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Review of the RateSetter, Loans:

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Good but...

I have taken two loans from them, and the rates were fantastic. Hands down the best rates I could find for an unsecured loan. However, recently, I inquired how much it would cost to increase my borrowing, and the way that they explained that wold work is that I would take a new loan and close out my old one, and the rate would be more than double the rate that I am currently paying. That, despite the fact that my credit rating has gone up by about 50-100 points (Equifax one) since I took the original loan. I knew it would be hard to beat the original loan rate, but I hadn't expect what I can only call gouging for the top up (I wasn't proposing any more than the original loan amount). Also, the headline rate, with Ratesetter doesn't cover the setup fee, which is not inconsiderable, so you need to consider that. Reviewed on: 3rd July 2020

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