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.
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.