Retail Money Market Ltd t/a RateSetter, established in 2010 and now owned by Metro Bank, offers fixed-rate unsecured personal loans online to UK consumers. Previously a peer-to-peer lender, it is fully authorised by the FCA as a consumer credit firm. The lender is suitable for UK borrowers who are creditworthy and prefer a digital lending process with quick decisions. It does not provide business loans or other financial products. For more information on unsecured personal loans and how they usually work, see personal loans overview and business loans guide.
Key Features of RateSetter
RateSetter's lending platform is designed for simplicity and speed, prioritising transparent pricing and fixed repayments for borrowers. It relies entirely on online and phone support without in-person branches.
- 100% digital application with electronic signature and quick decisions, modelled on online application process practices.
- Soft credit check at quote stage minimises credit score impact, detailed in the credit score guide.
- Same-day funding typically arranged once approved and documents are signed, supported by fast approval timelines.
Funding Eligibility
You may qualify for a RateSetter loan if you are a UK resident aged 21 to 70 with a minimum annual income of £12,000, either employed or self-employed with proof of income. Applicants must have a valid UK bank account and debit card, and meet strict credit and affordability checks. Individuals with recent County Court Judgments (CCJs), defaults or bankruptcies are generally excluded. There are no options for joint applications or guarantors. For broader eligibility criteria and advice on qualifying for loans in the UK, see loan eligibility requirements, credit score information, and standard UK residency requirements.
Loan Options
RateSetter offers two loan types focusing exclusively on consumer credit needs, with fixed interest rates and no upfront fees.
- Unsecured Personal Loan: £1,000 to £35,000 borrowing range, terms from 12 to 60 months, representative APR of 9.9% (range 6.9% to 29.9%). Features fixed monthly repayments and overpayment options. The loan is unsecured and recipients must pass affordability checks.
- Car Finance Loan (similar to unsecured hire purchase): £1,000 to £35,000, terms 12 to 60 months, APR 6.9% to 29.9%. This loan type offers immediate car ownership as it is unsecured by the vehicle itself and requires proof of purchase from a UK dealer or private seller.
How to Apply
The application process for RateSetter loans is fully online, aiming to provide an indicative quote within 2 minutes and a final decision usually within 1 hour during business hours. Funding can be issued the same day after signing and passing final checks.
- Submit an online application form via a digital platform, a method exemplified in the standard application forms.
- Provide required identity and address documents, along with proof of income or bank statements if requested, to meet underwriting standards.
- Complete electronic signature on the loan contract to expedite funding.
- Use online account portals for managing payments and loan balance once approved.
Funding Agent's Review
RateSetter operates as a straightforward provider of fixed-rate unsecured personal and car loans. Its fully digital process, backstopped by Metro Bank's ownership, offers quick decisions and transparent pricing, suitable for UK consumers with good credit standing. It does not serve business borrowers or those needing larger sums or joint loan arrangements. For further research or to compare options, consult the personal loans overview, business loan resources, or the list of unsecured loan lenders.
