Application

Will applying for a loan impact my credit score?

Applying for a loan may impact your credit score, particularly if you are applying for multiple loans in a short space of time.

If you apply for a loan with RateSetter, we will submit a credit enquiry and request your credit file from Equifax and/or Illion. A credit enquiry may affect your credit score. For more information about your credit report, you should contact the credit bureaus.

Why was my loan application declined?

Unfortunately, we cannot disclose specific reasons as to why we have been unable to provide you with a loan. However, broadly speaking, when we assess an application, we look for evidence of how suitable the loan is with regards to your current circumstances and the purpose for which you require the funds. We also take into account your employment details, income, and expenses, as well as your financial history as evidenced by bank statements, credit bureau information, and any other details you communicate to us.

We also consider your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

Why do you need my bank statements?

We take our responsible lending obligations seriously – it’s the law. We require your bank statements in order to verify the information provided on your loan application, which may include your income, expenses, and living costs. Other personal loan providers are also likely to require your bank statements before approving your loan for this reason.

RateSetter values customer privacy and will handle your information in accordance with our Privacy Policy.

Why do I need to verify my identity?

RateSetter is required to verify the identity of all applicants by law, including under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Most applicants can complete their identity verification online, however we may ask you for further documents if we are unable to confirm all of your details.

What is greenID?

RateSetter uses greenID as a secure and simple way to verify your identity electronically as part of your application.

What is BankStatements.com.au?

BankStatements.com.au is a trusted financial data platform used by many of Australia’s largest financial institutions to retrieve customer bank statements in a safe and efficient manner.

BankStatements.com.au takes your data security seriously: your online banking credentials are never stored, and your data is encrypted with bank level 256-bit encryption.

What is a notice of assessment?

A notice of assessment is an annual statement provided by the Australian Tax Office after you have lodged your tax return. It contains an itemised account of the amount of tax you owe on your taxable income, as well as details such as whether you can expect a tax refund or tax credit.

How do I cancel my application?

You can cancel your loan application by calling the RateSetter customer service team on 1300 768 710. Alternatively, you can email your cancellation request to contact@ratesetter.com.au.