Ratesetter

cripes_2

Has anyone used Rate Setter?

Just done a soft search and been pre approved for half decent rate, Just didnt expect to see an admin fee..

Has anybody any experience of them

~Beanie~

No experience but it does tell you in their FAQ's that there will be a fee:

When you apply for a loan, we will tell you all the fees which apply. In addition to the loan and the interest, you will be charged the administration fee and the Credit Rate fee. The fees payable will be dependent on how much you would like to borrow, the repayment term and your personal credit profile. There is nothing to pay up front, all the fees are spread out over the monthly repayments and are included in the total amount repayable.

ChopperST

I lend on Ratesetter and the fees cover what is known as the "provision fund" it covers lenders should a borrower choose to default on a loan.

Can't comment from a borrowing perspective but from a lending perspective the service is very good and never had any problems with them.

GL

paddyrg

ChopperST wrote: »

from a lending perspective the service is very good and never had any problems with them.

... although the rates have gone through the floor recently!

Good news for borrowers though!