RateSetter is a peer-to-peer (P2P) lending exchange, allowing people to lend and borrow money directly with each other, setting their own interest rates and not being forced to take a rate set by a bank. RateSetter will cut the cost of borrowing and enable those already in debt to get out of it quicker, while at the same time increasing returns for savers. For borrowers there are no penalties for early repayment of a loan.
RateSetter was launched in September 2010 and is available to customers throughout the United Kingdom. Savers can invest as little as Â£100 and borrowers can get loans of up to Â£20,000. RateSetter uses industry-leading fraud prevention and credit checking services, and has created a Provision Fund to further protect savers.
RateSetter is licensed by the Office of Fair Trading, the body responsible for consumer finance in the UK. RateSetter is a member of the Consumer Credit Trade Association and the fraud prevention agency, CIFAS.