6097 reviews

6.7% Representative

Will lend between: £1,000 - £35,000

Over: 12 - 60 Months

Representative example: Borrowing £5,000 over 60 months at a rate of 6.5% p.a. (fixed) and fees of £15.00 would result in a representative rate of 6.8% APR. Monthly repayments would be £98.15 and the total amount repayable £5,889.00.

RateSetter customer reviews.

6097 reviews

4.9 out of 5 stars

fast fair
14:36 22-01-2014
ImageChoose Wisely

I have a credit card with my bank with an unused 4.5k limit, a car on finance with no missed payments a mortgage with 40 equity and an unused £1500 overdraft facility yet i still couldn't get a bank loan with them, rate setter took less than 24 hours to source me a 7k loan and i had the funds the very next day very straight forward, pay more pay, less pay lump sum, pay off early with no extra hidden charges low 6% interest.... win win situation.

christopher thornthwaite

Fantastic Lender
20:02 20-11-2017
ImageSmart Money People

It was so easy using ratesetter for my personal loan and the rates are very low and very competitive

Frank O Regan

Fast, fair and forthright
16:57 22-06-2013
ImageChoose Wisely

Despite having an above average credit score I struggled to borrow money because I foolishly have no unsecured debt! RateSetter came to my rescue and lent me 3,000 for a new car. Not only that but it was significantly cheaper than my bank of some 20 years. It was easy and fast and the representative who called me up was from a UK call centre. Highly recommended.

Peter Nixon

Words well and good website
19:41 08-11-2017
ImageSmart Money People

Product works well and reasonably well explained.

James Bellarby

Super Easy
15:52 24-09-2012
ImageChoose Wisely

Found them on Money Supermarket, took 1/2 working day to respond and money was in account the next day. When i called them to confirm i went straight through to a real person, no selecting numbers etc. Most brilliant I'd say.


Simple Borrowing, Made Simpler.
10:18 24-08-2017
ImageSmart Money People

RateSetter make the process of Borrowing 10x easier than it will ever be with a bank. An all round star company with great customer service and great rates.

Gary Jones

Very good, indeed
11:54 01-08-2012
ImageChoose Wisely

I applied for a £12k personal loan with Ratesettler and it took less than 48 hours for the money to be in my account. Borrowing from a bank would have taken me at least three time the amount and a good deal of useless calls and correspondence exchanges. The fact that the interest generated does not go to a bank but to savers is a benefit. I recommend the service without reserve. Alex


Top Notch Lender!
16:44 15-08-2017
ImageSmart Money People

I cannot fault Ratesetter in anyway. My loan was approved with hours at a fantastic rate that would leave other lenders bewildered!

Mahesh Amin

Best Lender by far
20:02 22-06-2012
ImageChoose Wisely

Got turned down despite good credit history by tesco, tried ratesetter as it doesn't impact my credit score and got accepted the day after (Thurs) money arrived Friday.Amazing service


Low rate loans extremely quick and easy
10:26 15-08-2017
ImageSmart Money People

low rates easy access no charges for quick payments and no hidden charges on loan efficient and manageable repayments highly recommend unlike some of these companies out there that basically want to steel from people good service and I would certainly use again if required. Thank you Ratesetter for your help & support


Our review of RateSetter

RateSetter offers peer to peer lending and matches borrowers to investors based on the amount they are looking to borrow, their personal circumstances and the rate of interest they are able to pay back. To apply with RateSetter, you will need to have a good credit history – this is checked during the application process and will go towards deciding the interest rate and amount you are able to borrow. Ratesetter do charge both administration and credit rate fees but you are not charged for these upfront, instead, they are spread over the course of your loan term and included in your monthly repayments. 

RateSetter have done a great job so far and at the time of writing have earned a score of 9.8 out of 10 on TrustPilot. Customers appreciate the hassle free nature of the application, the speed of payout, affordability of the monthly repayments and no penalties for settling the loan early. On Choose Wisely their score is a whopping 4.9 out of 5, again highlighting the positive experience that customers have had. 

Overall verdict: If you have good credit and don’t mind that your loan comes from an investor rather than a bank, then RateSetter could well be a good option for you. Their competitive interest rates and positive reviews across the board suggest that this peer to peer lender have their process sorted. RateSetter could be slightly more expensive compared to other good credit lenders but the positive reviews prove it's worth it. 

Written by: Mark


  • Peer-to-peer style of lending
  • Soft credit check that doesn’t leave footprint
  • Loan could be in your account within 24 hours
  • No fees for overpayments or early settlements

Minimum criteria

  • You must be over 21
  • You will need to have a UK bank or building society account
  • You must have been a UK resident for over 3 years
  • You must have a regular income
  • You must have good credit history


  • Maximum APR 29.9%
  • Arrangement fee: £5
  • Early repayment fee: £0
  • Late payment fee: £10

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About RateSetter

RateSetter are a peer-to-peer lender that offer borrowers loans between £1,000 and £35,000 to pay back over a loan term of one to five years and their representative APR is between 6.7% and 29.9% depending on personal information. Unlike most other lenders, RateSetter isn’t financed by a bank or financial institution, instead investors provide the money that customers borrow and they then receive interest on their investment. When applying for a loan with RateSetter there is an administration and Credit Rate fee, these depend on how much you are looking to borrow, your credit file and the loan term. These fees are not charged upfront, instead they are added to the monthly repayments.

The entire application process takes place online and the initial quote takes under 10 minutes. Once the credit check has taken place you’ll be provided with the amount you are able to borrow and the interest rate which only takes one day, RateSetter will then match you to your investor and the funds will be available to you the day after you have been matched. 

Their online management system allows customers to make additional payments, increase the monthly instalments or settle the loan early – there are no charges for any of these.

Company information

Registration number: 7075792


02031 426 226

6th Floor 55 Bishopsgate, London, EC2N 3AS

FCA registration

Reference No: 633741

Trading names: RateSetter, www.ratesetter.com, www.retailmoneymarket.com

Place of business: 6th Floor, 55 Bishopsgate, London, EC2N 3AS

Data protection registration

Registration No: Z2083390

Data controller: Retail Money Market Limited

Address: 6th Floor, 55 Bishopsgate, London, EC2N 3AS

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk