Peer-to-peer provider RateSetter has been lending to Australians at competitive rates since it first launched into the personal loan market in 2014. The alternative lender to the big four is regulated by ASIC and propped up by the international RateSetter Group.
Rates and fees verified as correct at 23 July, 2017. Other information correct at the time of writing.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Unsecured Personal Loan (Fixed)
8.97% p.a.based on $10,000
* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.
RateSetter offers a fixed rate personal loan that is unsecured, meaning the rate stays as is through the loan term and you don’t secure it to an asset like a car. This personal loan could work for you if you have a strict budget and could do without an unfavourable rate change. Depending on your financial circumstances, you can borrow up to $35,000. During the application process, RateSetter will decide on an appropriate loan term for you, which can vary between six months to five years. Unlike many other loans, the RateSetter personal loan doesn’t have monthly fees attached, so you only have to budget for those monthly repayments plus the fixed interest rate. Another positive is you can top up your repayments and pay it all off early at no extra cost.
With a RateSetter personal loan you have the flexibility to choose the date of your monthly repayment cycle. And if you need to adjust dates during your loan term, you can apply to do that too.
One other benefit of choosing the RateSetter fixed rate personal loan is your ability to make extra loan repayments free of charge.
If you’re able to pay off your personal loan before the loan term is complete, RateSetter lets you without an additional fee.
Monthly account-keeping fees can be a hassle, but if you take out RateSetter’s personal loan, you won’t come across them.
If you want to apply for a RateSetter personal loan, all you need to do is head over to their website to get a “RateEstimate”, which is essentially a quote for the loan amount you are eligible for including an initial start up fee and interest rate. What you are quoted will depend on your credit history, and there is no obligation to proceed when you’re given this information.
Once you are satisfied with your RateEstimate, you can continue the online application and you’ll be almost there. RateSetter will get back to you within 24 hours to let you know if the loan has been approved. If you do get the green light, the money will be transferred into your account one day later.