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RateSetter Questions & Answers

4.8 from 1,899 reviews

42 questions from our users

Hi RateSetter, I was wondering on a fixed rate loan, can you pay extra on your monthly repayments without any penalty? Thank you.
No answers

I was just looking into getting a personal loan with you guys but when i read the credit guide and quote it stated that i have to pay you guys a maximum fee of $4220?? What is this figure for, doesn't make sense to me.
1 answer
Hi Leonie, The figure displayed on the credit guide and quote is letting you know the maximum possible for the applicable fees for the loan, however that is not your personal breakdown of the fees. The fees for your specific RateEstimate would have been displayed at the top of the page when you clicked on 'Show all estimated fees'. If you have any further queries please contact us, we're happy to help. Thanks Steph

Yeah hey, I am looking to buy a house is it possible to get a ratesetter loan to top up my deposit? Thanks.
1 answer
Hi, You can apply for a personal loan with RateSetter up to the value of $45,000. We consider applications with a variety of loan purposes, however I am unable to provide any guidance as to whether you will be approved or not. In order to receive a decision from our credit team you do need to submit a loan application as well as provide a form of ID and the last 3 months bank statements for your main bank account. If you have any further queries please contact us on 1300 768 710. Steph

I can,t log into my account. It won,t let me reset the email or password
2 answers
If you call the call centre, they should be able to help youHi Maria, I'm sorry that you are having problems accessing your account. I have organised for a member of the team to contact you to try and resolve the issue. Thanks Steph

I’m preparing documents to apply for a loan with Ratesetter, how many months Bank statements are required ?
2 answers
3 monthsGood morning, If you are applying for a loan with us we do require your last 3 months bank statements for your main bank account where your salary is credited. If you use multiple bank accounts for your general living expenses we may also require those as well. Also if you are self-employed we would require your tax documents. If you have any further queries please contact us on 1300 768 710. Thanks Steph

Hi, I recently applied for a loan and have had no response and can't get through on the phone. Would like to know what is going on?
1 answer
Hi Matt, I'm sorry if you experienced an issue when you tried to contact us regarding your application. Can I just clarify which contact number you tried to contact us or and when? If you would be able to contact me on 1300 768 710 or send an email to contact@ratesetter.com.au and I will be able to assist you further. Once again I'm really sorry for any inconvenience caused by this. Thanks Steph Customer Service Manager

My loan has been approved yesterday. And I signed my documents yesterday afternoon. How long does it usually tale for the funds to be in your bank account?
No answers

Can a student visa holder apply for loan?
2 answers
Yes you can as long as the term of loan does not exceed the length of visa. Also have to meet certain criteriaHi Jonalyn, We are able to consider applications from students that are on certain visas, if you could contact us on 1300 768 710 or email contact@ratesetter.com.au and we can let you know if your visa is an eligible visa. We also require that you are at least 21, living in Australia, have a good credit history and are receiving income from employment you can verify in order to be eligible to apply for a loan with us. If you have any queries or want to discuss this further, please contact us, we're happy to help. Thanks, Steph, Customer Service Manager

Hello. I applied for a personal loan but have not received a response as to whether it is approved or not. How long does the process take? From what I read, approval should be quick.
1 answer
Hi Rebecca, Our standard time frames are that you should receive a decision within 2 business days after we have received all of the required documents for the application to be assessed. As there was a public holiday in NSW yesterday this does mean that there may be a slight delay in being contacted by us. It does look as though a member of the credit team has been in touch with you this morning regarding your application to request further information. If you have any further queries please contact us on 1300 768 710. Thanks, Steph Customer Service Manager

I would like to get a loan to consolidate debt. I am starting a new job and at present only have my contract as prof of earnings, would you except this or would I need to wait several months before applying.
1 answer
Did you get a response for this. Same situation

I'm looking to do some debt consolidation and was looking at around 60k to basically payout a couple of loans and a credit card and only be charged interest for 1 thing. Is there anyway to go through rate setters as the reviews seem to be really good and clear? Thanks!
2 answers
Dont bother mate. Try Society One! They are much much better :)Hi Tim, I'm so sorry for the delay in replying to this. The first step in applying for a RateSetter loan is to request a RateEstimate, which takes only 1 minute and allows us to make the initial assessment of your borrowing potential and provide you with an interest rate and fee quote. However please be aware that our maximum loan amount is $45,000. Requesting a RateEstimate wont impact your credit score and there's absolutely no obligation to proceed to apply for a RateSetter loan. It's free and will only take you a few minutes to complete. You can request a RateEstimate by visiting the following link: https://www.ratesetter.com.au/ Thanks, Steph Customer Service Manager

I applied for a financial plan in order to buy a IPhone X from Amaysim website through RateSetter and I just recive a e mail with a pre-contractual. But don’t say if was approved? I am bit confusing, I right another email and then send me the same email before. Someone can help me?
2 answers
Jump on to their website, Ratesetter.com.au and apply there. That's how l did it and l had some funds a few days later.1

