RateSetter, a peer-to-peer lending platform operated by Metro Bank, has announced that it will no longer accept new loan applications as of 2026. While existing loan holders will continue to be serviced, this marks the conclusion of an era for a platform that provided competitive personal loan options for UK residents. The APR range of 6.5% to 25.9% was appealing, particularly for those building their credit, and the ability to secure loans from £500 to £25,000 with terms from 6 to 60 months offered considerable flexibility.

However, with the platform now fully wound down, borrowers must seek alternatives in a market that includes traditional banks and other peer-to-peer lenders. For those who previously relied on RateSetter, options like Zopa or Funding Circle may provide similar benefits. The service's withdrawal from the market leaves a gap that may be difficult for some borrowers to fill. In summary, while RateSetter was a solid choice for many, the closure necessitates a shift to other lending options for prospective borrowers.