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RateSetter: Loans reviews

Name: Loans
Rating: 4.93 (14027 reviews)

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4.92

Based on 14,027 reviews, last reviewed 30th Sep 2024

100% decrease in 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

94%

Latest highest rating:

5

Straight forward approval and money in your account... Straight forward approval and money in your account in few minutes Reviewed on: 30th September 2024

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 lending reviews on Smart Money People help people like you thinking about what life is like as a RateSetter customer to find this out. What is customer service like? Is the online experience quick and simple? You can find this out by reading our RateSetter lending reviews. If you are a RateSetter customer, you can also write your review today!

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RateSetter Loans reviews (14027)

Brilliant customer service, easy to set up and exellent interest rates

This year I did a lot of research and finally took the plunge and invested in P2P (Peer To Peer Savings). I decided to use Ratesetter because it works very similary to a traditional savings account and is very user friendly as easy to understand. You can choose from a rolling market where you can withdraw your money at any time or opt for a fixed amount of times for savings. Savings rates started at a whopping 2.9% when i first invested in the rolling market, and if that wasn't enough they had an offer on where if you invest £1000 in the first year and dont withdraw you get a £100 bonus at the end of the year! The custoemr service I have had with them so far as been superb and my account was set up and money was lent out and earning intrest within 1 day. I looked into what would happen if someone failed to pay back my money that has been lent out and they have an amazing safety net scheme which means that the risk of bad debt is spread across all their investors. I'm so pleased i took the plunge and I'm looking forward to maxing my money with them over the next few years! #MaxYourMoney Reviewed on: 31st March 2017

ratesetter

I have a loan with ratesetter and since applying for the loan the staff have been nothing but helpful and the service very simple and easy to use and keep on top of. If I have any questions they get back to me straight away, I would highly recommend this company! Reviewed on: 12th February 2017

Great way to lend

Have used Ratesetter to lend for a few months now and have found it excellent. They do offer incentives from time to time to sign up and if you invite new members . I also noticed that one of the shareholders is the Woodford fund and they would only invest in something sound. They currently offer three products a rolling monthly load a year loan and a five year loan that pays back monthly over it's term. I have put money in and taken money out and can say so far they have been Excellent. Reviewed on: 11th January 2017

Very reasonable interest rates, easy to use online system.

I was looking around for the best interest rate on the market for my credit rating. I was amazed when I was offered a rate lower than my bank (for 10 years) did. Reviewed on: 19th December 2016

Easy to use, accessible website

I have been lending through Ratesetter for a few months. I find the website easy to use and the lending process is explained in a clear way. I have been making around £100 a month in interest since I started lending with them. It is easy to choose whether you reinvest the capital and interest when a person pays back a portion of the loan each month with interest. You can also choose to reinvest only the capital. Although they are not covered by the FSCS they do have a provisional fund. Reviewed on: 15th June 2016

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

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