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RateSetter

RateSetter Questions & Answers (page 2 of 2)

4.8 from 1,874 reviews

40 questions from our users

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

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
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

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
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

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
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

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
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

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

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
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.!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

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

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

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
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

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

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

Hi, As a lender, can you stipulate our rights in an event the rate setter platform liquidates or goes bankrupt or even sold to another institution. As are lender, do we have any rights? I'm looking to invest a fair amount of money, just want to get a better understanding of this first...
1 answer
Hi Jason, Thanks for your question. The RateSetter Lending Platform Product Disclosure Statement (available at https://www.ratesetter.com.au/pds) provides key information about what might happen in the event that the RateSetter Lending Platform needs to be wound up, including detail on what happens to the Provision Fund. Specifically, see the information at the top of page 13 and section 8.3. If you have further questions please feel free to email us at contact@ratesetter.com.au or give us call us on 1300 768 710 and we can discuss in further detail. Kind regards, Ben Milsom

What happens if I lend money and a borrower misses a payment or defaults. Will I be notified via email? Do I need to make a dedicated claim against the Provision Fund or is this handled automatically?
1 answer
Hi Dockerdan, Thanks for your question. Section 8 of the RateSetter Lending Platform Product Disclosure Statement (available at https://members.ratesetter.com.au/documents/document/pds) provides key information about the Provision Fund, including detail on how claims are made. The good news is that in the event of a late payment or default, no action should need to be taken by you. If you have further questions on the Provision Fund, please feel free to email us at contact@ratesetter.com.au or give us call us on 1300 768 710. Cheers Ben Milsom

Do you contact customer when loan is repaid?
1 answer
Hi Terry, Thanks for your question. You should receive an email from us confirming that your loan has been repaid. If you think you've repaid your loan but haven't had an email from us, please get in touch at contact@ratesetter.com.au or give us a call on 1300 768710. Cheers Ben Milsom

You mention the below in your terms and conditions - the credit provider can vary the annual percentage rate (the interest rate), the repayments and the fees and charges and can add new fees and charges without your consent Can you provide information on the number of borrowers who's interest rate has changed or who have had new fees charged since taking out a loan?
1 answer
Hi Tim, Thanks for your question. All RateSetter loans of term less than 3 years are variable rate, so your rate may change month to month depending on the rates being offered by lenders on the RateSetter Lending Platform. Any rate changes will not affect your regular monthly payment, but may change your final payment amount. As with almost every lender in Australia, our standard terms and conditions do give us flexibility to change some aspects of a loan if we need to. However, no RateSetter borrower has ever had new fees added or existing fees increased during the life of their loan. 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

Hello, If I am to lend money how do I know I will be paid back? What percentage of people in Australian have not been paid back please?
1 answer
Hi James, Thanks for your question. If you're interested in becoming a lender with RateSetter, we recommend you read our Product Disclosure Statement (PDS). Its easy to read and contains information about the benefits and risks of investing with RateSetter. Read the PDS here: https://www.ratesetter.com.au/documents/document/pds . For more detail about how we help protect lenders against the risk of borrower late payment or default, you should have a look at the information on our website. Our lending information page (https://www.ratesetter.com.au/lending/why_ratesetter.aspx) outlines we help manage the risk of lending through robust credit assessment and our unique Provision Fund. The RateSetter group globally is extremely proud that thanks to the Provision Fund concept none of our lenders – big or small – have missed a cent of capital or interest due. However, we're very careful to remind our lenders that the Provision Fund is not a guarantee or an insurance product. Read our PDS for more information on the Provision Fund. If you'd like more information, please have a look at our website (www.ratesetter.com.au) or give us a call on 1300 768 710. Regards Ben

What exactly determines a 'yes' or 'no' when you try to get an estimate online? I was given a 'no' straight away for a small amount, despite a good income and no bad credit (I have my most recent veda file from last week, so I know it's clean!). The response I was given made no sense.
1 answer
Hi there. Thanks for submitting your question. We're really sorry that you've had a less than satisfactory experience with our RateEstimate. In relation to your RateEstimate, unfortunately there are a huge number of factors that can go into whether or not you might be eligible for a RateSetter loan - to give you more information, it would be best if you could email me (Ben) at contact@ratesetter.com.au and I'll look into it personally. Again, thanks for getting in touch. Kind regards Ben Milsom

Can I get a personal loan of only $1000 for visitors coming to stay over Christmas?
1 answer
Hi Gaz, thanks for your query. Unfortunately our minimum loan size is $2,001, so we wouldn't be able to help you on this occasion. If you have any further queries, please feel free to get in touch or visit our website at www.ratesetter.com.au .

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