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.
30 Great Guildford Street
406 Great Guildford Business Square
London, SE1 0HS
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- 01/14/14 -techcrunch.com