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RateSetter

RateSetter Questions & Answers (page 2 of 3)

Borrowers and Investors
4.8 from 2,117 reviews

47 questions from our users

Aaron Craze

Aaron Crazeasked

RateSetter

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
RateSetter
Ben M.RateSetter

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


Karyn

Karynasked

RateSetter

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
bee
bee

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.

Karyn
Karyn

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.

Tenn G
Tenn G

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


BALLON

BALLONasked

RateSetter

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
Damo
Damo

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.

El guapo
El guapo

Go to your dashboard it is all there in black and white.

RateSetter
Ben M.RateSetter

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


Shelliina

Shelliinaasked

RateSetter

Hello, I am receiving Single Parenting Payment from Centrelink. Does this qualify for a stable income?

1 answer
RateSetter
Ben M.RateSetter

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


Marvinthemartian

Marvinthemartianasked

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
RateSetter
Ben M.RateSetter

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


Renee

Reneeasked

RateSetter

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
RateSetter
Ben M.RateSetter

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


dallas

dallasasked

RateSetter

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
RateSetter
Ben M.RateSetter

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


lovetoshop

lovetoshopasked

RateSetter

If I borrow money from Ratesetter for say, 3years,is there any additional fees if I pay off the money earlier?

1 answer
RateSetter
Ben M.RateSetter

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


Melanie Lillis

Melanie Lillisasked

RateSetter

Hi there, can you please tell me more about your risk assessment charge? If you don't miss any repayments on your loan, does the risk assessment amount still get charged? I'm confused as to why you have to pay this if you don't miss any repayments.

1 answer
RateSetter
Ben M.RateSetter

Hi Melanie,

Thank you for your question.

The Risk Assurance Charge (RAC) is an amount paid into our Provision Fund, which is a trust that has been established to protect our investors from borrower late payments and defaults. The RAC is personalised fee that is calculated according to the amount of the loan, the term of the loan and credit characteristics of the applicant. This will include your credit score.

The RAC charge that applies to your RateSetter loan is an upfront fee that is capitalised to your loan, so it is added to the amount you must repay. You effectively repay this amount through your monthly repayments.

If you repay your loan early you still pay the applicable RAC, however you will pay less interest by paying it off early.

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,
Sathya


Soozarooski

Soozarooskiasked

RateSetter

Hi is it possible to apply for a joint personal loan with my husband? I've done the rate estimate but couldn't put in joint details?

1 answer
RateSetter
Ben M.RateSetter

Hi Soozarooski,

Thanks for your question. Unfortunately, our personal loan applications can only be made by an individual, and we don't currently allow for joint applications. However, we do take into consideration your household financial circumstances when we underwrite a loan, including joint income and expenses - just let us know in the applications comments field if there are any particular circumstances we should be aware of when assesing your loan application.

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 Milsom


myak.linux

myak.linuxasked

RateSetter

like other lenders... I could not find any borrowing power calculator on your website where applicants could get an idea how much they can borrow at max? right according to their current income , expenses and savings.

1 answer
RateSetter
Ben M.RateSetter

Hi myak.linux,

Thanks for your question.

The first step in applying for a RateSetter personal loan is to get your personalised RateEstimate at www.ratesetter.com.au. It only takes 1 minute and won't affect your credit score. Unlike a standard loan calculator which doesn't personalise results to your specific circumstances, our RateEstimate will show you a range of terms and amounts you might be eligible for so you can find a repayment term that suits you.

If you're happy with your RateEstimate, you can choose to apply for a loan online. Application only takes a few minutes and depending on your circumstances you could be approved in as little as 1 business day.

If you have any further questions, please feel free to get in touch at contact@ratesetter.com.au or give us a call on 1300 768 710.

Cheers

Ben


Dre2511

Dre2511asked

RateSetter

Good afternoon, I am considering getting a rate estimate. It says it won't effect my credit score however my question to you is will it appear as an enquiry on my credit file ? Thanks

1 answer
RateSetter
Ben M.RateSetter

Hi Dre,

Thanks for your question.

When you request a RateEstimate, we may will conduct a credit search with our credit bureau partners as an ‘access seeker’. This request will be visible to you and other access seekers, but will *not* be visible to credit providers, and will not be listed as a credit enquiry nor affect your bureau credit score. This process is completely free and without obligation.

If you proceed to apply for a loan, we may request your full credit file as a credit assistant, similar to when you apply for a loan with a bank. This will be recorded on your credit file as a credit enquiry, and may affect your credit score.

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 Milsom


adohr08

adohr08asked

RateSetter

As loans under 3 years have variable interest rates, does the lender also receive variable interest or the set amount agreed to in order at commencement of loan?

1 answer
RateSetter
Ben M.RateSetter

Hi adohr8,

Thanks for your question.

Section 7 of the RateSetter Lending Platform Product Disclosure Statement (available at http://pds.rs) provides important information about our lending markets, including information about lending order rates. You should read this document to learn more about our rates.

To answer your specific query, lending order rates are fixed, and will not vary during the term that your funds are on loan to a borrower. All lender rates entered by you and displayed on our website are subject to the assumptions stated on our website and in the PDS, including that the rates shown assume your investment is protected by the Provision Fund in the event of any borrower late payment or default, however there is no guarantee or warranty as to any protection from the Provision Fund.

If you have further questions on lending order rates or other aspects of the RateSetter Lending Platform, please feel free to email us at contact@ratesetter.com.au or give us call us on 1300 768 710.

