RateSetter Unsecured Personal Loan

8.42% p.a.

10.97% p.a.based on $10,000
over 3 years


RateSetter Unsecured Personal Loan Review

Rates and fees information correct as at 21 September 2018.

Review published: 13 November 2014

What's hot:

  • Competitive fixed rates

  • No early repayment fee

  • Mozo Experts Choice Award 2017

What's not:

  • Loans only available for creditworthy borrowers

Mozo snapshot:

RateSetter is a peer to peer lender that has entered the personal loan market in Australia with a bang by offering highly competitive fixed rates, and a speedy online application process. Aside from offering a great fixed rate and no early repayment fees, RateSetter's Unsecured Personal Loan was also awarded a Mozo Experts Choice Award in 2017 for best value personal loan in the excellent credit category.

Key features:

The RateSetter Unsecured Fixed Personal Loan is available for loans from $2,001 to $45,000 over a 6 month to 5 year period and RateSetter promises you'll get a decision within one business day and in some cases the funds in your account on the same day. And the great thing about an unsecured loan is you don't have to worry about providing assets to secure the loan.

Like other peer to peer platforms, RateSetter connects lenders directly with creditworthy borrowers. The rates of RateSetter personal loans loans will depend on your credit history but you can ask for an obligation free RateEstimate before applying which won't impact on your credit score if you decide not to proceed with the application.  

There is a risk assurance charge starting from $220, and some loans also have an ongoing monthly fee between $5 - $15 depending on your loan amount and loan term. But with the option of extra repayments and no exit fee you'll be able to attack your debt early.

Just make sure you stay on track with your monthly repayments because there's a $30 late payment fee.

Who it's good for:

The RateSetter Unsecured Personal Loan is perfect for anyone looking for a low fixed rate loan to fund their overseas holiday, new car or home revamp. 

Any catches?

RateSetter will only lend to you if you're over the age of 24 and work full time earning over $35,000 a year. You must also have a good credit history for the past 5 years and not have been bankrupt in the past 7 years.

The Mozo community has not yet rated RateSetter for this personal loan.


  • Fixed

  • 8.42% p.a. fixed

  • 10.97% p.a.based on $10,000
    over 3 years


  • $220.00

  • $5.00

  • $30.00

  • $0.00

  • $0.00

Other financial bits

  • $2,001.00

  • $45,000.00

  • 1 Year

  • 5 Years

  • Unsecured


  • Monthly

  • yes

  • no

  • none

  • none

About RateSetter

UK-based RateSetter is one of the world’s largest peer to peer lenders (P2P) and has lent over $500 million since launching in October 2010. Its goal is to redefine savings and loans in Australia by cutting out the banks and providing more competitive interest rates to consumers.

*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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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