Used to be a good little investment. Now they are holding all funds you try to withdraw. It was always a risky business and only put in what you can afford to lose. At the moment I wouldn t recommend anyone put any money in there.
Can t get your money back. So far waited 5 weeks! Instant access, I don t think so. Unsympathetic about your situation. Poor customer service. Steer well clear. Check out other P2P lenders.
Impossible to get hold off by phone. i have tried to call ten times this morning !!! not even an option to leave a voicemail the call just gets disconnected.
once I decided on the amount I wanted to borrow it was agreed and money in the bank within 48 hrs. No quibbles no long telephone calls really quick and efficient
DO NOT USE THIS COMPANY - EXTREMELY HIGH INTEREST, EXTORTION. If you have any money issues no help, car issues no help. You can not exit out of contract if you cannot afford - you will still owe money. ADVISORY DO NOT USE COMPANY "SPANK". COMPANY needs shutting down. P.S. The reviews above are fake.
Fast and arbitrary decision. Probably they are not happy with my name, nationality or skin colour. Good luck for them they needed it more than me i suppose.
Utter trash company. The underwriter Mr Jordan French
needs customer service training brain dead
On the whole, very good. However as a business that prides themselves on customer satisfaction, trying to contact them is not always straightforward. Emails sent but unanswered and long waits (30 mins) on the phone for an answer. However, very customer oriented and easy to work with.
Good at getting your money, not so good giving it back. And the customer service? ...what customer service?
Used to be good but would never invest in them again!
Very fast and easy to use. Rates were competitive .
.. applied for my loan it come up and said I got a really low intrest rate.. thought hmm is this too good to be true.. it says money will be in your account by 6pm the next day.. I keped thinking to my self this is too good to be true.. Iv never had a loan before so it was all new to me..was so fast and easy to apply and thought there would be more complicated... low and behold by 2pm the next day my loan was in my bank account, I was so grateful as moving house requires a lot of money! So thank you ratesetter I look forward to repaying my loan and hopefully having another one next year for a lovely family holiday xx
Ace! Very pleased with the service. Quick and easy. Thanks
Am really happy with the speed of the loan and the reasonable repayment arrangements.
Quick and easy transaction with the best rates around. All details were clearly pointed out with no hidden extras would highly recommend.
Fab excellent service quick and efficient very happy with everything and would highly recommend
Ratesetter is amazing. Getting a loan was so easy and quick
I am very happy with Rate Setter, gave me very quick and efficient service.
Easy to apply, good APR, perfect . Thanks RateSetter
As an investor; stay away. Has some truly awful run-ins with their customer service department (which seems to be hopeless for both investers and borrowers) and to be quite frank I don't trust them with my money at all. Dodgy at best, avoid at all cost.
Fast decision, great communication and most of all, the money was in my account the next day. Repayments are affordable with fair interest rates. Definitely recommend RateSetter
Offered a loan instantly that suited me with a quick money transfer, what more can you ask for when looking for a loan.
Simple process, very quick and best of all excellent rate.
Excellent service.....everything worked out exactly as they said it would. Very pleased.
Avoid. Will be going bust soon so don't expect to get your money back
E asy to apply for, No problems very smooth all round, Good deal aswell
What an easy process throughout and a great Apr. Pleasure doing business with. Will recommend to all my friends.
Brilliant news easy service and extremely quick!!!! Would recommend
Great lender with an extreme amount of flexibility and overall care for the customers and not just "The Money".
Excellent service. Easy to apply online. Decision made immediately and money in account 24 hours later.
Poor customer service! They overcharge me and allocated that money to the wrong account. Now, they asked me to rectify their mistake by getting my bank to reverse the Direct Debit and then pay them the correct amount. They should be the one dealing with their error but according to them, there is nothing they can do. What a waste of my time!
Staff where uncaring and seems more like a referral to other lenders operation than offering personal loans themselves. They pick up commission etc etc.
It was difficult to withdraw money. It took 1.5 weeks. I would not invest any significant amount as I think they are running dry...
I've been using Ratsetter for two years as a lender and have received around 3% interest on my money in a rolling monthly account since then, which is much better than what's offered by my bank. Have contacted them a couple of times to query withdrawals and they have been quick to answer my questions. Have recommended them to several friends, and will continue to do so.
