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ratesetter loan
yummymummy1987_2
Posts: 227 Forumite
in Loans
Hi all, i applied for a ratesetter loan yesterday and got a quote for a loan of £8000 at 7.6% and a monthly payment of £159 over 5 years.
However i have noticed this in the FAQ https://members.ratesetter.com/help/faq.aspx
Is this FAO of the lender or the borrower? im just wondering if ratesetter loans are variable or whether my monthly payment will only ever be the set £159 i was quoted on application.
What does it mean to have a variable rate loan?
Having a variable rate loan means that you will have a fixed number of monthly instalments, and one final instalment at a variable amount. For example, if you had a 2 year variable rate loan, you would have 23 monthly instalments which were fixed. These would not change. Your final payment (the 24th payment) may change slightly. The rates on your loan change each month; they are set between our customers and represent the rate at which Lenders will lend and Borrowers will borrow.
You can view this figure in real-time by logging in to your RateSetter account at any time. Simply click on "Your Account" and click on the "view" link next to the loan number.
You can learn more about how our variable rate loans work here.
To give you an idea of the APR rates and how little they fluctuate, you may also have a look at the changes in the rates paid by our borrowers over the last 6 months. This should show that the change in APR rates has been less minimal either way.
However i have noticed this in the FAQ https://members.ratesetter.com/help/faq.aspx
Is this FAO of the lender or the borrower? im just wondering if ratesetter loans are variable or whether my monthly payment will only ever be the set £159 i was quoted on application.
What does it mean to have a variable rate loan?
Having a variable rate loan means that you will have a fixed number of monthly instalments, and one final instalment at a variable amount. For example, if you had a 2 year variable rate loan, you would have 23 monthly instalments which were fixed. These would not change. Your final payment (the 24th payment) may change slightly. The rates on your loan change each month; they are set between our customers and represent the rate at which Lenders will lend and Borrowers will borrow.
You can view this figure in real-time by logging in to your RateSetter account at any time. Simply click on "Your Account" and click on the "view" link next to the loan number.
You can learn more about how our variable rate loans work here.
To give you an idea of the APR rates and how little they fluctuate, you may also have a look at the changes in the rates paid by our borrowers over the last 6 months. This should show that the change in APR rates has been less minimal either way.
0
Comments
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Remember 90% of people qualify for a loan Quote on Ratesetter and only 10% actually get a loan.0
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As it says, all of the monthly payments will be at the agreed amount, apart from the last one, which can vary, if they've varied the rate during the loanFrom £8,800 to £2,200 in 2 years.
Nearly there, just the 0% credit card to go!0
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