Getting Started

Will my rate be fixed or variable?

This will depend on the duration of your loan term. RateSetter loans from 6 months to 2 years are variable rate loans. RateSetter loans from 3 to 5 years are fixed rate loans.

Will a RateEstimate impact my credit score?

No. When you request a RateEstimate, RateSetter Australia Pty Limited will request a copy of your credit file as an ‘access seeker’, known as a soft credit check. A soft credit check is only visible to you and other access seekers, will not be visible to other credit providers, and does not impact your credit score.

If you complete a loan application RateSetter Australia RE Limited will submit a credit enquiry and request your credit file. This may impact your credit score.

Why was my Rate Estimate unsuccessful?

Unfortunately, we cannot disclose specific reasons as to why we have been unable to provide you with a RateEstimate.

What is a RateEstimate?

Your RateEstimate is an initial assessment of your eligibility to apply for a loan with RateSetter. It provides you with the estimated fees, charges and interest rate that may apply to your loan, taking into account a number of factors including your proposed loan term, amount, purpose and personal credit history.

Requesting a RateEstimate won’t impact your credit score and there’s absolutely no obligation for you to proceed with a loan application. It’s free, secure, and will only 1 minute to complete.

What is a comparison rate?

A comparison rate helps you work out the true cost of a loan by providing you a single rate that includes both the interest rate and most fees and charges relating to the loan. This allows you to compare loans from different lenders with a clear idea of how much they will cost.

What fees am I charged?

Our fee structure includes a once off Credit Assistance Fee, which is payable to RateSetter for assisting with your loan, as well as an interest rate.

When you request a RateEstimate we will provide you with an estimate of all the fees and charges that may apply to your RateSetter loan. These fees and charges are included in your monthly repayment.

Although your RateEstimate includes our best estimate of fees that may apply, it’s important to remember that these could change as we assess your loan application in more detail.

How much can I borrow?

RateSetter offers secured and unsecured personal loans between $2,001 and $45,000.

How long can I borrow for?

RateSetter personal loans are available for terms between 6 months and 5 years.

How is my interest rate calculated?

Your specific interest rate may vary depending on your individual circumstances, as well as the loan details such as the amount you wish to borrow, your desired loan term, and the rates that RateSetter lenders have selected in our peer-to-peer lending markets. To find out the likely interest rate for your loan, complete a 1-minute RateEstimate.

How do I get started?

The first step in applying for a RateSetter loan is to request a RateEstimate. Your RateEstimate is an initial assessment of your eligibility to apply for a loan with RateSetter. It provides you with the estimated fees, charges and interest rate that may apply to your loan, taking into account a number of factors including your proposed loan term, amount, purpose and personal credit history.

Requesting a RateEstimate won’t impact your credit score and there’s absolutely no obligation for you to proceed with a loan application. It’s free, secure, and will only take 1 minute to complete.

If you are happy with your RateEstimate, you can proceed by completing our simple online loan application form and providing your supporting documents. Once we receive your complete application, we will provide you with an outcome within two business days.

Can I repay my personal loan early?

Absolutely. At RateSetter, we don’t have any early repayment fees or penalties, so you can increase your scheduled monthly repayment, make an extra payment, or pay off the loan in full at any time without incurring any additional charges. You can manage this online by logging into your RateSetter account.