RateSetter Personal Loan
RateSetter (now part of Metro Bank) pioneered peer-to-peer lending in the UK. Product discontinued — no longer accepting new loan applications.
Last checked on May 17, 2026. We may earn a commission when you click through.
The RateSetter personal loan product has been discontinued, making it unavailable for new applicants.
RateSetter Personal Loan
Updated 2 minutes ago| APR | Amount | Term |
|---|---|---|
| 6.5–25.9% | £500–£25,000 | 6–60 mo |
Requirements
18+
UK resident
Regular income
Decision
Same dayOur Verdict
The RateSetter personal loan product has been discontinued, making it unavailable for new applicants.
Best For
This loan was suitable for individuals seeking flexible borrowing options with competitive rates before its discontinuation.
Watch Out
With the product now discontinued, potential borrowers will need to seek alternatives in the personal loan market.
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About this loan
RateSetter (now part of Metro Bank) pioneered peer-to-peer lending in the UK. Product discontinued — no longer accepting new loan applications.
What Customers Say
Customer feedback highlighted satisfaction with the service and transparency before the product's discontinuation.
Expert Analysis
The RateSetter personal loan was a pioneer in peer-to-peer lending, offering loans ranging from £500 to £25,000 with APR rates from 6.5% to 25.9%. Its approval time was notable, often providing same-day responses to applications, making it convenient for urgent borrowing needs.
Unfortunately, the product has been discontinued as of May 9, 2026, leaving no option for new applications. This means that those who were looking for competitive personal loan rates will now need to explore other lenders. Notably, the loan terms varied from 6 to 60 months, catering to different financial situations.
While RateSetter had built a reputation for transparency and customer engagement, borrowers should now consider alternatives such as Zopa or Avant Money, which continue to offer personal loans with similar features. It’s important to compare rates, as Zopa offers loans with rates starting from 5.9% APR, possibly providing more advantageous options for borrowers.
Rates shown are representative. Your actual rate may differ based on your circumstances. We may earn a commission for referrals.
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