Rate Drop

Rate Drop is a UK-based personal loan provider offering unsecured loans through an online application process. It is a trading name of Credit Labs Limited and is authorised and regulated by the Financial Conduct Authority. Rate Drop focuses on fixed-term borrowing with set monthly repayments, which are agreed at the start of the loan.

Applications are completed online, with affordability and credit checks carried out as part of the process. Rate Drop uses a pricing model that can reward customers for maintaining their repayments, with the potential for interest rates to reduce automatically over time when payments are made on time and in line with the loan agreement.

Applicants will need to meet certain eligibility criteria, including being a UK resident with a valid bank account and a regular source of income. While credit history is taken into account, Rate Drop may consider applications from customers who do not have a perfect credit record, subject to its lending assessments.

Repayments are made by monthly direct debit and customers can manage their loan through online account services or customer support. Rate Drop also allows borrowers to make overpayments or settle their loan early, in line with the terms of their agreement.