RateSetter Personal Loan Questions & Answers (page 2 of 3)

Hi Maria,
I'm sorry that you are having problems accessing your account. I have organised for a member of the team to contact you to try and resolve the issue.
Thanks
Steph

Good morning, If you are applying for a loan with us we do require your last 3 months bank statements for your main bank account where your salary is credited. If you use multiple bank accounts for your general living expenses we may also require those as well. Also if you are self-employed we would require your tax documents.
If you have any further queries please contact us on 1300 768 710.
Thanks
Steph

Hi Matt,
I'm sorry if you experienced an issue when you tried to contact us regarding your application. Can I just clarify which contact number you tried to contact us or and when? If you would be able to contact me on 1300 768 710 or send an email to [email protected] and I will be able to assist you further.
Once again I'm really sorry for any inconvenience caused by this.
Thanks
Steph
Customer Service Manager

Hi Jonalyn,

We are able to consider applications from students that are on certain visas, if you could contact us on 1300 768 710 or email [email protected] and we can let you know if your visa is an eligible visa.

We also require that you are at least 21, living in Australia, have a good credit history and are receiving income from employment you can verify in order to be eligible to apply for a loan with us.

If you have any queries or want to discuss this further, please contact us, we're happy to help.
Thanks,
Steph,
Customer Service Manager

Hi Rebecca,
Our standard time frames are that you should receive a decision within 2 business days after we have received all of the required documents for the application to be assessed. As there was a public holiday in NSW yesterday this does mean that there may be a slight delay in being contacted by us.
It does look as though a member of the credit team has been in touch with you this morning regarding your application to request further information.
If you have any further queries please contact us on 1300 768 710.
Thanks,
Steph
Customer Service Manager

Hi Tim,

I'm so sorry for the delay in replying to this.

The first step in applying for a RateSetter loan is to request a RateEstimate, which takes only 1 minute and allows us to make the initial assessment of your borrowing potential and provide you with an interest rate and fee quote. However please be aware that our maximum loan amount is $45,000.

Requesting a RateEstimate wont impact your credit score and there's absolutely no obligation to proceed to apply for a RateSetter loan. It's free and will only take you a few minutes to complete.

You can request a RateEstimate by visiting the following link: https://www.ratesetter.com.au/

Thanks,
Steph
Customer Service Manager

Hi Bruce,

Thank you for your question. The monthly repayment does include all relevant fees.

If you have any other questions please do not hesitate to contact us directly on 1300 768 710 and one of our friendly Finance Consultants will be more than willing to assist.

Kind regards,
Sathya Tharmakumar
Head of Customer Experience | RateSetter

Hi Scott,

I believe you may be referring to our Credit Guide, this is letting you know the maximum amount that we may charge for our services, however when you completed the RateEstimate you would have been provided with a personalised estimate including all of the applicable fees.

If you have already received an email from us, this would contain a link back to your RateEstimate where you can see a detailed breakdown of all of the estimated fees and interest. Please note that all of the fees and interest are included in your monthly repayment, there is nothing to pay separately.

Alternatively you can contact us on 1300 768 710 and we can go through the figures with you.

Thanks,
Steph
Customer Service Manager

Hi Aaron,

The Risk Assurance Charge that applies to your loan is an upfront charge and is non-refundable and is unfortunately not subject to any rebate for early repayment.

The reason for this is that the Risk Assurance Charge is not paid to RateSetter itself, but rather to our Provision Fund. The Provision Fund is a separate trust held for the benefit of RateSetter lenders to help protect them against the effects of borrower late payment or default. Under the terms of the Provision Fund trust deed, amounts paid to the Provision Fund by borrowers are non-refundable.

However by repaying your loan early you would save money on the amount of interest you would pay. As interest accrues on a daily basis with our loans, you would only pay the interest up to the day you repay your loan.

If you have any further queries please contact us on 1300 768 710.

Steph
Customer Service Manager

Hi BALL ON,

You can log in to your RateSetter account at any time to view an accurate balance of your loan.

Should you wish to reset the password for your RateSetter account, please call our team on 1300 768 710 and one of our friendly Finance Consultants will be able to assist.

Thank you.
Sathya

Hi Shelliina,

Thank you for your enquiry. If your single parenting income is your primary source of income unfortunately this will not qualify you for a loan with RateSetter. However, in conjunction with your benefits, if you are receiving income from another source, such as continuous part time employment then we may consider your application.

I hope this answers your question.

Please do not hesitate to contact us directly on 1300 768 710 should you require any further information.

Thank you.
Sathya Tharmakumar
Head of Customer Experience | RateSetter

Hi Marvin,

Thanks for your message. Unfortunately we aren't able to replicate the issue that you're seeing - our security certificates are up to date and we haven't had any other reports of invalid certificates or security issues. It would be appreciated if you could give our customer service team a call on 1300 768 710 (Monday-Friday 9am-5.30pm AEST) so we can get a few more details from you and hopefully get your application back on track.

Kind regards,

Ben

Hi Renee,

Thank you for your message. I'm really sorry that you have experienced a delay in the assessment of your application.

I require a little bit more information about your full name, email address or mobile number that was used for this application, so that we can investigate and see what has happened here.

Please contact us directly on 1300 768 710 to discuss further.

Thank you.
Sathya

Hi dalla,

Thank you for you query. You are most welcome to apply to us for another loan. In order to proceed with a second application we require that you complete a rate estimate. This will then take you through the application process.

However, due to the fraud prevention measures we have on our platform, you must either use a different email address to the one you previously used when applying to RateSetter. Or you can use the same email address, but we need to make some manual adjustments on our end.

If do wish to use the same email address, please call us directly on 1300 768 710 and speak to one of our Finance Consultants and they will be able to assist. Alternatively you can send us an email at [email protected].

I hope this helps.

Thanks, Sathya

Hi lovetoshop,

Thank you for your question.

With RateSetter, there are no early repayment fees or exit fees, so you can pay off your loan early without penalty.

I hope this answers your questions. If you have any further queries, please feel get in contact with us at [email protected] or give us a call on 1300 768 710.

Kind regards,
Ben

Hi Melanie,

Thank you for your question.

The Risk Assurance Charge (RAC) is an amount paid into our Provision Fund, which is a trust that has been established to protect our investors from borrower late payments and defaults. The RAC is personalised fee that is calculated according to the amount of the loan, the term of the loan and credit characteristics of the applicant. This will include your credit score.

The RAC charge that applies to your RateSetter loan is an upfront fee that is capitalised to your loan, so it is added to the amount you must repay. You effectively repay this amount through your monthly repayments.

If you repay your loan early you still pay the applicable RAC, however you will pay less interest by paying it off early.

I hope this answers your questions. If you have any further queries, please feel get in contact with us at [email protected] or give us a call on 1300 768 710.

Kind regards,
Sathya