??!
2 photos
RateSetter Personal Loan

RateSetter Personal Loan Questions & Answers

4.8 from 2,179 reviews

55 questions from our users

Denise Duncan

Denise Duncanasked

Can I make a cash payment anywhere?

1 answer
RateSetter
Alexandra S.RateSetter

Hi Denise, we are an online company and are able to accept payments via Bpay and bank transfer. This is the quickest and easiest way to add funds to your loan. You can either log into your RateSetter account to obtain your specific payment details. Alternately you can contact us at contact@ratesetter.com.au and we can provide you with your payment details. Please let us know if you need anything further.


Damien C.

Damien C.asked

Have been approved for a loan and just wondering can I make fortnightly payments

1 answer
RateSetter
Alexandra S.RateSetter

Hi Damien, at RateSetter we are currently only set up to collect loan repayments on a monthly basis.
If your current direct debit date is not convenient, we can change it to a more suitable time, we can also change the account from which the repayments are debited.
We don't have any early repayment fees or penalties, so you can increase your scheduled monthly repayment, make an extra payment, or pay off the loan in full at any time without incurring any additional charges. You can manage this online by logging into your account.
If you have any further queries, please don’t hesitate to contact us at contact@ratesetter.com.au
Thanks,
Alex


Lilly A.

Lilly A.asked

Hello, Is your phone line open on Monday? (public Holiday) I wanted to call you Guys to ask a few questions before I apply. Iv completed my Rate Estimate, I havnt been able to call because of work but Im interested! Thanks

No answers

Joanna M.

Joanna M.asked

Why do you need my Id and then my net bank login and password? Can't you just use bank statements and a credit check?

2 answers
Adrian
Adrian

It's a secure system that is used alot these days they don't see or keep your login details it is a direct connection to your bank giving permission to send statements to the creditor that is all..I was a bit suspicious too but it is only you communicating directly to your bank..a portal between your and bank opens that is all..

RateSetter
Alexandra S.RateSetter

Hi Joanna, RateSetter is required to verify the identity of all applicants by law, including under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. We also require bank statements in order to assess your application.
One of the methods we use is - BankStatements.com.au, which is a trusted financial data platform.
BankStatements.com.au takes your data security seriously: your online banking credentials are never stored, and your data is encrypted with bank level 256-bit encryption.
If you are not comfortable using this retrieval method you can also upload or email through your PDF bank statements. Please get in touch at contact@ratesetter.com.au if you need anything further.


michael barton

michael bartonasked

i increased my original loan after 6 months of on-time payment history. i tried to increase my loan again a second time after another 6 months of payments but was told i had to wait another 4 months before i was eligible to re-apply? why in the 1st instance i could increase my loan after 6 months of payments yet the 2nd time i have to wait 10 months.?

1 answer
RateSetter
Alexandra S.RateSetter

Hi Michael, thank you for getting in touch. Our eligibility criteria for additional funds requests is based on the existing loan term, as well as repayment history. It looks like the term was increased on your second RateSetter loan, meaning the eligibility requirement was different. Please let us know if you would like to discuss further at contact@ratesetter.com.au


Raza

Razaasked

Can someone with a visa sub-class 485 also apply for a personal loan?

1 answer
RateSetter
Alexandra S.RateSetter

Hi Raza, thank you for getting in touch. While there are some visa class applicants we can consider, unfortunately we are unable to consider an application if you are currently on a visa sub-class 485. I'm sorry that we are unable to assist at this time, but thank you for your interest in RateSetter.
Thank you,
Alex


Ryank

Ryankasked

Do you have to use direct debit is it possible to take it off and just make the payment directly each week

4 answers
RateSetter
Alexandra S.RateSetter

Good morning, at RateSetter we are only able to collect your monthly repayments via direct debit. You are able to make additional payments towards your loan manually if you choose. 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 which still need to be collected as scheduled. If you have any further queries please don't hesitate to get in touch at contact@ratesetter.com.au

Ryank
Ryank

So if I get 6 months in front of my loan and I want to stop payments for a period is that allowed if it's not and another commitment comes up then I'm going to get stuck with fees are ratesetter flexible with the extra money has been paid to them.

RateSetter
Steph P.RateSetter

Hi Ryan,
Regardless of how many extra payments you may make, we will always debit your monthly repayments. We do not offer a redraw facility, so any extra payments are not available to be withdrawn again.
There are no fees for making extra payments or for repaying a loan early.
Thanks
Steph


Sara B.

Sara B.asked

Hello,

Just wanted to know if you can make fortnightly payments instead of monthly?

Thanks

2 answers
RateSetter
Steph P.RateSetter

Hi Sara,
Currently you can only repay your loan by a monthly direct debit. However you can change the direct debit to a more convenient date if the default date does not suit.
Alternatively you can use a secondary bank account which you pay into on a fortnightly basis and we can then debit on a monthly basis.
Thanks

Sara B.
Sara B.

Okay great! Thank you!


John

Johnasked

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

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

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

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

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

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

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

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

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

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

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

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


Page 1 of 3

Get an answer from our members and RateSetter representatives

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.