Ratesetter

JohnRo

The company has secured a new £1.5m investment to consolidate their business.

http://www.ratesetter.com/noticeboard-item/raise.htm

http://www.ratesetter.com/PressReleases/Funding_round_07112011.pdf

khampson

I've have used ratesetter, zopa, funding circle and yes secure, zopa was the leader in its field but due to poor underwriting and very unlucky loan book I decided to sell my loans early and get out, at first zopa had good rates but people become reckless and were prepared to lend money at silly rates that zopa make look attractive.

Ratesetter is a simple but clear in the way of lending, I am very impressed with ratesetter and all my payments are guaranteed because of the provisional fund, also something like 75% of borrowers are turned away due to intensive underwriting, overall very impressed and the best p to p site.

However it looks like we have had our first casualty in peer to peer lending as Quakle are closed for business as its website states, not sure if anyone used these but it will be interesting to here from any lenders who used it to see what happens to there loans now quakle have ceased trading!

Keith

easteregg_2

khampson wrote: »

I've have used ratesetter, zopa, funding circle and yes secure, zopa was the leader in its field but due to poor underwriting and very unlucky loan book I decided to sell my loans early and get out, at first zopa had good rates but people become reckless and were prepared to lend money at silly rates that zopa make look attractive.

Ratesetter is a simple but clear in the way of lending, I am very impressed with ratesetter and all my payments are guaranteed because of the provisional fund, also something like 75% of borrowers are turned away due to intensive underwriting, overall very impressed and the best p to p site.

However it looks like we have had our first casualty in peer to peer lending as Quakle are closed for business as its website states, not sure if anyone used these but it will be interesting to here from any lenders who used it to see what happens to there loans now quakle have ceased trading!

Keith

There is an article on ThisIsMoney and the Daily Mail about Quakle. However lets not forget that Quakle only accounted for less than 0.02% of all peer to peer loans. There have been over £195m in loans made by peer-lenders and 99% come from Zopa, Funding Circle and RateSetter.

khampson

easteregg wrote: »

There is an article on ThisIsMoney and the Daily Mail about Quakle. However lets not forget that Quakle only accounted for less than 0.02% of all peer to peer loans. There have been over £195m in loans made by peer-lenders and 99% come from Zopa, Funding Circle and RateSetter.

In that case Ratesetter has only £12 million in loans meaning that it only has just over 6% of the market share, now I am worried about my money in ratesetter!

easteregg_2

khampson wrote: »

In that case Ratesetter has only £12 million in loans meaning that it only has just over 6% of the market share, now I am worried about my money in ratesetter!

http://www.p2pmoney.co.uk/companies.htm

The link above shows how much each P2P company has lent out. Just over a year ago RateSetter had no market share as it hadn't launched, so it has gone from nothing to £11.5 million in a year which is quite amazing growth. One of its competitors that launched a few months earlier has made only 4% of the loans that RateSetter has facilitated.

raider

Ratesetter just done an upgrade and introduced 1 year bonds and 5 year income, as well as there current rolling and 3 year income.

1. 1 Year Bond.
RateSetter is pleased to announce the first peer to peer 1 Year Bond. The 1 Year Bond is a fixed interest product with capital and interest paid at the end of the term. The 1 Year Bond is used in tandem with the Monthly Access market to create 18 and 24 month loans. We expect it to be popular with Lenders who are looking to realise an enhanced return with a lower level of access than the Monthly Access option.

2. 5 Year Income.
Our 5 Year Income product is a new term for RateSetter, enabling longer term loans and an anticipated higher rate of return for the lenders than our current 3 Year market. It is managed on the same basis as the 3 Year Income product, with a monthly repayment to the Lender of a portion of capital and interest.

I've been using the rolling up until now, but may consider the 1 year when I read the details of how it works and what rates come about.

http://www.ratesetter.com/noticeboard-item/upgrade.htm

red_devil

is this still recommended.?

khampson

Yes but the rates are pretty poor now. Only 2.6% on monthly savings now

Clodhopper

I was thinking about using ratesetter as a lender,but before I do, I wondered if anyone had experience using them?
The reviews on the web seem quite sporadic, and searching on here, the majority of posts are regarding borrowing.
So, can any users can let me know of their experience with ratesetter[/QUOTE]

I've been using ratesetter since about May 2014 and thoroughly happy.
I'm only lending monthly for the moment until I see how I get on, and I want to be able to access that cash if I need to, which i have done.Was a problem with getting it into my bank, somehow too much was taken out and I had to get it back quick.But they are always helpful over the blower.
I am thinking of putting most, if not all of my ISA that now has been moved into Nationwide from Cheshire B.S., which I also saw on this site :T into a bond with ratesetter when the rate goes down to .50% end of this month, November. Nationwide's interest rates are laughable:rotfl:
So yes I would go ahead and start investing your money with peer to peer at ratesetter.

bowb

I am a new lender on the rate setter platform. very easy to use web site. I have been drip feeding money in using my banks fps over the past 10 months and the cash is in your ratesetter holding acc the next day or 2. I Have withdrawn money just to see how it works and that was back in my bank in 3 days.
It is all very flexible, you can set the rate you want to lend at, or if you want the easy option and lend at the market rate you can fix your minimum rate. So your money will never be lent out if the market rate drops below your minimum rate. The monthly market goes up and down like a yoyo. I have lent 5k in the monthly and 5k in the one year bonds. I am a oap so the 3&5 year markets are not for me. To date my monthly lends have given me £41 in interest , my first year bond is due to return to me in march and will give me £36 approx. But you will have to pay tax on this.