Peer-to-peer loans made simple
A low rate peer-to-peer loan with no monthly or ongoing fees.
Peer-to-peer loans that are made for you.
With more flexible features and fewer fees, we’ve designed our personal loans to be tailored to your individual needs and not the other way around.
Fit for purpose
Matching your loan to an everyday investor gets everyone a competitive, customised rate.
No early repayment fees
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
Flexible loan terms
We offer flexible loan terms from 6 months to 5 years so you can tailor your repayments to suit your needs.
Borrow between $2,001 and $45,000 for any purpose: consolidate debt, renovate, travel, get married and more.
Fixed & variable rates
Our loans can match your long or short term goals with fixed (3 years and over) or variable rates (2 years and under).
We reward your good credit score with an even better interest rate so you save more each and every month.
Fast online approvals
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Australia’s most loved peer-to-peer loan.
Over 1,898 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about our peer-to-peer loans.
RateSetter were such a pleasure to deal with. From submitting a query to getting my loan approved, the whole process took less than a week. Thanks so much to the RateSetter team for being amazing!
What an absolutely fantastic experience. I’d recently gone through a credit union for finance, and after over 6 weeks, they were after more paperwork and couldn’t make a decision. RateSetter took an hour.
I was so pleased how easy it was to apply. RateSetter staff were in regular contact to assist and take the stress away. I feel a weight has been lifted off my shoulders. Very thankful.
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.
It was a surprisingly easy process. RateSetter has helped me combine by debt into one manageable bill with one easy repayment. Definitely would recommend to anyone looking at consolidating.
I can’t fault this service. Application process was smooth. I received a courtesy call within hours. Approved the same day with funds received shortly after. Service has been nothing short of exceptional.
Getting a peer-to-peer loan is as easy as 1, 2, 3.
Get your rate
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Enjoy your funds
After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.
Want to learn more about peer-to-peer loans?
Our bite size reads have everything you need to go from peer-to-peer loan novice to ninja in no time at all.
You’ve got questions we’ve got answers.
What is peer-to-peer lending?
Peer-to-peer (P2P) is an innovative way for people who wish to invest money (lenders) to connect with people who wish to borrow it. Broadly speaking, peer-to-peer (P2P) lending involves the use of an online platform that anonymously matches borrowers and lenders. The platform operator assumes responsibility for screening loan applicants to ensure that they’re sufficiently creditworthy. For example, RateSetter requires all borrowers to pass through a rigorous credit check that takes into account their credit history, employment status, credit score, and more.
By eliminating the operating costs associated with maintaining ‘bricks and mortar’ institutions (such as banks and credit unions), P2P lenders can pass the savings on to customers in the form of competitive interest rates. Importantly, they also provide individual investors and SMSFs with access to the resilient and high-yield asset class of retail and business credit.
How are rates set with peer-to-peer lending?
The market offers numerous ways to determine the returns that investors can earn. The model offered by RateSetter works much like a stock exchange. Investors choose the duration of their loan, the amount they wish to invest, and the rate at which they wish to invest. The lowest lending rate on offer is always the next to be matched to prospective borrowers. As such, borrowers always receive the most competitive available rate.
In short, the rates available to investors and borrowers are not determined by RateSetter, but by the supply of, and demand for, funds on each lending market. Lending markets are distinguished by their associated loan terms (i.e. there are one month, three year, and five year markets).
How does RateSetter protect investors?
RateSetter employs what is known as a loss provisioning model of P2P lending. Every RateSetter borrower pays a fee into its Provision Fund, which is held in cash by an external trust and exists to help protect investors from any borrower late payments or defaults. Thanks to its provision fund, no individual RateSetter investor has ever lost a cent of principal or interest since operations commenced in Australia over four years ago.
Why is peer-to-peer lending a good choice for borrowers?
The chief advantage of peer-to-peer lending for borrowers is that they have the opportunity to access more competitive rates than might be available from traditional lending institutions, such as banks and credit unions. There are two reasons for this. First, P2P lenders are better able to offer customised rates to borrowers based on their personal circumstances, such as their credit rating, borrowing history, and employment status. Second, P2P lending platforms, including RateSetter, are structured such that borrowers always receive the lowest available market rate when they apply for a loan. With P2P lending, borrowers also benefit from a loan that has consistent, regular repayments, making it easy for them to anticipate their future financial obligations.
What can I use my peer-to-peer loan for?
You can use a personal loan for many reasons, including:
- Consolidating debt – paying off credit card debt or bank overdraft charges
- Auto – buying a new or used car, ute, van, truck, motorbike, scooter or jetski
- Home renovation – financing that new kitchen, bedroom, bathroom or backyard makeover
- Wedding – making your dream day come true
- Holiday – booking that next getaway, whether it be overseas, or somewhere more local
- Study – paying those student loan fees, whether it be for high school or university
- Investment – buying shares or bonds
- Green – purchasing renewable energy products, such as solar panels or a home battery pack
- Medical – covering medical bills, whether it be dental, optical or something else
How much does a peer-to-peer loan cost?
If you’re considering a peer-to-peer loan, you may be unsure of how much it will cost. Most peer-to-peerloans comprise of three main factors that impact the total cost over the life of the loan:
- the interest rate (this may be fixed or variable)
- upfront fees (e.g. an establishment fee)
- ongoing fees (e.g. account maintenance fees, late payment fees, and other charges)
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s peer-to-peer loans, see the table below:
|Term||1 yr||2 yr||3 yr||4 yr||5 yr|
|Credit Assistance Fee||from|
|Monthly fees||$0|| $0||$0||$0||$0|
|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 4am, 25 June 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 for a peer-to-peer loan?
RateSetter provides secured and unsecured peer-to-peer loans to Australian-residents. You can borrow for any worthwhile purpose, including purchasing a car, home improvements, consolidating debt, planning your dream wedding or travel. 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 secured 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 making a final decision, 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 for a peer-to-peer loan?
To apply for a RateSetter peer-to-peer 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 upload 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.
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 7.70% p.a. the estimated total amount payable including all applicable fees is $11,567. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.92% p.a. (comparison rate 7.53% p.a.) to 19.46% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.