Ratesetter loans

Guru86

Hello,

Looking to get a loan in order to consolidate and pay for wedding. I have come across ratesetter loans. From reading it they seem a lot like zoopa.

Has anyone used these before or heard anything about them?

Would anyone recommend them?

Thank You

camuk81

There was a post about this a few days ago someone recommending though not sure if they were a troll

Tixy

There is a thread here about them
https://forums.moneysavingexpert.com/discussion/3739441

and if you do a forum search of the loans part of the forum then you'll find quite a few other posts that mention them. Though I would exercise caution with what you read - especially posts that are from people who have only posted a couple of times, specifically to recommend a product.

ChopperST

I lend on both Zopa (Not ZOOPA) and Ratesetter. Cant comment from a borrowers perspective but from a lenders point of view service from both is efficient and never had reason to grumble in going on 2 years of lending, however I haven't lent much over the last 12 - 18 months due to falling returns from my perspective, which from a borrowers point of view must only be a positive. Remember if you are looking at P2P lending you will need a good credit history as they will only accept the "premium" end of the market.

paddyrg

As a borrower, I don't think you've got a lot to lose - all the risk is on the lenders. This is why ratesetter and zopa only lend at the top-to-premium end of the market.

However, consolidation suggests other debts, which will may affect if they will accept you as a borrower - but why not give it a try?

sscott5581

I have had a loan with ratesetter in the past and found them very good to deal with.

Entered my details and received a call the following day to approve my loan.

I then had to go back onto the site to receive funds.

Ratesetter only soft search Callcredit as well to generate a credit rate.

Guru86

Thank you for all your replies.

If the soft search approved me is it likely the full search will also accept me?

ChopperST

Guru86 wrote: »

Thank you for all your replies.

If the soft search approved me is it likely the full search will also accept me?

Are there any reasons why they shouldn't?

Guru86

Shouldn't do but 18months ago when I last applied for a loan I was refused even though I have a good credit score, secure job etc etc. So I have hit my outstanding debt hard to bring that down so hopefully no problems this time.

But as you can imagine I do not want to apply for loans to be refused which would hit my credit rating so that is why I am interested in if the soft search says yes does the company??

ChopperST

Guru86 wrote: »

Shouldn't do but 18months ago when I last applied for a loan I was refused even though I have a good credit score,
But as you can imagine I do not want to apply for loans to be refused which would hit my credit rating so that is why I am interested in if the soft search says yes does the company??

Dont confuse credit score with credit history it means nothing. What is important is are you on electoral roll?, have a low amount of debt v % your income and have a good track record of paying debt back and on time.

Also remember consolidating isn't solving debt its simply moving it around. Whatever you do cut up the old credit cards / close overdraft facilities if that is what you really intend on doing to make sure you're not tempted to run them up again. Also borrowing for a wedding is never a good way to start the marriage, could you not save for a bit longer rather than borrow the cost?

Tixy

If the soft search says yes they you have a pretty good chance of being accepted. Its not guaranteed though, and not unheard of for people to be declined when they make their final application.