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RateSetter Questions & Answers

4.8 from 1,835 reviews

39 questions from our users

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
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

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

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

Im reading good reviews but i emailed around a week ago for an update on my application, which i emailed two days after the application. I am still waiting for the reply to know whats happening.
1 answer
Hi Renee, Thank you for your message. I'm really sorry that you have experienced a delay in the assessment of your application. I require a little bit more information about your full name, email address or mobile number that was used for this application, so that we can investigate and see what has happened here. Please contact us directly on 1300 768 710 to discuss further. Thank you. Sathya

i have a current account with ratesetter but no open loans as i paid the last on out, i am looking to open a new one but when i log in there is nowhere to apply and when i apply without logging in it just tells me i need to log int then takes me to my account summary page and again, no where to apply for new loans, just my details and details of my previous loan. Please help?
1 answer
Hi dalla, Thank you for you query. You are most welcome to apply to us for another loan. In order to proceed with a second application we require that you complete a rate estimate. This will then take you through the application process. However, due to the fraud prevention measures we have on our platform, you must either use a different email address to the one you previously used when applying to RateSetter. Or you can use the same email address, but we need to make some manual adjustments on our end. If do wish to use the same email address, please call us directly on 1300 768 710 and speak to one of our Finance Consultants and they will be able to assist. Alternatively you can send us an email at contact@ratesetter.com.au. I hope this helps. Thanks, Sathya

If I borrow money from Ratesetter for say, 3years,is there any additional fees if I pay off the money earlier?
1 answer
Hi lovetoshop, Thank you for your question. With RateSetter, there are no early repayment fees or exit fees, so you can pay off your loan early without penalty. I hope this answers your questions. If you have any further queries, please feel get in contact with us at contact@ratesetter.com.au or give us a call on 1300 768 710. Kind regards, Ben

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