RateSetter Personal Loan Overview

RateSetter has ceased new loan applications, marking the end of its peer-to-peer lending operations. Existing customers will continue to receive support for their loans.

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personal RateSetter (Metro Bank)

RateSetter Personal Loan Overview

Updated 7 minutes ago

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Representative APR

6.5–25.9%

per year

Loan Amount

£500–£25,000

Term

6–60 mo

Decision

Same day

Requirements

18+ UK resident Regular income

About this loan

RateSetter (Metro Bank) is no longer accepting new loan applications as of 2026. Existing loan holders continue to be serviced. The peer-to-peer lending platform has been fully wound down.

Our Verdict

RateSetter has ceased new loan applications, marking the end of its peer-to-peer lending operations. Existing customers will continue to receive support for their loans.

✅ Best For

This service was ideal for borrowers seeking personal loans with flexible terms and decent APR options prior to its closure.

⚠️ Watch Out

Potential customers should note that RateSetter is no longer accepting applications and consider alternative lenders.

Rates shown are representative. Your actual rate may differ based on your circumstances. We may earn a commission for referrals.

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Expert Analysis

RateSetter, formerly a notable player in the peer-to-peer lending market, is no longer accepting new loan applications as of 2026. This change comes after the platform's winding down, although existing loan holders will continue to receive services. The APR for loans ranged from 6.5% to 25.9%, accommodating various credit profiles, which made it an attractive option for those looking to borrow between £500 and £25,000 over terms from 6 to 60 months.

Previously, RateSetter provided a same-day approval process, enhancing its appeal to borrowers needing quick access to funds. However, with its closure, customers must look to other lenders for personal loans. Alternatives may include traditional banks or other peer-to-peer platforms, but these may not offer the same competitive rates. While RateSetter provided easy access to loans, the end of its services leaves a gap in the market for straightforward personal lending solutions.

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