When we talk about peer-to-peer lending that too with instant approval of funds, Ratesetter personal loans seem to be a good option. The lender states that loan decisions are made within two minutes of applying. Money is transferred to your account within 24 hours.
Ratesetter Personal Loan Application Process
Gone are the days when you had to stand in long queues in order to file a loan application. With the advent of technology, you can now fill up and submit the application form online. Once the lender receives your application, loan decisions are made instantly. You no longer need to wait long for approvals.
Ratesetter has a user-friendly website where you can compare rates and also check your monthly payments to see if you can really afford the loan. All you have to do is enter the loan amount and the loan tenure. The lender would give you an estimated rate of interest depending on the loan tenure along with your estimated monthly payment.
Unsecured Personal Loans
The personal loans offered by Ratesetter are unsecured, which means you don’t need a collateral in order to apply for a loan. The minimum loan term is six months and the maximum is five years. The APR starts from 6.9% and goes up to 11.1%. The lender allows borrowers to choose their payments, meaning borrowers can choose to pay on a monthly, fortnightly or a weekly basis.
Unsecured loans are also called as signature loans. As the borrower is allowed to borrow without putting any collateral, the interest rates of such loans are always on the higher side. However, the final rate depends on a number of factors that includes the loan amount, loan tenure and even the borrower’s credit history.
Ratesetter Personal Loans for Debt Consolidation
Whether you are in need of money to buy a new car, or have plans of renovating your house, or even for consolidating other debts, Ratesetter personal loans are ideal for all of your financial needs. It suits those who are paying a high interest on their credit card bills or other bank debts too.
The lender does not charge any prepayment penalty. They do have an origination fee that the lender has to pay after the loan is approved. In all cases, lenders do charge a fee for the services being rendered.
Credit Score Requirements
Each and every lender specifies the minimum credit score required in order to be eligible for a loan. Banks and even other financial institutions conduct a soft credit check that determines an individual’s credibility. Ratesetter carries out a similar soft credit score and decides your interest rate.
It accepts applications from even those individuals who have a subprime credit. However, the interest rate being charged from such people will definitely be on the higher side. Having said so, if you have an excellent credit, you might qualify for a loan with a very low interest rate too.
Ratesetter has received quite a few impressive feedbacks on the Internet. Also, it is proud to have received the Mozo Experts Choice 2016 award for Excellent Credit Personal Loans along with the Canstar Award for Outstanding Value in 2015 as well as 2016.
It has been rated as one of the best lenders in the market that offer value for money. Personal loans do not seem like a burden with its flexi-repayment options. There are no hidden charges as the lender believes in communicating all the fee details at the beginning of the loan itself.
Ratesetter personal loans have helped thousands of people acquire their dreams. You can go online and read more about the lender in the FAQ section. A personal loan from Ratesetter will definitely help you achieve your financial goals without being too heavy on your pockets.
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