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.