Ratesetter has rebranded to Plenti as of August 10th, 2020.
My solar experience
I set up this finance with my solar rep, it was quick and easy, I did not know about the monthly fee which sort off defeats the interest free terms, but I will know more down the track a bit when I start paying extra on the loan
Review of Plenti
The process of obtaining finance was fast and efficient. I received a good amount of information about the process. Also, frequent updates were given as to the status of the loan.
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.
It was a good experience
We had no problem with this product they were informative and helpful with all our questions and were polite and up front explained everything clearly with a great attitude and confidence
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?
Great company, very easy!!
It has been a great experience from start to finish getting approved for our solar finance. They have been very easy to deal with and always prompt in responding to emails.
The only reason I gave 4 stars and not 5 is simply because it would be great to be able to have more flexible payment terms - such as being able to pay weekly or fortnightly, and not just monthly.
Otherwise great team, easy experience!!
Overall a great product
The Plenti Green Loan for Solar Panels is an excellent option however the application process needs improving. The fact that it can only be applied for in one name (for couples) and therefore only accepts one individuals income and, if rejected, needs an entirely new email address to restart the process.
Plus - in this day and age, Direct Debit repayments need to be able to be made weekly or fortnightly NOT just monthly.
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?
Easy and Simple
The process was quick with polite customer service personnel. Just a few questions and everything was approved in a short period of time. I'm very satisfied with the loan and easy setup process.
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 - $600 in previously hidden fees. Needless to say, I cancelled the loan and payed out of my mortgage instead.
Suites us perfectly
We had no problems at all with securing this loan once we submitted all that was needed, it was hassle free with no extra costs added & the rate is good, we like that we can pay off more when we like & shorten the loan expiry time if we wish to by upping the payments, it suits us nicely.
Application was quick to complete and approved within a few days. The whole process was very easy. My low fixed rate was one of the reasons I went with Plenti
Unbelievable!!- they say I'm not fit to borrow 2.8grant for Green loan
The application process did not ask me for my income proofs. They say its all optional. They just got my personal id details and access to my bank statement and conditionally approved. Later they did the assessment and replied that the credit department have rejected my loan so we are declining the loan. I'm not borrowing money and running away from this country. Im a citizen of this country. I'm borrowing to install solar panels on my roof. Its a green loan. Can you believe it? I'm only borrowing 2800$ & 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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