??!
1 photo
RateSetter
4.8 from 2,206 reviews

52 questions from our users

V C.

V C.asked

Investors

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

Investors

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

Investors

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.


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


Sarah

Sarahasked

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

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

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


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.