Epic fail by Ratesetter customer service today.
Up till now all has been good but do have a plan B in place if you need to withdraw money from your holding account to your nominated account ASAP.
It wasn t there this morning so I called just after 9am & the guy said he would speak to the relevant team & there was a good chance it could get done today as it was before 10.30am.
Didn t hear anything back so called again at 10.10am, ( speaking by chance to the same guy) concerned it was getting closer to the 10.30am deadline.
The guy said he would email & call the relevant team but then nothing - the funds didn t go through.
I went all the way from London to the Midlands to purchase a car & the funds did not arrive.
What is so frustrating is the complete absence of communication back from the original guy I spoke to twice, having outlined in detail the urgency of the situation & the fact that I was en route to the Midlands from London. Additionally the zero contact from the London Ratesetter team responsible for expediting the money due to it never having been actioned in the first place.
So once again - don t assume the money you are withdrawing will be in your account either the day Ratesetter state it will, or indeed the day afterwards.
At least it wasn t a house!
I opened three peer to peer acccounts a few years ago with Trading Circle (terrible), Zopa (boring) and Rate Setter. The latter is by far the best account, earning me the most interest on the 5 year market witht he least risk. In fact, I haven't lost a penny with Rate Setter, unlike Trading Circle which has lost me a few bob!
They are ok, however they never answer the phone when i call for support, i do not feel safe leaving my money with them to manage it, i'm thinking seriously about closing my account and using another service.
Oh so easy to organise, the money was in my account VERY quickly, good rates of interest, first payment taken on time. Will deffo use again should the need arise.
I highly recommend it! Very low interest rate, an unmatched service in the UK !
Horrendous company.
Harassment.
Failure to help.
Raise complaints instead of actually doing anything, then deny the complaint they raised?!
Seem to be unaware of the pandemic
Robotic replies to everything
Just avoid them at all costs
Advertises their office is open until 7pm but voicemail answering system is useless as no operator available so unless you know somebody's name you got no hope of speaking to a human
More than happy with every aspect of my loan.
Never had a loan before so was a little unsure but they made it so straightforward. Would definitely recommend this service.
Easy to arrange money in my bank account within two days very convenient
Quick and easy to apply. Money in account within a day and excellent interest rates, no charges for early repayment and good clear website
Not picking up calls on a Monday, it is rather concerning. A company that does not provide information about shutting down phone lines in advance cannot be trusted. My money might be at risk with them. Already looking for another P2P option.
Easy simple..straightforward to deal with....but more importantly easily the best deal around...checked about 10 odd different websites...in my experience highly..highly recommended
Very professional with the way I was advised about which loan suited me and my payment plan was far better for me then I thought it would be great communication skills
Started well but left with bitter taste after they put funds i was expected to withdraw into another product to pay off other investors.
This is highly disappointing and now I am unable to get back funds I was expecting let alone the rest of my cash tied up in the Access funds.
I have no idea why they would put a 1-year loan at a rate of 4.5% into a completely different product especially after asking for a withdrawal. Instead my money has been put into the Access fund to pay off other investors.
I m very happy with my loan and would happily take out another loan with yous thanks
Very good easy to apply for very good Apr got a great deal money was put in my bank in a couple of days after being excepted will tell friends if they need a loan
I apply second time and i was declined!!!I don t know why!My credit score is good (more than 950 on experian) but dosen t matter for they!!I want a loan to pay my van,because i pay too much,but i don t know how it s work on this!!
Don t bother with this company- unethical practices. They make false offers including giving you a contract, then retract it without explanation
I've applied for a credit 3 weeks ago and still didn't get an answer. I've sent them an email after 10 days and they said i will get an answer soon.
This message appears when i sign in :
Your loan application is complete
This is now with our Credit team who are reviewing your details.
We will get back to you in the next two working days by phone or email.
I found ratesetter a quick no fuss way to get a loan and have had no problems, many thanks.
No better than Loan Sharks. They decline and CIFAS you without communication. Stay Away
Hi I am very happy with the help and professional way you delt with my application thanks.
Quick and easy to apply. Money in account within a day and excellent interest rate
Excellent, quick effortless and customer service/web experience first class
Excellent. Clear, fair and uncomplicated. I have nothing bad to say about them. I recommended them to a few people who have all thanked me.
