RateSetter loans: existing customer support and repayments
MoneyNerd introduces enquiries to The Debt Advice Service and may receive a referral fee. For free, independent guidance and help finding a debt adviser, visit MoneyHelper.
This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
MoneyNerd introduces enquiries to The Debt Advice Service and may receive a referral fee. For free, independent guidance and help finding a debt adviser, visit MoneyHelper.
This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
RateSetter is not accepting new personal-loan applications. Existing customers can manage repayments, request support and use the complaints process.
Can I apply for a new RateSetter loan?
No. The RateSetter website currently says it is no longer accepting personal-loan applications. Old advertisements for 3.9% or 4.9% loans, historic eligibility criteria and application timelines should not be treated as available offers.
Who is behind RateSetter?
RateSetter was acquired by Metro Bank in 2020 and is now a trading name of Metro Bank PLC. The business continued to service existing loans after stopping new applications. Its history as a peer-to-peer platform does not describe a new borrowing option available today.
Understand your debt options
MoneyNerd can introduce you to The Debt Advice Service for free debt advice. MoneyNerd does not provide debt advice or recommend debt solutions.
The Debt Advice Service can explain your options, including their benefits, costs and risks. Options available depend on your circumstances. There’s no obligation to take a debt solution.
MoneyNerd does not provide debt advice or recommend debt solutions. The Debt Advice Service is a trading style of Pacific Financial Solutions Limited. If you request an introduction, we’ll share your details with their team so they can contact you.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd is a commercial introducer and may receive a fee if you go ahead with a debt solution through The Debt Advice Service.
For free, impartial money guidance and help finding free debt advice, visit MoneyHelper.
How do I manage an existing loan?
Use the official online account or customer FAQs to review the balance, payments and contact details. Your own agreement sets the rate, loan fee and repayment schedule. Keep making agreed payments unless the creditor confirms a change.
RateSetter says partial or full early repayment is possible without an early-repayment fee, but its original loan fee remains payable in full when settling. Ask for a settlement figure and compare the actual saving before paying extra.
| Budgeting Advice | How You Can Lower Your Expenses |
|---|---|
| Arrange a Debt Repayment Plan | To negotiate, contact your creditors via phone, email, or letter to explain your financial situation, and offer to pay an amount you can afford. |
| Save on Utility Bills | Compare energy providers to find a cheaper deal. Use energy-efficient appliances. Reduce water usage with low-flow fixtures. |
| Save on Groceries | Shop with a list to avoid impulse buys. Buy store brands instead of name brands. Look for sales and use coupons. |
| Cut Back on Non-Essentials | This includes dining out, entertainment, subscriptions, and luxury items. Look for free or low-cost entertainment options and cook meals at home. |
| Transportation Costs | If possible, use public transportation, carpool, or consider biking to work. If you own a car, maintain it regularly to avoid costly repairs. |
| Negotiate Bills | Contact service providers (like phone, internet, and cable) to negotiate a lower rate or switch to a cheaper plan. |
| Consolidate Debts | Compare the full cost and term before using new credit to repay debts. Fees or a longer term may increase the total paid, and securing debts on your home puts it at risk. Seek free debt advice if payments are already unaffordable. |
| Sell a Financed Car | If the finance company owns the vehicle under hire purchase or PCP, you cannot sell it without its permission or first settling the finance. Ask for a settlement figure and advice on your options. |
| Use Cash Instead of Credit | To avoid accumulating more debt, use cash or a debit card for your purchases. |
| Seek Professional Advice | If you’re struggling, consider contacting a debt advice service like StepChange or National Debtline. They offer free, confidential advice. |
What if I am struggling to pay?
The current support number is 020 3142 6226 and the customer email is [email protected]. Explain your circumstances and what remains after essential bills. Ask for the support terms in writing, including interest, charges and credit reporting.
Take the first step towards tackling your debt
Every day, our partner, The Debt Advice Service, helps people understand their options for dealing with debt. Their debt advice is free, with no obligation to proceed.
MoneyNerd introduces you to The Debt Advice Service. We do not provide debt advice or recommend debt solutions.
Natasha
Very helpful and informative thank you
If you submit the enquiry form, MoneyNerd will share your details with The Debt Advice Service so they can contact you.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service.
The Debt Advice Service is a trading style of Pacific Financial Solutions Limited.
For free, impartial help and access to not-for-profit debt advice, visit MoneyHelper.
FCA forbearance requirements apply to regulated lenders. The price cap and specific payment-authority restrictions for high-cost short-term credit do not automatically apply to an ordinary longer-term RateSetter loan. A Direct Debit is also different from a recurring card-payment authority.
Get free debt advice if the budget cannot cover your commitments. Cancelling a payment instruction does not itself cancel the loan, and missed payments can affect the credit record.
» TAKE ACTION NOW: Fill out the short debt form
How do I complain?
The current complaints procedure lists [email protected] and 020 3142 6226. Include the account reference, what happened and the remedy requested. Use its published procedure for the appropriate postal address and response times.
If the matter remains unresolved, the Financial Ombudsman Service may be able to consider an eligible complaint. Follow the final-response letter and ombudsman deadlines. RateSetter’s own page says it consents to referrals outside the usual time limits; the ombudsman still decides whether it can consider the complaint.
What should I check before borrowing elsewhere?
Compare affordability, total repayment, fees and the actual personal offer. There is no universal UK FICO score of 640 needed for a personal loan. UK lenders use their own assessments and credit-reference data. A broker or lender’s registration is not a guarantee that a product suits you.
