Rating based on 27 reviews


  • Peer-to-peer loans up to $45,000
  • Low-interest starting from 9.4%
  • Repayment up to 60 months

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RateSetter homepage
Author RateSetter. Screenshot of RateSetter website.
[Accessed May 24, 2023]

About RateSetter

RateSetter is one of Australia’s largest and most competitive peer-to-peer lending platforms with repayment terms that are more flexible than all other marketplace lenders.

How much more flexible? Unlike their major competitors who generally offer either 2, 3 or 5-year loan terms, RateSetter offers 6, 12, 18, 24, 36, 48 and 60-month loan terms.

Recognised excellence from both CANSTAR and Mozo

Having been recognised as an excellent personal loan choice by both CANSTAR and Mozo – RateSetter’s range of financial products is certainly a top-notch choice for any Australian.

They’ve also been rated 4.9 out of 5 on Australia’s productreview.com.au site by borrowers who were pleased with the value they received from this lender.

Affordable loans for individuals and businesses

RateSetter offers personal loans for individuals at incredibly low rates but, also offers business loans and finance for self-employed individuals.

This is unique since all other peer-to-peer loan providers in Australia either service private individuals or businesses – not both.

Their P2P loans can be used for anything from buying stock for your small business to paying for a big wedding.

RateSetter Services

RateSetter offers business and personal loans to all Australians and permanent residents and businesses.

Their fast loan amounts range from as little as $2,001 to $35,000 in the form of an unsecured loan and from $35,000 to $175,000 in the form of a secured loan.

Here are a few things you can use your P2P Loan for:

  • As a vehicle loan
  • To consolidate debt
  • To take a holiday
  • To pay for a wedding
  • To buy stock for your business
  • To pay wages during off-peak seasons
  • To buy new equipment
  • For household and business repairs

Over $81 million in loans since their launch in 2014

In just about 2 years of operation, RateSetter has taken the Australian market by storm and facilitated over $81 million in loans. This is evidence that the Australian market is starting to be more conscious about what they pay for credit and are starting to look to alternative credit providers, such as marketplace lenders, for cheaper credit.

RateSetter – Peer-to-peer loan

  • Loan Type Peer-to-peer loans
  • Interest Rate from 9.4%
  • Loan Amount up to $45,000
  • Repayment 6 months to 60 months

Benefits of RateSetter

  • Reliable peer-to-peer loans
  • Quick and easy online loan applications
  • Qualify for a loan up to $45,000

Peer-to-peer loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This peer-to-peer loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

Applying for a peer-to-peer loan with RateSetter, simply visit their website

RateSetter’s website certainly doesn’t disappoint. You can find an array of useful information regarding their quick cash loans as well as simple-to-understand guides on how to apply and what to expect from thereon out.

You can also apply for your loan online on their website and read through all the necessary details and terms and conditions.

You must meet the following requirements to apply:

  • You must be 21 years or older
  • You must be an Australian citizen or permanent resident
  • You must have a stable income
  • You must have a decent credit history

Benefit from a quick pre-approval and loan estimate

Why take the time to apply for a loan if you’re just going to be declined? RateSetter allows you to make use of their RateEstimate feature which tells you what your personal loan interest rate is likely going to be and it will not affect your credit file.

RateSetter will contact you, the customer in about 24 hours and will offer you a decision on the peer-to-peer loan you’ve applied for in 24. Within just 2 days of making your application, you can expect to receive the funds – directly into your regular banking account.

What if you qualify for an even greater amount?

If you find that you qualify for an even bigger amount than the one you applied for, please stick to your original amount. There is no need to apply for money that you don’t really need because you will end up paying for a peer-to-peer loan that wasn’t really necessary at the time.

Always stick to your budget. Financial discipline goes a long way as you will never know when you might be in need of a credit plan. It is always best to protect your credit profile. Once ruined, it may take years before it gets repaired again. During such a time, it is usually difficult to get approved for credit.

What if you would like to cancel your peer-to-peer loan

In case you have changed your mind after applying for credit, please inform them as soon as possible. They are aware that clients may have a different perspective towards their credit request and they understand. They will not hold anything against you.

Should you be interested again in applying for a peer-to-peer loan in the future, please don’t hesitate to call them to get a quote.

man holding thumbs up

RateSetter is a trusted & reliable provider of peer-to-peer loans

In our review, RateSetter adheres to the compliance criteria in accordance with the National Consumer Protection Act, where the granting the loan will not cause financial distress to the consumer.

✅ RateSetter is a registered credit provider in Australia: ACL 449176

Customer Reviews & Testimonials

August 2018

I am so happy I got approved for a RateSetter peer to peer loan. I was able to attend to my financial emergency.

Natasha J
— Brisbane —

February 2019

Getting a peer to peer loan from RateSetter was one of the best decisions I took for my budget.

John N
— Coober Pedy —

RateSetter Contact

Physical Address

Postal Address

  • PO Box R745 Royal Exchange, NSW, 1225, Australia

Opening Hours

  • Monday 09:00 – 17:30
  • Tuesday 09:00 – 17:30
  • Wednesday 09:00 – 17:30
  • Thursday 09:00 – 17:30
  • Friday 09:00 – 17:30
  • Saturday – Closed
  • Sunday – Closed