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RateSetter: Loans reviews

Name: Loans
Rating: 4.93 (14022 reviews)

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4.93

Based on 14,022 reviews, last reviewed 1st Sep 2025

No new 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

94%

Latest highest rating:

5

Excellent customer service from the staff no problem... Excellent customer service from the staff no problems with the company ***** very polite and understanding Reviewed on: 1st September 2025

Latest lowest rating:

2

Not so helpful After a breach of data protection on there part they are very unhelpful and unwilling to provide the information Im entitled to Reviewed on: 26th July 2023

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About this product

RateSetter are no longer accepting loan applications since being acquired by Metro Bank in 2020.

Existing loan customers can still manage their loan via the online portal.

RateSetter loan reviews help you find out what it’s really like to be a customer. If you’ve used RateSetter before, you can also leave a review and share your experience.

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RateSetter Loans reviews (14022)

Does what is says on the tin

RateSetter was one of the first peer-to-peer companies in the UK and has stayed true to its initial intent. Lenders can still set their interest rates or settle for the "market rate". No lender has lost any money with RateSetter due to their provision fund. Reviewed on: 7th June 2016

Great for getting market-beating rates for lending your spare cash with very little risk

I used Ratesetter to make some cash from a property sale work for me while I looked for a new place to buy. Having filled up all of my bank accounts, Ratesetter allowed me to beat market rates on my spare cash without tying it up forever. I did find that to get the most out of it, I had to manage my lending rates quite a lot, but there are automated ways that the service can do this for you. Coupled with Ratesetter's "Provision Fund" (which reimburses in the vent of a default on your lending) it really is a risk-free and sensible way to make extra cash work for you. Reviewed on: 18th May 2016

Excellent service

A bond matured and, having sorted out one or two personal matters needed reasonable return for my money, A little unsure about the risk of P2P lending, but decided to take a chance, since interest rates are abysmal. Glad I did - if I have any queries, the phone staff are helpful, obliging and friendly and now getting excellent return. Recommended to mum-in-law, who is also really pleased with them. Reviewed on: 16th May 2016

Way of escaping low interest rates

Ratesetter have helped me to earn 4x more than I could in my bank savings account. While there is a bit of risk involve, I trust that Ratesetter are one of the better managed companies out there. Reviewed on: 1st May 2016

Excellent

Have been very impressed with the company. Very easy to open an account and impressed with the monthly communication, with regard to my lending and interest gained Reviewed on: 1st May 2016

Easy borrowing

Ratesetter have made personal loans really easy to apply for online and offer a great interest rate too! Thank you Reviewed on: 30th April 2016

Feels fishy. Look at the reviews!

My first red flag was seeing an incentive to invest in huge letters on the main page. Why would a good site need to give kickbacks? Then I saw the reviews here were mostly by the same people, one of which even gave a referral address. Referral addresses are a bad sign as it means that users are expected to get money out of other users and not their investments. Two of the positive reviews came from the same guy. Stay away! Reviewed on: 15th April 2016

5/5

Dependable experience. Rates offered for investors are good given risks. Could get more with other sites that feel a bit riskier though. Reviewed on: 25th March 2016

Simple user interface and concise instructions.

I have had my ratesetter loan for a few months. They are completely transparent with what you will pay back, providing a full breakdown of what the loan is made up of including any interest and chargers. They have a user login panel which makes it easy to keep track of the number of payments, balance remaining, aswell as a list of all payments required on the loan. It even lists what the payment is made up of (capital, interest, chargers) so you can see exactly how much your contributing towards the loan. It is simple to over pay the loan. I was a bit dubious at first as i only ever had a loan from a large bank with a branch but ratesetter make this simple and i have full trust in them. Reviewed on: 17th March 2016

Quick and easy

I have just set up an account with Ratesetter and was able to get a competitive loan without any hassle. Ratesetter are very open with the charges and display how the loan is made up in an easy to understand graph. Would highly recommend. Reviewed on: 18th January 2016

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