I have found the lack of empathy and customer care really really disappointing during this really tough time during COVID, our family income has been impacted severely, but as mine hasn't directly they have refused to help. I have had to reduced our food order and use heating less in order to get by over the next few months. I would highly recommend Zopa as an alternative and they, in my view care about their customers and are willing to help in difficult times.
Makes sure when paying a settlement this includes the month after, as now over 2 months later receiving texts, emails and letters demanding money. Even though received confirmation that the account was closed!! Don't fall into this trap!
Extremely happy with my loan and never disappointed with the high level of service from Ratesetter. Will definitely use again :)
Even though four of us tried to borrow just 199 pounds and we all have our own houses .we were refused! Rubbish loan company who clearly prefer to lend to those who will struggle to pay back the money borrowed.
Hi. Was easy to complete form. Had money in my account the next day. No fuss no hassle. Very satisfied. Very good rate as well.
Avoid at all costs, there are better performing platforms that don't use hidden small print tricks!
I've been waiting to withdraw my money for 9 months now. They originally said they were holding off withdrawals at the beginning of COVID, which I was accepting of, however my other accounts with other providers are back to making circa 7% month on month, but Ratesetter seem to be struggling without any logical explanation, very concerning.
I get a weekly email telling me that there are a huge number of people waiting for their money in front of me in the release queue, every week it goes down by a laughably small number.
I'm so glad I only invested a relatively small amount for a year as a trial, don't risk it, better alternatives elsewhere.
Website down. Server issues. Don't know when they will be resolved. EEEK
Easy to deal with. Good service. What more can you ask for.
Very easy and not stressful paperwork. Loan completed in stated time.
Very Quick process , User friendly information, Positive experience!
This company is terrible, rediculous customer service, certainly won't recommend to anyone.
Had a loan for a loan, paid all on time, paid off phone. Declined for the next loan, no explanation given, clearly they do not value their good customers. When I asked their customer service rep how to be reconsidered for a phone loan, he simply replied "there is no reconsideration, reapply in 6 months time" and when I asked for a phone number or department I could contact to request a reconsideration he reiterated the decision was final. Piss poor, rate setter - piss poor. You made a load of money off me paying off my first loan. Why would you not give me a second one? Bad form.
Easy to apply, quick to get the funds. All you need from a personal loan provider!
Along with so many others I've been waiting months to get my funds back from an account advertised as "access". The queue to get money out has tens of thousands of people in it and is moving at the rate of less than 20 week. Extrapolated out it will take years to get most people's money back if it has not defaulted already at that point.
A 10 out of 10 experience.. The hole process was a breeze. I would highly recommend to all my friends and already have done.
Highly recommended this company. Put me in control of my money . A simple application process , less then 24hrs for decision and funds in my bank the next morning . Best rates around to . And a really good app for making payments , paying off extra ec etc.
Will never go through the banks again x
approved for a loan with no fuss, also been lending with them since 2014. never had any issues. would definitely recommend
The whole process of loan was very smooth and fast. I have got the amount what I needed in a superb excellent rate. The monthly installment is good and I choose the length of the loan. I can just recommend it!
Impossible to get your money back, even money invested in their Access product. It is totally illiquid, they say it will take weeks to get my money back as I have to wait for other investors to take over the contracts. Since their interest rate is now lower than FCS protected deposit it will never happen.
Appeared to be ok until I tried to release my funds. Ben waiting almost three months now for my money to be returned. Weekly e-mail from ratesetter gives no new information. To add insult to injury they halved interest rates. Starting to wonder if i will ever see my money again. FSA investigation now!
RATESETTER- BRINGING UP THE REAR FOR CUSTOMER SERVICE!
I simply applied without any hesitation my loan got approved I was very happy thank you very much ratesetter
Great service. All went through very quickly and without issue.
I can only speak to my experience as a former investor and I would say avoid at all costs. They have artificially lowered the rate of interest that investors receive by introducing competing products so the most you can get on your money is 3.9%, they change the rules arbitrarily to your detriment and they fail to respond meaningfully to customer complaints. I understand that they are introducing new rules in January 2020 to allow them to suspend/stop the secondary market so investors cannot sell their loans on to get out! They are a loss-making company (so far) and none of their investments are protected by the FSCS arrangements that compensate you when providers of financial services go bust. Avoid!
ratesetter.com