Enjoy a low rate debt consolidation loan that is 100% made for you
- We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
- Flexible loan terms from 6 months to 5 years for loans between $2,001 and $45,000.
- No monthly or early repayment fees help you save more and pay off your loan faster. Because nobody has ever said ‘yes please’ to fees.
Australia’s most loved personal loan
Over 2175 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about borrowing with us.
Extremely satisfied with the service, no surprises or hidden costs, of course, you always want a better interest rate but they listen when others don’t so well done. I’m impressed by the service.
I was stressing over my debt on my credit cards. I am so happy I found your website. Within hours, I am not kidding, within 3 hours, I was approved of my Personal Loan. Will highly recommend RateSetter.
I truly found this to be one of the easiest sites to navigate. It was so easy to apply and the response times were unreal. The rate was significantly better than minimum rates advertised by other lenders.
The process of applying was very easy having to only fill out a couple of questions. The application fee was less than advertised so happy days and the interest rate is cheaper than the big 4 banks.
The staff I dealt with were very helpful and professional. The administration costs were lower than other peer to peer lenders in the market. The interest rate was competitive and lower than I expected.
I am very satisfied with my experience. I found all persons I spoke with to be very professional and knowledgeable. The whole application process is efficient to a level that far surpasses any bank.
Getting a loan is as easy as 1, 2, 3.
Get your quote
Discover your personalised interest rate and repayments in 1 minute (without impacting your credit score) with our quick and easy online quote.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Receive your funds
After receiving your approval, complete our simple online settlement process to receive your loan funds.
You’ve got questions we’ve got answers.
What is a debt consolidation loan?
If you have multiple debts—such as a credit card debt, car loan, medical bills, bank overdraft charges, and so on— managing all your monthly repayments can feel overwhelming. A debt consolidation loan could allow you to roll all of your debts together and pay them off simultaneously at a more competitive interest rate.
A debt consolidation loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify you’ll need to submit an application and provide us with information to verify your identity and financial circumstances (such as a bank statement). As part of this process the lender will take into account your borrowing history, employment status, credit score, and other factors. If you’re successful, the lender will pay down your existing debts and create a new loan (equal to the value of your previous debts) that you can pay off over time.
Debt consolidation loans generally allow you to enjoy a lower interest rate than you would receive with a credit card. They also offer a consistent repayment schedule while allowing you to make early repayments. This may let you pay down your debt faster, helping you save in interest and getting you out of debt sooner.
What can I use it for?
You could use a debt consolidation loan to repay a number of debt types, including:
- Credit card debt
- Store cards
- Hire purchase debt
- Car loans
- Medical bills
- Rent owing
- Utility bills (mobile, internet, electric, gas, cable, etc)
- Personal lines of credit
- Income taxes
- Bank overdrafts
How much does it cost?
Debt consolidation loans generally have three components that affect the total cost over the life of the loan:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs may be displayed to you as a comparison rate that represents the total effective price of a loan. This allows you to compare different debt consolidation loans to find the one that best suits your needs.
See below for an overview of fees and charges (including interest rates) associated with RateSetter’s personal loans:
|Term||1 Year||2 Year||3 Year||Year 4||Year 5|
|Interest Rate||from 6.89% p.a.||from 6.89% p.a.||from 6.89% p.a.||from 9.79% p.a.||from 9.89% p.a.|
|Comparison Rate*||from 8.55% p.a.||from 8.92% p.a.||from 8.92% p.a.||from 10.66% p.a.||from 10.75% p.a.|
|Credit Assistance Fee||from $249||from $299||from $299||from $299||from $299|
|Early Repayment Fees||$0||$0||$0||$0||$0|
Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 9pm, 18 November 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Am I eligible?
RateSetter provides secured and unsecured loans to Australian residents. Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter personal loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In processing your loan application, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for a loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can uploaded as part of the application process.
When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.
Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 6.89% p.a. the estimated total amount payable including all applicable fees is $11,430. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 6.89% p.a. (comparison rate 8.55% p.a.) to 14.49% p.a. (comparison rate 25.10% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 9pm, 18 November 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.