Rate Setter Loan

The_Honnaill

Hi,

I've been looking at consolidating some of my credit into one loan of £21,450. My Experian credit rating is 849 (Fair). Having spent a lot of time getting my credit score up to this level I don't want to ruin by applying for credit to no avail.

If been looking at comparisons through some soft checking and one that has come up is Rate Setters which I think is similar to Zopa (which I've got no chance of getting a loan through). I was wondering if anyone had any experience of using Rate Setter and whether they would be likely to accept someone with a fair credit score.

Thanks

BugsyBrowne

Ratesetter pride themselves on only lending to the very best credit ratings with very little debt with no missed/late payments etc.

Don't know your wage but can tell you now the answer will be no.

paddyrg

Alas I think it's unlikely, they only lend right at the premium end of the market, similar to Zopa's A rating - as I understand it at least.

That said, it's only a soft credit check upfront, so you could ask them?

The_Honnaill

I tick the no missed/ late payment box. lol

BugsyBrowne

The_Honnaill wrote: »

I tick the no missed/ late payment box. lol

Have you had late/missed Payments b4.

The_Honnaill

BugsyBrowne wrote: »

Have you had late/missed Payments b4.

No, never.

BugsyBrowne

The_Honnaill wrote: »

No, never.

With 21k of debt you Will struggle everywhere TBH, I would concentrate on other means to reduce the debt and consolidation is just a name and with 21k of debt already then getting a loan for 21k that's 42k worth of debt Unfortuantly to high risk I am afraid & also how would the bank now it's consolidation you could just say you later.