6342 reviews

3.9% Representative

Will lend between: £1,000 - £35,000

Over: 12 - 60 Months

Representative example: Representative Example: If you borrow £5000 over 12 months at a Representative rate of 3.9% APR and an annual interest rate of 3.9% (fixed), you would pay 12 monthly installments of £432.92. The total charge for credit will be £195.00 and the total amount payable will be £5,195.00.

Are you eligible for RateSetter?

Check your eligibility before you apply.

  • Quick 40 second form.
  • No impact on your credit file.
  • Free personalised eligibility score.
Check Eligibility

RateSetter customer reviews.

6342 reviews

4.8 out of 5 stars

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. 

Andrew Freelander
Written by
Andrew Freelander
Brand & Content Manager at Choose Wisely

Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.


  • 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

RateSetter Customer Question & Answers

Total question and answers: 4


Recently I applied for a personal loan but I cannot find on my rate setter account to transfer the money onto my bank account. I tried for two days to get in contact with the company and no signs at all. How is this possible? I mean I've waited between 7 calls on the average of 5min to 12min in one day!
Daniel, at 11:01am 05/06/18


Hi Daniel, my sincere apologies that you've experienced unsatisfactory service. I'm afraid that without more personal info regarding your application I won't be able to give a tailored response to your query. Whether you complete a Quote or an Application with us you will be informed of the status after filling in the form. If this is not the case then I would recommend you email our Customer Service team at [email protected] and give them your details asking for a status update and informing them that you did not receive any updates. Kind regards,
Answered in an hour by Otis


As the money come from an investor what does that mean does that mean they can ask for the money whenever they want as in I hve to pay them all the money when they ask ?
Amy, at 2:41pm 30/05/18


Hi Amy, your loan will only ever be paid back in equal monthly installments, regardless of whether an investor decides to withdraw their money. Thanks!
Answered in 9 minutes by Otis


if a 7k loan is applied for but they advised it would cost 9k would the interest reduce as you pay off early
Dominique, at 5:32am 20/04/18


Hi, yes you would pay less if you chose to pay the loan off early. E.g. if you chose to pay a loan off 10 months early then you wouldn't be charged any interest on the outstanding 10 months.
Answered in 3 hours by Otis


Hi, are your personsl loans unsecured loans? ie, not secured against the borrowers property? Thanks
Ken, at 3:51pm 17/04/18


Hi Ken, Thanks for your question. Yes, all our personal loans are unsecured. Kind regards,
Answered in 17 hours by Otis

RateSetter on Twitter

What RateSetter are tweeting

About RateSetter

RateSetter are a peer-to-peer lender that offer borrowers loans between £500 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

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