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Sophia Elliott

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Review of the RateSetter, Loans:

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You couldn't do better than RateSetter!

Everything about this service is 5 stars! When I changed job and I had to buy a car for my new role, and with my 4 week notice period ticking, this left me very little time to save for, research into and buy a car (having previously had a company car). I went to my bank initially; an organisation with which we have our mortgage, credit cards, insurance, travel insurance, current accounts and savings accounts with. The loan they offered was disappointing to say the least in terms of interest I had to pay back. I was surprised that being a loyal customer had no bearing on the service or rates they were able to offer. So I went online and started researching other options for a loan. I approached two other banks. One where I completed an online application and another where I went into their bank face to face and had a meeting. Despite an impeccable history with finance and a rather healthy new package offered in my new role I was turned down by both banks. Feeling discouraged, frustrated and increasingly anxious I went online again and came across RateSetter. I hadn't heard of peer to peer lending before so I was intrigued. The literature was clear, the ethos admirable and the process seemed easy to understand ... and in addition the rate was the best of the lot! I spoke to family members to see if they'd had any experience of peer to peer lending (they hadn't) but despite this I very much liked the values, vision and ethos of RateSetter and the socially conscious nature of the service really resonated with me. So I decided to give it a go. I must admit I was nervous as I signed up and registered. However I soon became reassured as the steps to request the loan were extremely easy, intuitive and logical... and within minutes I had been approved and the money was in my bank! I couldn't believe how easy it had been after the previous disappointments I had endured at the hands of the banks. And the rate was unbelievable good! I was delighted! Being a Mac user so being a bit of a snob when it comes to intuitive technology I was very impressed with how simple my online experiences with my account were. It was easy to set my repayment dates and it was an actual pleasure interacting with my online account; I was able to find the information I needed quickly, efficiently and always with a minimum of 'clicks'. I often find logging onto online account to manage my finance can be labourious and a bit of an effort but it was always so straightforward with RateSetter. Being a conscientious individual I was able to save over the course of my loan repayment term and there came a point when I thought it wise to clear my debt (I was expecting my first baby!) I was able to clear the remaining loan early. I expected some sort of fine or slapped wrist for clearing my debt early, but no - ever the fantastic service the interest had already been worked out and spread over the course of my repayment term so it was all simple and straightforward as always. I was absolutely thrilled with the service I received and have been recommending RateSetter to anyone who will listen! If I ever need a loan again I would not hesitate to make RateSetter my first point of call. From the first online interaction to making my final payment the service was straightforward, friendly and socially inspiring. Thank you RateSetter! Reviewed on: 29th June 2017

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