RateSetter
Financial institution RateSetter, 6th Floor, 55 Bishopsgate, London EC2N 3AS, United Kingdom:
122 reviews
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Address: 6th Floor, 55 Bishopsgate, London EC2N 3AS, United Kingdom
Website: ratesetter.com
Phone number: +44 20 3142 6226
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Latitude: 51.5153840Longitude: -0.0826420
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reviews
Robert Rogers
I cannot recommend rate setter to anyone.
Very rude and poor customer service no wonder all reviews people are directly dealing with online program.
Their customer service is very poor and cannot answer a simple question.
Very quick to tell their already a client try elsewhere. Very rude and arrogant.
3 weeks ago
Ryan Steele
As an investor in the past and also a borrower, I'm actually disappointed in what the company can offer during this time. Gave an option of lending for a set amount, I go through the hassle of applying through the website with a strong credit score and even provide bank details which would meet the criteria, only for them to reject the application on the basis of.. oh wait you cannot tell me because of security and privacy reasons?! Yes, so you cannot tell me why you couldn't provide the loan on the basis of privacy reasons, which is details of myself?
Absolutely appalling, guess I'll use another lender, good bye ratesetter, never again for borrowing not lending
3 months ago
Joseph Ruest
I am going to quote another review here as my feelings are exactly the same!
"
Having done some research into Ratesetter I can confirm that these guys are effectively acting as a middle man. They attract you to take out loans with very attractive APRs and then apparently put you through their credit check via an underwriter and then turn you down regardless of however good your credit rating is. They then try and get you to use other credit brokers like Freedom Finance who charge way higher APRs and make a stonking great commission on you. Be very aware !"
4 months ago
Maureen Montiel
Luckily I didn’t invest a lot. They seem to be taking forever releasing my investment. Only invest if you are happy not having access to your money for at least two years, and even then, you should consider submitting a withdraw request a year before you need/want the money, as at the rate their queue is reducing, I may be waiting a year to get my money back!
6 months ago
alexander greenwell
Fast , easy , efficient lending at very competitive rates
5 months ago
lucas wilde
In my experience, I consider RateSetter's service to have been good in difficult circumstances - to be perfect they would have needed to find millions of pounds to repay investors immediately when the coronavirus hit. Peer-to-peer lending carries risk, and unfortunately this period has highlighted what this risk can mean. I was in a queue, but appreciated the transparency of the weekly updates and being able to see how my request was progressing. The queue was over several months but sped up over a few days and my investment was returned. I experienced good customer service by email. From reading the reviews, I hope that RateSetter has been prioritising returning money to investors who had lost household income or were furloughed first, but I don't know if this has happened. Perhaps RateSetter could be clearer about this.
3 months ago
ravi malhotra
Signed up via TopCashback and invested for 6 months meeting all of the requirements. Cashback declined and very little money made from the investment. I would advise all investors to look elsewhere and choose a more trustworthy company.
6 months ago
Liliana Higuera
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.
6 months ago
Bruce Bailey
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.
6 months ago
Greg Tipton
I've been investing with them for years and didn't have any problems. But a company is as good as its response to a crisis, and Ratesetter's response to COVID is appalling.
They have always claimed that the Provisional Fund covers all the investment. Then they had halved the interest on the investment accounts "to support the Provisional Fund during the COVID crisis".
Despite this, they refuse to release the investment. They are still processing requests made in March on most accounts. It looks like a pyramid scheme - to get your money out, somebody else should take a bait.
I've been monitoring my requests since July and there are still 17 000 requests ahead of me. The queue moved by only about 400 requests. Half a year waiting time is unacceptable for the account called "Access".
It's possible to get out some of your money by increasing the reinvestment rate and moving out monies on the market, but this is drip-like and unpredictable. Another way is to request ISA transfer if invested via ISA, but it's taking a month already
5 months ago
Kami Kinzebach
I've been lending with ratesetter for 8 years.
Never had a problem, withdrawals always been paid next day.
Was with zopa but had to wait for weeks to invest a large amount and weeks to withdraw.
The panademic has caused problems with all p2p platforms.
Yes its been 9 month's but all my money has now almost been released and the cue is reducing fast.
Being a experienced investor i can say the negative reviews are exaggerated by ill informed malice driven individuals
How can you loose money? The borrowers have it not ratesetter.
If ratesetter goes bust another company has to take over the management of the funds.
8 months ago
Amanda Cousins
How can Metro Bank steal our Provision Fund? We have sacrificed 50% of our expected interest for nearly a year for it then to be taken my Metro Bank. It should be shared among the investors.