Is the repayment figure inclusive of fees? Cheers Bruce.
3 answers
Yes it isHi Bruce, Thank you for your question. The monthly repayment does include all relevant fees. If you have any other questions please do not hesitate to contact us directly on 1300 768 710 and one of our friendly Finance Consultants will be more than willing to assist. Kind regards, Sathya Tharmakumar Head of Customer Experience | RateSetterYes they are

Hi, I have been through the rate estimate process and completed an application. Before I go any further I am concerned about the additional fees and charges. I note that the amount stated can be up to a maximum of $5450 depending on the loan an individual situation. On my $40,000 loan that would seem fairly excessive and would certainly change the monthly payment considerably. Is there any way of finding out what's fees will be prior to completing the application? I would prefer not to have a credit file entry listed if I decide my bank would give me the same rate less the large fees. Thanks Scott
1 answer
Hi Scott, I believe you may be referring to our Credit Guide, this is letting you know the maximum amount that we may charge for our services, however when you completed the RateEstimate you would have been provided with a personalised estimate including all of the applicable fees. If you have already received an email from us, this would contain a link back to your RateEstimate where you can see a detailed breakdown of all of the estimated fees and interest. Please note that all of the fees and interest are included in your monthly repayment, there is nothing to pay separately. Alternatively you can contact us on 1300 768 710 and we can go through the figures with you. Thanks, Steph Customer Service Manager

Hi Ratesetter, I will be paying my personal loan out in full on Monday and want to know if I will get a refund for the Risk Assurance Charge that was added into my repayments? I am 30 months into a 60 month contract so will I get some of this back? I couldn't find the answer on your website. Thanks Aaron
1 answer
Hi Aaron, The Risk Assurance Charge that applies to your loan is an upfront charge and is non-refundable and is unfortunately not subject to any rebate for early repayment. The reason for this is that the Risk Assurance Charge is not paid to RateSetter itself, but rather to our Provision Fund. The Provision Fund is a separate trust held for the benefit of RateSetter lenders to help protect them against the effects of borrower late payment or default. Under the terms of the Provision Fund trust deed, amounts paid to the Provision Fund by borrowers are non-refundable. However by repaying your loan early you would save money on the amount of interest you would pay. As interest accrues on a daily basis with our loans, you would only pay the interest up to the day you repay your loan. If you have any further queries please contact us on 1300 768 710. Steph Customer Service Manager

Is this company legit? I was told someone would get back to me in two hours. It’s now 2 weeks later. I’ve had to change all my bank details incase it’s not legit. Not cool
8 answers
I got a pretty fast response, like within a day that I was approved for a loan. Yet to see the money but I am confident that all is ok.Initially I got a fast response. Then I was told someone had been trying to call me several times yet I had no missed calls. Then I was asked for my number. When I asked what number they had tried to call, no one replied to my email. Not sure how someone had been calling when they were asking for my number.I got a really fast response, I had the loan approved on Tuesday and money was in my account on the Friday. I can not fault them, I must admit I got really nervous when I was asked to log into my internet banking account for them to verify my statements. But in saying that I would recommend to anyone, I got a lot lower interest rate then my regular bank

Is anyone have the same problem like me have been paying my loan every fortnight for the last 4 years I have not received any statement for how much I been paid or how much is left trust me do not go to them
3 answers
my contract and product statement has the payment schedule in it. I am not expecting any further statements until I finish paying. It’s all laid out.Go to your dashboard it is all there in black and white.Hi BALL ON, You can log in to your RateSetter account at any time to view an accurate balance of your loan. Should you wish to reset the password for your RateSetter account, please call our team on 1300 768 710 and one of our friendly Finance Consultants will be able to assist. Thank you. Sathya

Hello, I am receiving Single Parenting Payment from Centrelink. Does this qualify for a stable income?
1 answer
Hi Shelliina, Thank you for your enquiry. If your single parenting income is your primary source of income unfortunately this will not qualify you for a loan with RateSetter. However, in conjunction with your benefits, if you are receiving income from another source, such as continuous part time employment then we may consider your application. I hope this answers your question. Please do not hesitate to contact us directly on 1300 768 710 should you require any further information. Thank you. Sathya Tharmakumar Head of Customer Experience | RateSetter

I want to check the 1 minute application and would love to apply but your website is not coming up secure in either Chrome or Internet Explorer. Considering the information it asks for, I need security, does your certificate need updating? **SSL verification issue (Possibly mis-matched URL or bad intermediate cert.).
1 answer
Hi Marvin, Thanks for your message. Unfortunately we aren't able to replicate the issue that you're seeing - our security certificates are up to date and we haven't had any other reports of invalid certificates or security issues. It would be appreciated if you could give our customer service team a call on 1300 768 710 (Monday-Friday 9am-5.30pm AEST) so we can get a few more details from you and hopefully get your application back on track. Kind regards, Ben

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