Anyone Heard of Ratesetter?

MentalMinnie

They're come out cheapest on a small loan quote. Never heard of them before?

MentalMinnie

Anyone???!

Tixy

There are quite a few posts on this forum about them - if you use the forum search you'll see some mentions/opinions. I understand they are a peer to peer lender similar to zopa. But I've never used them.

If they are similar to zopa then I'd imagine you'll need a very good credit history to be able to get a loan with them.

MentalMinnie

They have a soft search thing which has in principle approved me. They don't do insurance though, which is a sticking point.

easteregg_2

If you have been approved by RateSetter then you have a good credit rating as RateSetter will only lend to some of the lowest risk borrowers.

If you want insurance then you could always purchase this separately.

Have a look at https://www.moneysupermarket.com/asu/income-protection?Type=income

MentalMinnie

easteregg wrote: »

If you have been approved by RateSetter then you have a good credit rating as RateSetter will only lend to some of the lowest risk borrowers.

If you want insurance then you could always purchase this separately.

Have a look at https://www.moneysupermarket.com/asu/income-protection?Type=income

Thanks for the info. I haven't been approved though, that soft search thing gave me an APR, so i don't know whether that means i'd be accepted if i completed the application.

jamesd

No way to know until you try it. No great harm in trying elsewhere once or twice to see if you get a better rate. I know that Zopa declines a high percentage of those who get a quote but I don't know what it's like at Ratesetter.

Ralphy101

Ive just applied.

I found them throught Noddle.co.uk who gave me a acceptence chance of 7/10.

Went through the soft search and it gave me an apr of 8.3 % for £5500 over 5 years..

There is a section at the bottom where you can add additional comments - so i am assuming these applications get reviewed by people ( and not an automated credit application).

Anyway it said they would get back to me within 1 day about my application - so i will let you guys know how i get on.

This would be a real benefit to me if i get this to refinance my credit card debt...

I put on the comments that i am currently paying £150 towards cc payments at the moment - they have quoted me £113 a month - so i am hoping that they will see i can afford the payments.