6 months ago
Michalis Sotiriadis
Having done some research into Ratesetter I can confirm that these guys are effectively acting as a middle man. They attract you to take out loans with very attractive APRs and then apparently put you through their credit check via an underwriter and then turn you down regardless of however good your credit rating is. They then try and get you to use other credit brokers like Freedom Finance who charge way higher APRs and make a stonking great commission on you. Be very aware !
5 months ago
Dotty Pitchell
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.
9 months ago
Bridget Giles
Avoid avoid avoid! Horrible team, horrible service.
2 months ago
Getachew meaza
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
7 months ago
Nicci Taylor
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!
1 month ago
Kyrie Davis
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.
2 months ago
Zach
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.
4 months ago
Devin Dixon
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!
4 weeks ago
Nestor Camarillo
Avoid. Will be going bust soon so don't expect to get your money back
6 months ago
Audrey S
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!
6 months ago
SissyBlackWidowSpider
Started well but left with bitter taste after they put funds i was expected to withdraw into another product to pay off other investors.
Early March - make a request to withdraw £10k, however, no money released and told I am in a queue waiting which I am fine with (despite it being called Access fund!)
24th March - £2.5k returned from 1-year loan that can be withdrawn, however as soon as it was received it was lent out to the Access fund I am trying to withdraw from. I am now at the back of the queue to get the £2.5k out despite asking to withdraw weeks ago.
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.
1 month ago
Gabryel Jackson
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.
3 months ago
Blesson George
I have my money in the 'access' investment class with Ratesetter UK. Prior to Covid this meant I could get my money out inside 1 month... now it might take 5 years. It is also underhanded in the way that it tries to autoinvest your repayments so that, again it gets locked in for a long time.
9 months ago
Vlad Paraschak
Staff where uncaring and seems more like a referral to other lenders operation than offering personal loans themselves. They pick up commission etc etc.
The companies they refer you onto charge over £600 commission. I would avoid using this service as they are not entirely moral nor customer focused.
2 weeks ago
Roger Maurer
Joke of a company. Processing requests made on 13th March and today is the 21st August. At this rate will be getting the money out in 2025. Useless avoid at all costs
9 months ago
Christy Krogman
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...
2 months ago
Lauren
Thanks Metro.
1 month ago
Kayla Kayla
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.
1 week ago
Hagyirah Hada
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.
2 weeks ago
Kevin Miller
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.
1 month ago
Karen Parks
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!
6 months ago
Shade Lich
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!
5 months ago
Jerry Cieslik
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.
2 months ago
steadfastday
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.
5 months ago
Mina Yacob
Don’t bother with this company- unethical practices. They make false offers including giving you a contract, then retract it without explanation
3 months ago
Hunter Johnie
An excellent service. I've never had a loan at such a low APR rate. I was over the moon when I was accepted for £4300.
Like most people applying for credit my heart was in my mouth waiting. I applied online on a Sunday which probably didn't help matters. Who cares? 48hrs give or take, I was accepted and the next day I had the money in my account. I love how I'm debited as normal from my bank account but I can also add extra payment whenever I want + clear the dept completely ...at the original set rate when ever I want! Big banks take note!!!
8 months ago
Eric Crowson
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 ????
2 weeks ago
Stayclose R
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.
2 weeks ago
Jason Denson
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!!
1 month ago
eshwar persaud
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.
3 months ago
Les Olivia
Quick and easy to apply. Money in account within a day and excellent interest rates, no charges for early repayment and good clear website
2 months ago
Katie Hutton
Excellent service. Easy to apply online. Decision made immediately and money in account 24 hours later.
2 weeks ago
Richard Thomas
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
2 weeks ago
Jeremy Gillespie
Not happy at all, they had problems setting my direct debit and straight away my credit score was affected. Even tough I called them the same day they have informed me about the problem my credit score was 40 points down, not to mention it was only £25. Do not recommend them at all.
2 weeks ago
Becky Sarbach
approved for a loan with no fuss, also been lending with them since 2014. never had any issues. would definitely recommend
4 months ago
Mississippi Sunshine
A 10 out of 10 experience.. The hole process was a breeze. I would highly recommend to all my friends and already have done.
2 weeks ago
Jeremey Conkle
What an easy process throughout and a great Apr. Pleasure doing business with. Will recommend to all my friends.
2 weeks ago
Chris Pinkston
Easy to deal with. Good service. What more can you ask for.
6 months ago
