this amendment for you.

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You can increase your monthly payment to Ratesetter, in turn this will pay your loan off faster and may save you interest. We cannot reduce your monthly instalments without a lump sum payment being made prior. If you are struggling with your instalments, please refer to 'struggling to make repayments' or give us a call on 020 3142 6226 To increase your monthly repayments you will need to speak to a member of our team on 020 3142 6226 they will inform you of the amendment and ensure this is acceptable prior to making the changes.

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If you have changed your bank account through the Current Account Switch Guarantee, this means your new bank will take care of closing your old account, moving your balance and switching your payments (direct debits). You do not need to inform us.

If you wish to pay your instalments from another account in your name, you must contact us to ensure you are legally entitled to switch your bank account. Please call us on 020 3142 6226.

 

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We are currently working hard on improving this, with a view to enable customers to make necessary amendments via their own online accounts. In the interim, please email [email protected] and our team will make all necessary amendments and notify you of their completion.

Please keep an eye out for an update to this section with advice on how to amend yourself in the future.

 

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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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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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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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The general risk of borrowing with us is the same as the risk of borrowing from any other provider. You will need to consider if the repayments are affordable for you on a monthly basis. You will also need to ensure you have a plan in place should your employment circumstances change.

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RateSetter provide both property development finance and investment property finance. Development finance is lending to develop or convert properties. Investment property finance is lending for properties that are being used to earn income via lettings to third parties.

For development finance we will lend up to 75% of the total costs, including construction, legal and finance; and up to 65% of the Gross Development Value of the development.

For investment property finance we will lend up to 65% of Market Value.

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Any experienced property developer or property investor can apply for a real estate loan. We can lend to individuals, partnerships or limited liability companies.

If you fall within these categories you can make an enquiry by emailing [email protected] or calling 020 3142 6226, with details of your proposal, including the borrowers name, the amount your wish to borrow and any other relevant information.

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How RateSetter Works

Yes. Our quotes carry no obligation for the Borrower. If you register for a quote, we’ll ask you a few questions so we can tell you how much you can borrow with RateSetter and your likely APR. We'll then carry out a "soft search" of your credit history with our credit reference agency. This won’t have any impact on your credit score. This process is completely free and without obligation - Borrowers only pay a fee if they decide to take out a Loan - the fees and the interest are spread out over the entire term of the loan, there is nothing to pay upfront.

Get a Smart Quote

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From the point of your application being approved, you can log in to your account at any point up to 2 weeks to accept your loan online. If you would like to wait before accepting your loan, once the 2 weeks have expired there will be a link in your account to"Reinstate Credit Request." If you click on this link, we will reinstate your credit limit so you can take out your loan provided your financial status has remained consistent since the original application.

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RateSetter is an anonymous service. Our Investors don’t know anything about you other than a reference number and the details of how much money you want to borrow, the APR you want to pay and the length of your loan. All credit, affordability and suitability checking is done by RateSetter, and is not displayed on our website.

Privacy Policy

Our borrowers are both individuals and businesses. To borrow with RateSetter as an individual you need to be at least 21 years old, have a good credit history and a regular income. Unfortunately, we are unable to accept applications from residents of the Channel Islands or from those living abroad.

RateSetter was founded in 2010 by ex-Lazard investment banker Rhydian Lewis and former Ashurst lawyer Peter Behrens.The business has quickly garnered a user base of more than 300,000 RateSetters, with peer to peer lending taking off in the UK.

Find out more

RateSetter offers a secure paperless application process, to apply for a no obligation quote simply:

  • Choose how much you wish to borrow and for how long? We offer loans from £1,000 - £35,000 over 1 to 5 years
  • Receive an immediate personalised quote, Simply tell us a few more details if you wish to apply, this will not affect your credit file.
  • Receive a decision within 2 working days. Our Team may ask for additional information to aide us on making our decision.
  • Once approved funds will be in your bank account within 2 working Days.Your Credit file will be marked once you accept your loan offer.

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The main reason our rates are cheaper than the rates offered by the banks is that we are a Peer-to-Peer lending company. With a bank, they use deposits from savers to lend to Borrowers and charge high APRs, keeping the profits for themselves. With us, you get to cut out the banks and borrow direct from Lenders and investors. Most of them are ordinary people wanting to get better interest rates than if they were to put their money in a savings account and so they are happy to accept lower APRs than the banks would charge. As we are internet based, we also don’t have the same overheads as banks do with multiple branches, so this helps keep the costs down.

