We provide a number of statistics about RateSetter borrowers. View RateSetter statistics
We have some basic rules: RateSetter borrowers must be creditworthy, have a regular monthly income (or, where appropriate, acceptable asset backing), and an acceptable credit history. RateSetter borrowers are usually looking for a loan for a car, a home improvement, debt consolidation or a big ticket expense or investment. Borrowers may also be borrowing to finance their business or for the purchase of an Approved Green Product, including solar panels or batteries.
Additional statistics about borrowers and our credit performance are available to registered lenders; simply click the "RateSetter Data" tab after logging in to your account.
RateSetter provides an anonymous service. The only details you will have about the borrower is a reference number. All identity, credit, affordability and suitability checking is performed by RateSetter, and is not displayed on our website.
Other peer-to-peer platforms may let you judge potential borrowers so you can make a decision about a specific borrower or types of borrowers. At RateSetter we do the work for you. We carefully examine an applicant’s credit file and circumstances to understand their financial position and ability to service the loan. We will often ask the borrower to confirm and prove of certain details. We don’t judge simply on the basis of how much they want to borrow: it is very important to understand whether the loan is affordable for the borrower in the context of the applicant’s monthly income, expenses and assets. Our standards mean that we aren't able to assist a majority of borrowers that submit an enquiry. Those who are accepted are the people you would expect: creditworthy borrowers who can sensibly afford a loan. We also ensure where appropriate that the borrower pays a Risk Assurance Charge, relating to their credit characteristics, to the Provision Fund, which is held for the benefit of lenders. We think this is a simple way of managing risk.
In some cases, there may be additional parties to a loan or ancillary arrangements whereby a third party agrees to pay amounts of fees, principal or interest in relation to a borrower’s loan contract. This may include, for example, a person acting as guarantor in relation to a loan.