Fit for purpose
Reward your great credit with a better rate and our simple, secured loans.
Simple secured loans that reward your good credit history.
By providing collateral, you can get an even better deal with our secured personal loan. They’re tailored to your needs and not the other way around.
Reward your great credit with a better rate and our simple, secured loans.
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
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.
Our loans can match your long or short term goals with fixed (3 years and over) or variable rates (2 years and under).
We calculate your estimated personalised rate within 1 minute, with no impact on your credit score.
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Over 1,898 borrowers have rated us 4.8/5 stars on ProductReview. Here’s what those happy customers have to say about our secured personal loans.
Extremely happy with the services I have received. Fast and quick affordable payments with absolutely no hassle. It made getting a loan so bloody easy. Thanks for the loan guys.
The sign-up process was painless, and managing the loan via the RateSetter portal is a breeze. I’d definitely recommend RateSetter to anybody, and the bonus is that you don’t have to deal with a bank.
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.
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 RasteSetter.
The turn around was super quick and the application process was amazingly easy! Everything was clearly laid out and straight forward which was really helpful considering I’ve been a little stressed.
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.
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
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.
A secured personal loan is ‘backed up’ by a piece of collateral property, such as a car, boat or even funds in a bank account. In the event that you default on your loan, the collateral can be repossessed by the lender for them to sell to help recoup their losses. Because of this, secured loans are seen by lenders as ‘safer’ and usually have a lower interest rate than an unsecured loan. A secured personal loan can be a very versatile source of credit: you can use it to pay for a holiday, renovate your house, plan a wedding, and much more.
By securing your loan, you may be able to access lower interest rates and a higher borrowing limit. This can make a secured loan the smarter financial decision if you’re looking to access funds at the lowest possible rate. On the other hand, the lender is, of course, entitled to take possession of your collateral if you default on the loan. For this reason, it’s generally easier to qualify for a secured loan, which can make it an appealing option if you have a poor credit history.
A secured personal loan works just like a standard 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 we will take into account your borrowing history, employment status, credit score, and other factors.
You can use a secured personal loan for many reasons, including:
Secured personal loans generally have three components that that affect the total cost over the life of the loan:
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different secured personal loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s secured personal 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.
RateSetter provides secured and unsecured loans to Australian-resident individuals and businesses. If you are an individual, you can borrow for any worthwhile purpose, including a new car, home improvements, consolidating debt, a major event or holiday.
Save time before applying by making sure:
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.
To apply for a secured personal loan, you will need to complete our identity verification process successfully, as well as considering how suitable a secured personal loan is to your current circumstances.
To complete identity verification you will need to provide one or more of the following documents:
These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at email@example.com.
When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:
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 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.