written by on 29/07/2013
I liked the concept of Ratesetter so was keen to give it a go. It also had the added advantage of offering the best rate. However, I don't think they're very clear in setting out how they actually work. I applied for the loan at a specific rate (5.6% I think) and was approved for that loan just over a day later. As soon as the offer came through I logged in to complete the loan, which was still showing as at the 5.6% rate. However, it's not until you click confirm that they actually start trying to match your loan application with lenders, and not necessarily at the agreed rate. Before I knew it my loan was being matched at rates up to about 6.1%. I called Ratesetter to query this and they explained about how the loans are matched and that the market is constantly moving (an explanation I was not particularly convinced by and is not set out clearly on their website), although to be fair they re-set the application and somehow managed to match the loan to the previously agreed figure. There was also an issue with the set up of the first payment which they appear not to have set up properly, although they promptly contacted me to inform me there was an issue. So in summary, a good concept and product, but could do with improving their processes and administration.
written by alfiemullan on 26/07/2013
I like vey much how flexible the loans are and how easy to use and easy to alter the payments you want to make. I think the website is simple but effective and have stated to a member of staff before that this really sold me on Ratesetter. I also like the 'no fuss and bother' attitude of your staff, ive only spoken to a lady a few times but it was too dramatic and long winded, just to the point and efficient, but also polite and helpful. I guess the only thing i do not like is that you have to actually pay back the loan, I mean, if you made it free then you really would be the best ever. However i appreciate thats possibly a step too far. But see what you can do? Also, i was going to put a star rating of 4 for the customer service, then i thought 'well maybe it does deserve a 5' so i clicked it. Then the 'fantastic, lets party' wording made me laugh, so you earnt that extra star right there. You've had more of my time than usual on a friday but i went out last night and am avoiding work as much as possible. So it would be good if i won, wouldnt it.
written by on 25/02/2013
I have used your service before... no probs. This time, taking out the loan was smooth and easy, but approx a fortnight before the first payment was due, I phoned (29th Jan) and asked to change the bsnk account from which the payment would be taken. Your assistant agreed this and told me I was within time for this change to be made before the first payment came out on 8th Feb. The change didnt happen, but I didnt realise until it was too late. Nearly £200 taken out of my current account (the wrong one) sending me overdrawn and owing the bank money, plus the embarrassment of having a cheque stopped to my guitar teacher. You let me down big style Ratesetter... that said, in the past you have been fab. Not sure how to deal with this.... better get phoning you I suppose, and keep my fingers crossed for better service. M.Binns
written by on 12/08/2012
After repaying my loan in full and early i got a message saying thank you and in such words "If you need a new loan feel free to apply threw your existing account". I spent ages thinking it was me but you can't so you have to start filling in forms again then got told NO because they like to keep a few months in between knowing that when i spoke to em on the phone it was for October holiday. THEN WHAT IS THE POINT OF SENDING AN E-MAIL AS I CAN'T DO ANY OF THE THINGS IN THE EMAIL .........................................................................
Once we've checked over your question we will put it live on the site and our strong community of experts will hopefully give you some great answers that you find useful.
We will email you when the question is on the site
Once we've checked over your answer we will put it live on the site so others can gain from your experience. We rely on members like you to sustain our vibrant community so thanks again, we couldn't do it without you.
We will email your when your answer is on the site
As rated by our community of reviewers
Ratesetter's Comment
Written on: 13/08/2012
Hi there,
Thanks for the feedback. I’m genuinely sorry to hear that your experience in applying for another loan has not been positive.
Under our previous system, existing clients were not able to re-apply for loans directly through their accounts online, so I’m sorry you were misled by the confirmation email advising you that you could do this online.
We have made improvements to this with the new website recently launched. Existing clients are now able to enter the details of the new loan they’re looking to take out. This can be done online.
We also have further improvements planned, where existing clients will be able to get a tailor-made quote to find out what the monthly repayments would change to if they wanted to refinance or get a second loan.
If possible, please could I ask you to get in touch by phone or send your account details to [email protected] . We would love to get your honest opinion on what we can do to make the whole process easier from the borrower side of things.
Kind regards,
Marilyn
Customer Service Advisor
RateSetter