INVESTOR ID #234
COMPARISON RATES FROM
Minimum loan amount: $2,001
Maximum loan amount: $35,000
Financing Sector: Business investments
Repayment method: Principal & interest
Repayment term: 6 - 60 months
Repayment frequency: Monthly repayments
Loan collateral: Unsecured
Loan guarantee: Personal
Minimum monthly revenue: $5,000
Minimum years in business: 2 years +
Business sector: All business sectors
Comparison rates from: 9.00%
Loan establishment fee: $285
We are redefining savings and loans in Australia
RateSetter connects lenders with creditworthy borrowers who want a simple, competitive personal loan. We are excited to be the first and only company in Australia to provide peer-to-peer lending to retail savers and investors.
RateSetter is not a bank. RateSetter is part of a new generation of modern businesses, using technology to replace traditional middlemen and reduce the costs of providing financial services.
We provide a transparent marketplace where lenders and borrowers, empowered by technology, can transact directly and share the benefits.
A peer-to-peer pioneer
The RateSetter group in the United Kingdom was the first peer-to-peer lender globally to introduce the concept of a provision fund to help protect lenders from late borrower payments or default. This innovation represents a significant evolution in peer-to-peer lending.
The money in the Provision Fund in Australia comes from borrowers, and is held on trust by an external trustee. Whilst the Provision Fund is not a guarantee or an insurance product, RateSetter Australia may make a claim on the Provision Fund on behalf of a lender in the event of a late borrower payment or default.
Loan Fees & Loan Criteria
Monthly loan service fee:- Nil
Early repayment fee:- Nil
Loan Establishment fee:- Usually between $285 and $385
Risk Assurance fee:- Varies per individual
Loan fees:- Comparison rates from 9%
Loan collateral:- Unsecured or Secured over a motor vehicle
Minimum years employed:- Minimum 1 year or 2 years if self-employed
Type of borrower:- The borrower must be an individual and not a business or corporation
Regulated by ASIC
RateSetter holds an Australian financial service licence number 449176 and an Australian credit licence number 449176.
Click here to go straight to RateSetter:- http://ratesetter.com.au/refer/SOFTWAREHOLDINGS