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RateSetter Investors

RateSetter Investors

3.9 from 19 reviews

Reviews

Review distribution

5 star
11
4 star
4
3 star
0
2 star
0
1 star
4

ling

lingSydney, NSW

  • 27 reviews

A Very Good Lending Platform

published

RateSetter is a very good lending platform that is easy to use and gets you much better returns on your funds.

The only thing that I think that could be improved is the fact that when you receive interest and or capital repayments it sits in the "uncleared funds" part of your portfolio for 3 full days. No interest is earned on those funds. Why is it that I can send funds with PAYid and OSKO payments instantly and it is cleared to use instantly but funds in RateSetter sits uncleared for 3 days? In this day and age with instant payments this should be improved.

Generally though this is a great way to lend out your money for much better returns and I will continue to use RateSetter. Thank You.

Transparency
Customer Service
2 comments
RateSetter
Steph P.RateSetter
ling
ling

Hi Steph, if that happens then I will wholeheartedly give RateSetter a 5 star rating. Thank you.


John N.

John N.Hunter Region, NSW

  • 6 reviews

As a customer, they want too much intrusive information

published

They won't let you change bank accounts without sending them a detailed listing of your bank account transaction statements - compeltely irrelevant, a invasion of privacy. They won't clear funds for 10 days, despite money being taken from your account. They don't respect your privacy or customer service in this way.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers
1 comment
RateSetter
Cameron R.RateSetter
Santhosh V.

Santhosh V.

  • 2 reviews

I am an investor and not able to withdraw funds from the portal

published

I have been raising requests to withdraw funds from the portal continuously. But still no withdraw has been processed. Not able to reach out to their customer service. Pretty horrible.

Transparency
Customer Service
1 comment
RateSetter
Alexandra S.RateSetter
  • Verified customer

So far so good, easy to work with.

published

My customer service was well above average.
I did not receive any unexpected costs.
I am satisfied with the rate I got.

The best part is how responsive the team are with their emails.

Review collected in partnership with RateSetter


BSF

BSFAU

  • 49 reviews
  • 15 likes

very easy to use

published

I have been an investor for less than a year. Overall they are very easy to use. Keep up the good work. My suggestion is that your website needs better layout and your statements need to be more detailed.


Trevor G

Trevor G

  • 2 reviews
  • Verified customer

Timely and a business strategy

published

All on line, no talking and just the facts. The way I like it! Max value for minimum input. No calling to see my relationship manager with a big 4 bank. Easy access to quick credit for capital outlay and reno. Worthy investment not loan in my opinion. I believe peer to peer lending is the future. Maybe I'm actually borrowing from myself? Gotta love that! It's called a win win

Review collected in partnership with RateSetter


not good experience as an investor

published

not pleasant experience as an investor, takes 10 days to withdraw funds, still not been processed, the excuse given was the fund was too large need authority to do so, warn anyone who wants to withdraw money to call them immediately to confirm.

1 comment
RateSetter
Ben M.RateSetter

Investor (2nd Month payments)

published
Bruce

BruceMaylands

  • 3 reviews
  • 2 likes

Ratesetters is a worthy contender for lenders looking for higher risk/ higher reward.

published

Ratesetters is a 'best of breed' peer to peer lending platform. I have made loans through Ratesetters via the 1 month, 1 year, 3 year and 5 year lending markets. The main differentiating feature for lenders is the Provision Fund which helps 'make whole' any amounts owing to investors when a borrower defaults. The Provision fund typically has funds in the order of 1.5-1.8 x the expected level of defaults and in normal business cycles will help insure that investors are not out of pocket. Currently, loan statistics are pooled and it would be an improvement if lenders could see default data segregated by term of the loan.

gawler8

gawler8

  • 4 reviews
  • Verified customer

great experience

published

I decided to invest in peer to peer lending after a recommendation from a trusted source. I did some research and chose ratesetter, I invested a small amount to see how this goes and I have been very pleased with the returns and their communication. As an investor I would definately recommend ratesetter.

Review collected in partnership with RateSetter


Ripped off bloke

Ripped off blokeSydney Surrounds, NSW

  • 2 reviews
  • 3 likes
  • Verified customer

Pointless gamble

published

I am a lender on ratesetter, I used 1 month at $1000 and got a miserly $3 from this. You are seriously telling me I took a risk with $1000 of my money and got just $3 in return, strange how when you wish to borrow $1000 it's $1200 to pay back, your nothing short of theives, I'll be closing my account asap.
Wouldn't recommend this company to anyone thinking about lending money

Review collected in partnership with RateSetter


Easy and no drama

published

I am a senior investment and know the finance industry.
This was easy, no hidden dramas, very happy, thanks very much.


  • Verified customer

Quick and easy

published

I am a first time lender and I'm pleased with the way RateSetter handled my application, they were quick and the experience was simple enough

Review collected in partnership with RateSetter


Insider

InsiderAdelaide

  • 15 reviews
  • 18 likes
  • Verified customer

As a lender...

published

..I am happy to report that I am completely satisfied with Ratesetter.

If this business ever gets listed on the Stock Exchange I will be an investor for sure.

Review collected in partnership with RateSetter

LizzieDizzy

LizzieDizzyRiverland, South Australia

  • 10 reviews
  • 3 likes

Investors Dream

published

I myself have a diverse portfolio in the Australia and International Stock market and thought to try something new, so i recently signed up with Ratesetter as a lender 4 months ago and have had great success lending, I know my money is going to another person in Australia and being put to good use. The platform Ratesetter use is simple and easy to read with quick start up and no fuss..

Highly Recommended

Warwick S

Warwick SWodonga

Well.. I'm impressed

published

RogerJ

RogerJCastle Hill

  • 4 reviews
  • 3 likes

Brilliant well developed and proven investment concept with excellent returns.

published

Great service & great people to talk to, very satisfied

published

As a "senior" a happy 80 I have been looking to boost my income as rates from banks are so low. Saw Rate Setters on TV and haven't looks back.. Many friends and relatives at first were totally sceptical saying it must be a scam, be careful, however after they checked it out themselves, 3 have taken their money and invested with RateSetters, although with a "little" to test the waters, so to speak. Keep up the good work.

Update 19 July 2016:
Since joining in December 1015 I could not be happier with this Company. Great rates on offer, never missed a payment, on time, every time, into my account. five star and you talk to real, very experience, helpful people every time, great service


Mark

MarkSydney

  • 22 reviews
  • 11 likes

Great site for lending money

published

See all RateSetter reviews

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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