Cheers

Ben Milsom


eltaf

eltafasked

RateSetter

hello there i want to apply for loan how do i do it?

1 answer
RateSetter
Ben M.RateSetter

Hi elate,

Thanks for your question.

The first step in applying for a RateSetter personal loan is to get your personalised RateEstimate at www.ratesetter.com.au. It only takes 1 minute and won't affect your credit score. We'll give you a range of terms and amounts you might be eligible for so you can find a repayment term that suits you.

If you're happy with your RateEstimate, you can choose to apply for a loan online. Application only takes a few minutes and depending on your circumstances you could be approved in as little as 1 business day.

If you have any further questions, please feel free to get in touch at contact@ratesetter.com.au or give us a call on 1300 768 710.

Cheers

Ben


countryboy

countryboyasked

RateSetter

I have a lent a little on Ratesetter to get an idea of how it works. Now I would like to borrow some money for a new car. Does it matter that I have already been a lender on Ratesetter?

2 answers
Justin Fox
Justin Fox

It shouldn't, because it's a secure loan, as long as your income and credit rating is ok...you'll driving out the door very soon...great interest rates as well.!

RateSetter
Ben M.RateSetter

Hi countryboy,

Thanks for your question. We're always happy to see our lenders become borrowers (and vice versa). However in order to get your personalised loan rate, you'll need to use a different email address than the one you used to register as a lender.

If you need help getting your rate or are having troubles with the email account you want to use, please get in touch at contact@ratesetter.com.au or give us a call on 1300 768 710.

Cheers

Ben


Paul

Paulasked

RateSetter

There is no interest being charged right?
I specifically looked for this in the contract before accepting.

1 answer
RateSetter
Ben M.RateSetter

Hi Paul,

Thanks for your enquiry.

Whether interest is charged on your RateSetter loan depends on your specific finance agreement. If you would like us to confirm the details of your agreement, it would be appreciated if you email us at contact@ratesetter.com.au or give us a call on 1300 768 710. We'll be able to take a look at your account and confirm whether interest applies to your finance agreement.

Cheers

Ben


Shelly p

Shelly pasked

RateSetter

I'm on dsp and want to borrow 2000, what's repayment and how long to pay of it? have sent email my email is Michellepierce0505@mail.com

2 answers
RateSetter
Ben M.RateSetter

Hi Shelly,

Thanks for your question.

With a RateSetter loan, the exact rate you'll pay as well as any fees and charges depend on a number of factors, including your personal credit history.

The easiest way to get your personlised rate is to get a free RateEstimate at www.ratesetter.com.au. It only takes 1 minute and won't affect your credit score. We'll give you a range of terms and amounts you might be eligible for so you can find a repayment term that suits you.

If you have any further questions, please feel free to get in touch at contact@ratesetter.com.au or give us a call on 1300 768 710.

Cheers

Ben

Rebecca
Rebecca

Just be carefully I did this and conditionally approve but them got knocked back with it don't meet there standards


ßòóf Hëâd

ßòóf Hëâdasked

RateSetter

Hello, when I first applied and got my loan six months ago, my interest rate was 3.85%. It's gone up every month, Now it's at 5.60%. Is it only going to continue going up? I'm starting to worry I still have 13 months of payments to go.

1 answer
RateSetter
Ben M.RateSetter

Hi there,

Thanks for your enquiry. As your enquiry relates to your particular loan agreement, it would be appreciated if you email us at contact@ratesetter.com.au or give us a call on 1300 768 710. We'll be able to take a look at your account and give you further information on the interest rate that applies to your loan.

Kind regards,

Ben Milsom


Jarr

Jarrasked

RateSetter

What would the percentage rate be on 18000 to pay off in 2 years

1 answer
RateSetter
Ben M.RateSetter

Hi Jarr,

Thanks for your question.

With a RateSetter loan, the exact rate you'll pay as well as any fees and charges depend on a number of factors, including your personal credit history.

The easiest way to get your personlised rate is to get a free RateEstimate at www.ratesetter.com.au. It only takes 1 minute and won't affect your credit score. We'll give you a range of terms and amounts you might be eligible for so you can find a repayment term that suits you.

If you have any further questions, please feel free to get in touch at contact@ratesetter.com.au or give us a call on 1300 768 710.

Cheers

Ben


Mel36

Mel36asked

RateSetter

What is the upfront processing fee and why are you charging this if there is one?

1 answer
RateSetter
Ben M.RateSetter

Hi Mel,

Thanks for your question.

When you obtain a loan from RateSetter, you may be charged loan commencement fees and charges. Such fees may include:
1. A credit assistance fee, payable to RateSetter for assisting with your loan; and
2. A Risk Assurance Charge personalised based on your credit history, payable to the Provision Fund.

You do not need to pay any fee unless you apply for and then draw down a loan from RateSetter.

The exact amount of these fees or charges depends on a number of factors, including the term and the amount of the loan. The easiest way to find out what fees might apply if you obtain a loan from RateSetter is to get RateEstimate at www.ratesetter.com.au. It only takes 1 minute and won't affect your credit score. It's free to get a RateEstimate and there's no obligation to apply.

Importantly, the commencement fees and charges are added to your requested loan amount, so the effect of these fees is included in the monthly repayment amount and comparison rate you are displayed when you receive a RateEstimate.

If you have any further questions, please feel free to get in touch at contact@ratesetter.com.au or give us a call on 1300 768 710.

Cheers

Ben Milsom


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