|Loan type||Unsecured personal loan|
|Loan amounts available||£4,000 – £35,000|
|Loan terms available||30 – 84 months (2.5 – 7 years)|
|Age eligibility requirements||Minimum 21 years old|
|Access for lower credit scores||Low chance of approval, no bankruptcy or CCJ statuses accepted|
|Chance of acceptance available||Yes|
|Loan pay out time after approval||Next working day|
|Early repayment options||Yes, with potential fees|
Who is RateSetter?
RateSetter is an award-winning lender, dedicated to excellent customer service and reviews to match. Launched in 2010, they have been providing financial services to thousands of customers every year, with ratings making it clear people are happy to go back to them.
RateSetter offer personal loans from £4,000 up to £35,000, with the ability to repay these over a broad term length, from 2.5 years to 7 years. The amount that you will be able to borrow will depend on your credit history and personal circumstances.
The interest rate you’re offered for a RateSetter personal loan will depend on your credit score and personal circumstances. A healthy credit score will make you more eligible for a better, lower APR, meaning that your monthly repayments may be lower.
If you have had challenges making repayments in the past, or haven’t borrowed money in the past so have a smaller history, you may find that rates offered to you are a bit higher. This is because you may seem a riskier person to lend to.
Need to give your credit score a boost? Check out our top tips for improving your credit score.
You can use personal loans for a whole range of purposes, from giving your home a makeover to upgrading your car or funding a wedding. Popular uses of personal loans include:
- Consolidating your debts
- Making home improvements
- Buying a new car
- Going on holiday
- Funding a wedding
Your eligibility for a RateSetter personal loan will be dependent on your credit score and personal circumstances. Most lenders will assess how risky you are to lend to based on these values. RateSetter do also have some eligibility criteria of their own, and to qualify for a loan you will need to:
- Be aged 21 or older
- Hold a UK bank or building society account.
- Have been a UK resident for a minimum of 3 years.
- Have a regular source of income over £16,000 a year.
- Have a good credit history, with no CCJs, bankruptcies or debt relief orders on your credit file.
On average, RateSetter will try to pay out loans the next working day following full approval. Personal loans are often a lot quicker to underwrite and approve than secured loans as the process is shorter, and there is less paperwork involved.
Yes, you can make extra payments or pay off the balance in full to reach the end of the term early. This means that if your circumstances change and you can afford to pay off your loan early, you’ll save money on interest, though there may be fees associated with doing this.
There are a number of advantages of borrowing from RateSetter:
- They are an award-winning lender with a long history of satisfied customers
- Award-winning customer service
- Options to overpay or repay your loan early
You should only ever borrow amounts that you are confident you can afford to repay.
- You may need to provide bank or ID verification
- Your loan offer will be subject to final lender and fraud checks
- RateSetter may reach out to you over the phone if they wish to check details or ask any further questions about your application
- Missed repayments can negatively affect your credit score
How do I check my eligibility for RateSetter personal loans?
Here at Aro, we can help you check your eligibility for personal loans with a soft credit check that doesn’t harm your credit score. Fill in your details and we’ll check your personal loan options with over 50 UK lenders in minutes.
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