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Reviews

Review distribution

5 star
1,898
4 star
218
3 star
17
2 star
20
1 star
53

Julio M.

Julio M.Sydney, NSW

Top of the top!

published

I am very satisfied with RateSetter. Their customers service is very professional. They keep you updated at every step of the process. No time consuming,really fast. It's very good to know Rate Setter is around. I would recommend it to every one. Go for it if you need it, and need it quickly. Thanks!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Carl P.

Carl P.Perth, WA

More impressive then any of the banks.

published

Very impressed with the way the loan went ahead, any problems I was sent an email and it was worked out. And the rate beats just about all other loans out there.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers
maddison s

maddison sGreater Melbourne (Metropolitan), VIC

  • 3 reviews

Better than loaning money from a bank

published

RateSetter was a simple process. Customer service was top notch. Every person I spoke to or had email correspondence with were friendly and helpfull. The rate I selected was similar to a previous loan I got from a bank but with less hidden costs. Unlike the bank I can repay early without early payment fees. I should have used RateSetter previously when I needed money to repair my house. I'd recommend RateSetter to anyone who is looking for a personal loan. Thank you RateSetter you guys are legends.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateDecember 2019
See all answers

Review collected in partnership with RateSetter

Gareth

GarethSouth East Queensland, QLD

Nice timimng

published

Good service, very helpful staff and prompt communication if additional information required. Had Emails advising what was required and what information required, also calls from staff offering assistance and making it as easy as possible.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers

Review collected in partnership with RateSetter


Ruth

RuthWide Bay-Burnett, QLD

The service was professional, fast and the staff were friendly and helpful

published

The customer service was great!
There were no hidden costs or surprises. The process was very transparent.
I am very satisfied with the rate I received, it was competitive and offered the flexibility I wanted

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Review collected in partnership with RateSetter


Kaz

Kaz

  • 2 reviews

Easy process, good result

published

I did not get the low interest rate advertised, it was still lower than the banks. Application was easy, loan access quick. All communication with Ratesetter staff was excellent. Costings were well documented.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers

Review collected in partnership with RateSetter


Santiago

SantiagoSydney, NSW

Excellent Service

published

I applied on a Friday and by Wednesday I had the money in my account. The repayments are very reasonable, I believe I will have no problems to make them every time. The Service is excellent with no problem, fair questions and requirements. Im very happy with the results.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateNovember 2019
See all answers

Review collected in partnership with RateSetter


Katrina

KatrinaSouth West, WA

So Easy!

published

Customer service was great - everything was done online and any questions I had were answered in an extremely timely manner.
I found the website to be easy to use, quick and efficent.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers

Review collected in partnership with RateSetter

Scott05

Scott05South East Queensland, QLD

  • 7 reviews

Excellent Service, Quick and Efficient

published

I was paying high interest with another lender and as I had an excellent payment history and credit report I felt I should have been getting a better rate. Ratesetter provided an excellent quote at less than half of what I was paying with another lender to which I gladly accepted and so I placed an application. The loan was processed quickly and efficiently and I had the money by the end of the week which was fantastic. All in all, I had a very good experience with Ratesetter.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Review collected in partnership with RateSetter

Julie

JulieNorthern Region, NSW

Great customer service and quick responses

published

Very satisfied.. easy to understand contract terms and very convenient applying on the internet. I didn't experience any hidden costs and repayments are very affordable I would recommend Ratesetter to everybody

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Review collected in partnership with RateSetter


Alex

AlexSydney, NSW

  • 2 reviews

Fast and simple

published

My Ratesetter loan was approved within 48 hours - albeit for a slightly lower amount than I had requested. The application was super simple, it took me only 3 minutes to complete and was very easy. Rates are competitive as well (compared with the 'Big 4').

Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateNovember 2019
See all answers

Review collected in partnership with RateSetter


Michael X.

Michael X.South East Queensland, QLD

  • 2 reviews

Are they really that much positive reviews?

published

Applied a personal loan last Friday. No responses at all. Finally got a reject this Thursday. Just waste my time. Please be aware those assurance fees. My assurance fees is $2,500 for a $20k loan. They are not cheap. Thank God it didn't approve.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers
1 comment
RateSetter
Alexandra S.RateSetter

Deb

DebPerth, WA

  • 2 reviews

customer service

published

I found it a little annoying that call waiting times are very long - however the call back service worked well.
I was called back within 30 mins and my enquiry was dealt with efficiently

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Review collected in partnership with RateSetter

The reviewer stated that an incentive was offered for this review


Life made easy with Ratesetter

published

Whole application process quick efficient helpful & very friendly communication
No stress just easy so happy with outcome and funds distributed so fast
Defintely recommend Ratesetter to anyone requiring a loan. Thankyou Ratesetter

Review collected in partnership with RateSetter

Henry

HenrySouth East Queensland, QLD

Great and Easy Application

published

I have had several loan applications online but RateSetter is by far the easiest, most convenient loan application online. i am so happy with the services RateSetter has to offer!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers

Review collected in partnership with RateSetter

Fantastic customer service

published

The team were great to deal with and kept in constant contact. The rates were fantastic and the fees reasonable. Would definitely recommend RateSetter to family and friends in the future.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateNovember 2019
Car ModelHolden calais
See all answers

Review collected in partnership with RateSetter


Very straight forward, great customer experience

published

No issue, quick decision, very helpful staff, seamless transaction.
rates better than banking sector, the future is peer to peer lending.

recommend to family and friends and will use again if I require.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Review collected in partnership with RateSetter


Very helpful at times of need, and so easy to do, great communications

published

I am very happy with the interest compared to other loan companies, and super quick at the response time.
I would certainly return in future or recommend you to others.
Thanks

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateNovember 2019
See all answers

Review collected in partnership with RateSetter


TGN

TGNNorth Queensland, QLD

Light at the end of a dark tunnel

published

After separating from my wife I did not have the funds available to me. All of my assets were in both names. My law firm put me in contact with RateSetter and they promptly put a package together and explain everything to me and informed me of any transactions with my lawyers. They made my settlement so much easier.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Sindhu

SindhuGreater Melbourne (Inner), VIC

Hazel free

published

Very simple and quick approval of personal loan .. good customer service .. big thanks to the team ..I have not experienced Any issues while applying The loan .i am happy with the interest rates.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateNovember 2019
See all answers

Review collected in partnership with RateSetter


Page 1 of 111

Questions & Answers

V C.

V C.asked

HI - I am a new investor to Ratesetter and I have loaned funds in the 5 year income stream. I have also selected to reinvest Capital and Interest repayments back into the 5 year income stream. My question is, am I trapped in an endlessly looping cycle when I reinvest in the same market, as my first monthly repayment will be reinvested into other loans, then the first of those repayments will be also reinvested. It sounds a good strategy for compounding interest, but what is the strategy for getting out of the loop? Is it just a matter of deselecting reinvestment after the 60th repayment, and then waiting another 5 years? I hope this question makes sense! Thanks.

1 answer
RateSetter
Steph P.RateSetter

Hi V C,

Each time your funds are reinvested in the market you will be matched with a new borrower forming a new loan contract and loan term.

You could turn your reinvestment settings off and wait for the loan contracts to be repaid, however, we understand that having funds invested for a 5 year term or longer is a big commitment, which is why we introduced the Early Access Transfer feature. Early Access Transfer is a feature on the platform that may allow investors in the 3 year, 5 year, or National Clean Energy markets to liquidate their loan contracts in order to withdraw their funds from the platform prior to the maturity of their loan contract.

When accessing the Early Access Transfer feature, outgoing lenders pay a fixed fee of 1.5% of the amount paid to them by the early access facilitating partner. As the interest rate that applies to an outgoing lenders early access loan may differ to that of a replacement funders facilitating loan, there may be a capital adjustment fee.

You can find some additional information about the Early Access Transfer Feature in our PDS - Refer section 7.12.


tom

tomasked

Is it possible to split a large investment amount int several smaller loans?

2 answers
Customer
Customer

Probably best you speak to your accountant or a financial advisor.

Thanks.

RateSetter
Cameron R.RateSetter

Lenders are unable to choose the number of borrowers to which their funds may be matched. Lenders simply nominate a lending market, an amount, and a rate at which they wish to lend.

Lender orders are typically matched to multiple borrower loans which helps in diversifying the risk of failed borrower payments. The number of borrower loans that your order will be matched to is entirely dependent on the supply and demand of loans in the market at the time that you place your order. Lenders can see an overview of the number of loans their funds have been lent to and the repayment profile for each of these once your funds have been matched to borrower loans.

Importantly, the principal that inspired the RateSetter peer-to-peer lending model is that the risk should be pooled in the Provision fund, rather than requiring lenders to manually split investments across borrowers. Every lender who has invested on RateSetter platform has been paid back all capital and interest on time, which is largely due to Provision fund's ability to compensate lenders for losses immediately provided it is sufficiently funded.

If you have any additional questions, please feel free to contact us at contact@ratesetter.com.au

Thanks,
RateSetter team


tom

tomasked

I am inerested in the 3 year income.The monthly repayments are iassume capital repayment &interest. If I elect not to reinvest the capital amount can itremain in my holding a/c until i decide to either withdraw it or reinvest in another loan

2 answers
Customer
Customer

You best of contacting rate setter direct to ensure there product is right for your circumstances.

Thanks.

RateSetter
Cameron R.RateSetter

Hi Tom,

Investors in the 3 year and 5 year markets typically receive monthly repayments of both capital and interest amounts. You can choose to have those funds reinvested back into the market automatically, or moved into your holding account where you can withdraw them or reinvest them at a later date.

If you have any further queries, please do not hesitate to contact us at contact@ratesetter.com.au.

Thanks.


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