What happens if you invest RateSetter?
RateSetter allows borrowers to repay all or part of a loan at any point. If early repayment occurs it will also affect your overall return. RateSetter does not pay interest on any funds that are not on loan and are held in your RateSetter holding account, i.e. funds that have not been matched to borrowers.
Can I still invest in RateSetter?
RateSetter investors will have their accounts closed on 2 April 2021 and they will no longer be able to invest with RateSetter.
Which credit reference agency does RateSetter use?
Authorised and regulated by the Financial Conduct Authority (Ref. 722768). Loans are subject to status and affordability, the rate and fee you pay will depend on your credit profile.
Where is RateSetter based?
RateSetter is a British peer-to-peer lending company based in London, founded in 2009 and trading in the United Kingdom and (from 2014) through a locally-owned and run business in Australia. The UK business was acquired by Metro Bank in September 2020.
Why is RateSetter closing?
Ratesetter is set to shut 45,000 accounts as part of deal with Metro Bank. The high street bank has bought a portfolio of loans from the Peer-to-peer lender for £384million to boost its presence in the unsecured credit market. As a result, all investors’ accounts will automatically close on April 2.
How do I get my money out of RateSetter?
You can access the money at any time by using the Withdraw function in your ISA account to release your investment. You can then move the cash from your ISA holding account to your bank account. The fee to release investments in Access is set to zero.
Did Metro Bank buy RateSetter?
Today we are announcing that Metro Bank is purchasing the RateSetter loan portfolio in line with Metro Bank’s strategic objective to grow in consumer loans.
What happens if RateSetter goes bust?
If RateSetter goes bust, it has a fully-funded plan in place to ensure that loans wind down smoothly. Lenders will continue to receive repayments and interest. And the Provision Fund will continue to pay out and to chase bad debts. Most importantly, if RateSetter were to shut down, your borrowers still owe you.
Does RateSetter offer holiday pay?
Whilst we are not obligated to provide a payment holiday (as is the case with mortgages), we are required to provide forbearance in the form of breathing space under existing FCA rules.
Is RateSetter a bank?
RateSetter is part of Metro Bank, an award-winning bank that is celebrated for its exceptional customer experience. RateSetter and Metro Bank have a shared focus on delivering something fresh for customers, offering attractive products and the best possible customer service.
What is the future of P2P Lending?
P2P lending platforms will push more efficient usage of capital, making more capital available for lending than what traditional banks would have done. Considering the above factors, the P2P lending market has a huge potential, as it is forecasted that by the year 2027, it will grow to USD 558.91 Billion.
Who owns RateSetter UK?
We are RateSetter In 2020 we were acquired by Metro Bank marking the start of an exciting new chapter for RateSetter, specialising in delivering market-leading personal loans along with our consistently excellent customer service.
Where is the RateSetter office in Bishopsgate London?
RateSetter is a trading name of Retail Money Market Ltd (Company No. 7075792) and our registered office is at 6th Floor, 55 Bishopsgate, London EC2N 3AS. Authorised and regulated by the Financial Conduct Authority (Ref.
What kind of customer service does RateSetter have?
Terrible customer service and unprofessional company that make it a 1000 times harder to get your money out especially if you changed bank accounts recently.
Is the RateSetter a member of the FLA?
RateSetter is a member of the Finance & Leasing Association (FLA). The FLA lending code can be found here Prompt approval, dealt effectively with underwriting queries. Excellent rate. Excellent staff very prompt and…
Do you pay a fee for a RateSetter loan?
Loans are subject to status and affordability, the rate and fee you pay will depend on your credit profile. RateSetter is a member of the Finance & Leasing Association (FLA). The FLA lending code can be found here