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RateSetter Personal Loan
RateSetter's personal loan service has been discontinued for new applications, leaving only existing borrowers supported. This marks a significant shift in the peer-to-peer lending market.
RateSetter Personal Loan
Updated 3 minutes agoRepresentative APR
6.5–25.9%
Loan Amount
£500–£25,000
Term
6–60 mo
Decision
Same day
Requirements
About this loan
Our Verdict
RateSetter's personal loan service has been discontinued for new applications, leaving only existing borrowers supported. This marks a significant shift in the peer-to-peer lending market.
✅ Best For
Existing RateSetter customers may find continued support for their loans, but new borrowers will need to explore alternative options.
⚠️ Watch Out
With RateSetter winding down operations, prospective borrowers are advised to seek other providers for personal loans.
Rates shown are representative. Your actual rate may differ based on your circumstances. We may earn a commission for referrals.
Check eligibility →Expert Analysis
RateSetter, historically a leader in peer-to-peer lending, has ceased accepting new applications as of 2026, signalling a major change in the personal loan landscape. For current loan holders, the service remains operational, ensuring that existing loans are managed effectively. However, the closure to new applications means that potential borrowers must now look elsewhere for their financing needs.
The APR rates, which ranged from 6.5% to 25.9%, were competitive within the market, particularly for those with building credit. On the downside, the lack of availability for new loans may leave many individuals without access to the funds they need. Other lenders in the market, such as Zopa and Funding Circle, may offer more flexibility and options for those seeking personal loans. Overall, while RateSetter has provided a solid service for existing customers, its withdrawal from new lending creates a gap in the market that could be filled by emerging competitors.
RateSetter Loan: Smooth, Reliable, but Not a Disruptor
RateSetter, backed by Metro Bank, offers reasonable rates and a seamless application process. But do…
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