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RateSetter
4.8 from 2,117 reviews

47 questions from our users

John

Johnasked

RateSetter

What does it mean when I received an online message saying 'Your loan offer has been submitted to our lending market. Loan offers are normally matched to lenders within one hour.'

3 answers
RateSetter
Steph P.RateSetter

Hi John,
The message means that you have accepted your loan online and it is now in the process of being matched to our lenders, this is an automatic process and there is no need for you to do anything further.
When the order has been fully matched you will receive a confirmation email and the funs will be sent out the following business day. If you have any further queries please contact us.
Thanks
Steph

John
John

Hi Steph,
Thank you. Is there any reason why I would not receive the funds, ie. is this just a conditional approval? I have submitted direct debit form already so the process is a little confusing. And is the interest rate definitely set? Ie. how do they know the interest rate if it hasn't yet been matched to a lender?

RateSetter
Steph P.RateSetter

Hi John,
The message you have described is only displayed after your loan has been accepted, which indicates that the funds are then in the process of being sent. However as I do not have any of your details I am unable to look into this any further. If you would be able to send an email to contact@ratesetter.com.au and I can certainly look into this further for you if you have concerns.
Thanks
Steph


Kristy R

Kristy Rasked

RateSetter

I applied 5 days ago on Friday, I then received an email asking for more information the following day (Saturday) so i gave access to my bank statements as requested straight away but now it is wednesday and still have not recieved anything back! I kind of want to know if I have been approved or not so I can atleast move on!

5 answers
Babu
Babu

Hi Kristy
Normally will take maximum 24hrs ones assess bank statement if they required more information they will call you otherwise just ring and ask about s
My one I applied on Wednesday evening and approved on Thursday afternoon before approved they ring me and ask few questions
I hope you will get loan
Best wishes

Tip B.
Tip B.

Oh so sorry aoout that.
But for me it was so quick and I got team follow up almost every day by phone and email .
I contact them early this month.Finance was done with a week. And yesterday my battery was installed by professional name Jake , he was polite and quick.
NO Problemmmmm at all
Thank you sooo much.
Reds Tip B

RateSetter
Alexandra S.RateSetter

Hi Kristy, thank you for getting in touch. I have had a look at your application and it looks as though a system glitch meant that we weren't notified when you uploaded your bank statements. I am very sorry for the delay caused to you. I have passed the application along to our credit team now and asked that we try to get a decision out to you as quick as possible. Please get in touch if you need anything further.
Thanks,
Alex


Meg

Megasked

RateSetter

Is this legit?

1 answer
RateSetter
Alexandra S.RateSetter

Hi Meg, RateSetter was launched in Australia in 2014, we are a peer-to-peer lender and through our lending platform, we’re able to connect those who have money to invest with those who want to borrow it, providing better value for everyone. If you need more information or would like to discuss further please get in touch via 1300 768 710 or contact@ratesetter.com.au, we're happy to help.


Chris S

Chris Sasked

RateSetter

Can I pay out loan ealier?

1 answer
RateSetter
Alexandra S.RateSetter

Hi Chris, you can make extra payments, or pay your entire loan out at any time. We don't charge any fees or penalties for this. Please get in touch if you need anything further.


Paul mcleod

Paul mcleodasked

RateSetter

Is there any chance I can get a cash loan of $500

1 answer
RateSetter
Alexandra S.RateSetter

Hi Paul,
Our credit licence means that the minimum loan amount we can offer is $2,001. You can apply for a loan via our website.
Thanks,
Alex


TDB

TDBasked

RateSetter

Hi RateSetter,
I was wondering on a fixed rate loan, can you pay extra on your monthly repayments without any penalty? Thank you.

2 answers
Peter B.
Peter B.

I'm pretty sure you can - and there are no penalties. :)

RateSetter
Alexandra S.RateSetter

Hi there - I'm very sorry we missed this question.

Peter is correct - you can make an extra payment at any time using BPAY or bank transfer without incurring any fees or penalties.

Any extra payments you make will automatically reduce the term of your loan. This means that your monthly repayments will stay the same but you will pay less interest overall. Additionally, any extra payment will not affect the amount or timing of your regular monthly direct debit payments.

Please let us know if you need any further information


Leonie Van den berg

Leonie Van den bergasked

RateSetter

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
RateSetter
Steph P.RateSetter

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


Helix

Helixasked

RateSetter

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
RateSetter
Ben M.RateSetter

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


C12

C12asked

RateSetter

I have made additional payments to my 5 year loan, I've almost paid it off within two years, however, I now need a new loan. I dislike having too many enquiries on my credit file, which is the best way to go about this, can I withdraw my extra payments without incurring any fees and will there be an enquiry on my credit file to withdraw the extra payments I've made, I will still repay the full amount within the 5 year term?

1 answer
RateSetter
Ben M.RateSetter

Hi,
We do not offer a redraw facility on our loans, however you may have the ability to apply for additional funds either by refinancing your existing loan or applying for a second loan. To be eligible for additional funds you do need to have made a certain number of successful payments. As I am unable to identify you I do not know if you have met this criteria. However please be aware that applying for either a refinance or a second loan is considered as a new application for finance and would have an impact on your credit file.
if you have any further queries please contact us, we're happy to help.
Steph
Customer Service Manager


Maria Ferro

Maria Ferroasked

RateSetter

I can,t log into my account. It won,t let me reset the email or password

2 answers
Cat S
Cat S

If you call the call centre, they should be able to help you

RateSetter
Ben M.RateSetter

Hi 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


C12

C12asked

RateSetter

I’m preparing documents to apply for a loan with Ratesetter, how many months Bank statements are required ?

2 answers
Wai
Wai

3 months

RateSetter
Ben M.RateSetter

Good 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


Matt

Mattasked

RateSetter

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
RateSetter
Ben M.RateSetter

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


Sarah

Sarahasked

RateSetter

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

Jonalyn Angopa

Jonalyn Angopaasked

RateSetter

Can a student visa holder apply for loan?

2 answers
Gooch
Gooch

Yes you can as long as the term of loan does not exceed the length of visa.
Also have to meet certain criteria

RateSetter
Ben M.RateSetter

Hi 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


Bec

Becasked

RateSetter

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
RateSetter
Ben M.RateSetter

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


Andy

Andyasked

RateSetter

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
Dez
Dez

Did you get a response for this. Same situation


Tim H

Tim Hasked

RateSetter

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
Dave
Dave

Dont bother mate. Try Society One! They are much much better :)

RateSetter
Ben M.RateSetter

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


Ludimila

Ludimilaasked

RateSetter

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
Daniel
Daniel

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.

Daniel
Daniel

1


Bruce

Bruceasked

RateSetter

Is the repayment figure inclusive of fees? Cheers Bruce.

3 answers
OnTheMove
OnTheMove

Yes it is

RateSetter
Ben M.RateSetter

Hi 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 | RateSetter

Cus
Cus

Yes they are


Scott

Scottasked

RateSetter

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
RateSetter
Ben M.RateSetter

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


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