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Ratesetter is the largest peer to peer lending company in the United Kingdom. Peer to peer lending is becoming an increasingly popular way to borrow money.

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Loans displayed from 1 company have term lengths between minimum 6 months and maximum 5 years and maximum 6.9% APR.

APR Total repayable

The amount is based on monthly compounding and for comparison purposes only.

Monthly repayments

Ratesetter Personal Loan

  • Debt consolidation allowed
  • No early repayment charge
  • Money in your bank in one working day
More info
6.9% APR Representative
£230.52 repayable per month
Can I get this loan?
Please make sure you at least meet the following criteria:
  • UK resident
  • 24 & older
  • Good credit quality

Additional criteria for acceptance from the lender may apply.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 4.9% per annum and a fee of £198.00 would result in a representative rate of 6.9% APR, monthly repayments of £230.52 and a total amount repayable of £8,298.72.

Warning: Late repayments can cause you serious money problems. For more information see our debt help guides.

uSwitch Limited is a credit broker, not a lender, for consumer credit products. Our services are provided at no cost to you, but we may receive a commission from the companies we refer you to. For some loans a broker fee of up to 12.5% may be added to the cost of the loan.

About RateSetter

Ratesetter is the largest peer to peer lending company in the United Kingdom. This means that customers can lend money directly from other individuals, rather than having to go through banks or building societies, or traditional online loan providers.

The company is authorised and regulated by the Financial Conduct Authority, and based in central London. Ratesetter were founded in 2009 under their holding company, Retail Money Market Ltd. The founders were Rhydian Lewis and Peter Behrens, both investment bankers.

Peer to peer lending is becoming increasingly popular as it can provide benefits to both borrowers and lenders. Customers who are borrowing the money may enjoy more flexibility than they otherwise would, as well as receiving a lower APR. The lenders who invest in the site can expect to receive a higher return than they would through investing their money in a traditional savings scheme.

The company has stricter lending criteria than many other peer to peer lenders, and around 15 percent of applicants are accepted. They are a founder member of the P2P Finance Association, and have announced plans to expand into Australia and other territories.

Another innovation within the peer to peer market that they’re responsible for is the ‘provision fund’. This means that borrowers have to pay a fixed fee depending upon their credit rating. This goes into a collective pool that’s used to reimburse lenders if the borrower becomes unable to pay.

Borrowers using Ratesetter can apply for a personal loan that lasts between half a year and five years. The amount that can be borrowed varies depending upon the individual applicant, but online applications can be done very quickly and the money can be in a customer’s account within 24 hours.

Payments are made online, and borrowers can pay early, pay extra amounts, or settle the loan completely, without being penalised.