Ratesetter has rebranded to Plenti as of August 10th, 2020.
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.
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?
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?
Find out how Plenti Green Loan compares to other Personal Loans
Know better, choose better.
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.
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
Questions & Answers
Sorry, there are no questions yet.
Get an answer from our members and Plenti representatives
|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|
Other Personal Loans
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.