Ratesetter has rebranded to Plenti as of August 10th, 2020.
Application was simple but incorrect information provided
The application process was really straight forward and easy.
The interest rate that and repayment that I was quoted changed a couple of times and all were different to what eventuated in the contract. The repayment changed by about $15 per month based on fees and the higher rate. This information was not readily/easily available prior to contract stage which I found deceiving as I had little remaining time to apply for a different loan by this stage.
I was also asked by three separate employees to confirm why I had two addresses (new build). It would have been much smoother had that information been noted and passed on the first time I clarified.
The demand for an Electrical Bill was ridiculous
So I had just moved, I had to wait 3 months till my Electricity company sent out a bill. Why not verify the address using the supplied Bank Statement with the current address on it!!!!! OR why not verify the address using the customer-supplied Title Search of the property I just purchased!!!!! Next time I am just going to refinance my home loan to get the funds I need.... Why did Plenti make me wait 3 months?
I was putting on Solar panels through Quantum Solar ( who get loans on behalf of their customer ). I was shocked to find out my loan application was rejected by Plenti. Plenti would not say why ( company policy ). So I enquired through credit agencies as to my credit rating to find (after paying a fee ) all was good. So I went back to Quantum to find out why. They advised Plenti did not believe I could afford the loan, On further inquiries I hear Plenti did not know I had SMSF ( even though I supplied 3 months of bank statements ) and this is why I was rejected. All has been fixed now BUT has this damaged my credit rating?
Watch for hidden fees
I received the paperwork for this loan and spent the next week trying to work out the difference between the amount being borrowed and the total loan repayments ($218 per month for 36 months with 3%pa on a loan for $6730). There was a substantial difference. I was almost about to tick the final box to get the loan when I was able to open the full product disclosure statement and there it was - $600 in previously hidden fees. Needless to say, I cancelled the loan and payed out of my mortgage instead.
Find out how Plenti Green Loan compares to other Personal Loans
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Unbelievable!!- they say I'm not fit to borrow 2.8grant for Green loan
The application process did not ask me for my income proofs. They say its all optional. They just got my personal id details and access to my bank statement and conditionally approved. Later they did the assessment and replied that the credit department have rejected my loan so we are declining the loan. I'm not borrowing money and running away from this country. Im a citizen of this country. I'm borrowing to install solar panels on my roof. Its a green loan. Can you believe it? I'm only borrowing 2800$ & not 20K and the monthly payment is only...$65 inclusive of interest rate 6.96%. I'm already paying 160-185$ every 2 months on my elec bill. Do you think I'm unfit to pay 65$ a month. Brainless people assessing the application!!! Very disappointed. Now they have referred me to another finance company who offers 19-20% interest rate who can provide me that loan amount. Who in the world would think that I could pay 19-20% interest rate when I am unable to pay even 6.96%. Doesn't make sense to me.
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|Offers Peer-to-Peer Lending||Yes|
|Interest Rate||6.54% p.a.|
|Comparison Rate||8.64% p.a.|
|Loan Amount||$2,001.00 to $45,000.00|
|Loan Term||3 to 7 years|
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