RateSetter Business Loans

Annoyed by unnecessary costs, confusing pathways and red-tape involved with finding business finance? Well RateSetter is on a mission to make sure its business loans are efficient and effective, so you get the most value out of them.

While RateSetter was founded in the United Kingdom in late 2009, it’s Australian arm is an independent company mostly run and owned locally. With its launch in 2014 it became the first licensed Australian peer-to-peer lender to provide services to all Australians, not just retail investors and self managed super funds.

RateSetter business loans - what you need to know

RateSetter provides personalised loans that are tailored to provide funds for your business’s needs. With a fast approval process and the ability to borrow with unsecured or secured loans up to $150,000, its business loans are quick and flexible.

FAQs about RateSetter

What are the fees?

The good news is, there are no loan establishment, early repayment or direct debit fees when you borrow from RateSetter. But if you miss one of your payments, then you may have to pay a direct debit dishonour fee, after this you might also be charged for every payment that needs to be rescheduled.

How does the RateSetter approval process work?

RateSetter has a quick and easy online approval process. First you’ll need to answer questions about the type of business and some general questions about it, as well as some questions about your finances. Once you’ve done this upload your banks statements then just wait for your specific quote.

What do I need to be eligible?

RateSetter aims to allow for all business to borrow the loan that they need. Although they do have a couple of minimum requirements; you need to be at least 21 years old and an Australian citizen. Also you have to be able to prove you have a regular source of income, all while having a good credit history. Once you’ve covered those you’re ready to get your loan.

How are RateSetter interest rates determined?

You want your loan to reflect your business right? Of course! That’s why RateSetter customises your loan to your specific needs. RateSetter looks at things such as how well your business is doing, your reason for borrowing and which sector your business is in.

Key features of RateSetter business loans

24 Hour Approval

Waiting around for your business loan to be approved can be mentally taxing, frustrating and sometimes downright boring. RateSetter aims to avoid the unrest that occurs from a laborious approval process by typically approving loans in under 24 hours.

Secured and Unsecured Loan

Whether you have an asset like an office building or company car to put up as security or not, a business loan can help you grow. RateSetter business loans provide the option of secured and unsecured loans, so you can pick which avenue best fits your business.

Flexible Payment Schedule

Getting lumped with a payment schedule that doesn’t suit you can be really frustrating. However that’s not a fear you need to have, as you can choose terms between 6 months and 5 years to pay back your loan, allowing you to have a repayment schedule that fits your needs.

Borrow up to $150,000

RateSetter allows you to borrow up to $150,000, making it a good option for small to medium size businesses and letting you pick the exact amount you require, meaning you won’t have to overborrow just to reach a minimum.

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