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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.Why borrow through RateSetter?Many Borrowers choose to borrow through RateSetter as our APR rates are often much cheaper, we have no early repayment fees and accounts are easy to manage online. Add that to the speed of our application process (instant quote available online, and 1 day to receive a credit decision), and it’s a winner. Not to mention our lovely customer service team, who are available at the end of the phone to help you with any questions you may have.

Get a Smart Quote

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It only takes a few minutes to get your no obligation quote with RateSetter.

Eligibility requirements:
- you must be at least 21 years of age,
- have a good credit history and a regular source of income.
- have been resident in the UK for at least 3 years.

If you meet these requirements, the first step is to obtain a quote via the website. If you are happy with the provisional interest rate offered, you may go ahead and make a full application online.

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Payments

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.

From the point of your application being approved, you can log in to your account at any point up to 2 weeks to accept your loan online. If you would like to wait before accepting your loan, once the 2 weeks have expired there will be a link in your account to"Reinstate Credit Request." If you click on this link, we will reinstate your credit limit so you can take out your loan provided your financial status has remained consistent since the original application.

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.

First, do not panic, things happen we understand.You can make your payment online through your online account via Debit Card or Direct Debit or you can contact us on 020 3142 6226 to make your payments with an agent.If you are unable to make your payment immediately, you will receive notification of the missed payment and a date when we will resubmit for the payment. If this date is not suitable please contact our team on 020 3142 6226 and we can amend the date for you. If you are experiencing difficulties, please refer to 020 3841 9950. Our team can help.

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Payment is arranged by direct debt, to be collected once a month. Your first repayment is usually scheduled to be debited one calendar month after you accept your loan. You can change your direct debit date online, through your RateSetter account. If you have already begun to make repayments on your loan, please bear in mind that we require at least 10 workings days notice before the direct debit is due to come out of your account for the changes to take effect. If you change you direct debit instruction with less than 10 days notice, the changes will take effect for the following month.

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We cannot anticipate obstacles that come into our lives, despite having the best intentions sometimes we fall behind on our repayments.At RateSetter you will find help and support to if you need it. Our trained staff are here to listen and will work with you to find a plan suitable.Call us on 020 3142 6226 8am-7pm Monday-Friday and 9:30-5:30 on Saturday.Please also consider speaking to any of these companies who can provide free, impartial advice;

Money Advice Service 

0800 138 7777

PayPlan 

0800 280 2816

Stepchange 

0800 138 1111

Citizen’s Advice Bureau 

 

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What happens if I miss a monthly repayment?
If you miss a monthly repayment, a notice of sum of arrears will be issued and we will attempt to take a direct debit payment within the next 5-days. If you’re struggling to service your borrowing please contact us immediately.

What happens if my business enters a form of insolvency?
If your business enters a form of insolvency please contact us immediately and we will liaise with the parties dealing with this matter.

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Legal questions

RateSetter is authorised and regulated by the Financial Conduct Authority.

At RateSetter we put our customers' best interest first. We recognise that award winning customer service is not just about the good times, it’s about how we help you when things don’t go as planned. That’s why if we make a mistake, we promise we'll go out of our way to make it right.If you are unhappy with any aspect of our service and would like us to look into your concerns further, please do not hesitate to get in contact Click here to see how.

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No, we do not sell any insurance.

It is extremely unlikely that RateSetter will go into administration but we of course have to plan for all contingencies. If RateSetter were to fail (or close to new business for whatever reason), we have a fully funded plan in place to ensure that our lenders' loans are repaid according to the schedule. The funding of the plan comes from a combination of the income RateSetter receives from the loans plus any shareholder capital required.In the unlikely event that RateSetter goes into administration, the contracts between Lender and Borrower are still legally valid and will not change. Borrowers will have to make payments to Lenders as usual.

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If the Investor were to pass away, your loan would carry on as it is.When you take out a loan with us, the amount you pay to each Investor is fixed in your contract. This means if your Investor was to be declared bankrupt or passes away, we would ask you to carry on paying the monthly instalments as usual. You would not need to repay the whole amount at once.

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In line with FCA requirements, RateSetter has a policy to identify and manage any conflicts of interest that arise as a result of business activities. We actively monitor for and identify conflicts of interest and ensure mitigation of any risk of customer detriment that could can result. Our policy is to always act in the best interests of our customers and uphold the highest moral and ethical standards at all times.

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