Peer to Peer lender Ratesetter has burst onto the Australia lending scene, winning a Canstar 5 star rating for Outstanding.
Each year Canstar researches and rates personal loans available on the Australian marketplace. This year we have analysed 290 personal loan products from 78 lenders, and for the first time a peer to peer (P2P) lender, Ratesetter, has won a five star rating for outstanding value. We caught up with Ratesetter Australia CEO, Daniel Foggo, for an update on Ratesetter’s first twelve months of operation in Australia.
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Q: Ratesetter has just passed its first birthday in Australia. What are the biggest milestones that you have reached over the 12 month period?
A: It’s been an exciting first 12 months for RateSetter, with many important milestones achieved.
Most importantly for Australian consumers, RateSetter personal loans have consistently beaten the rates offered by traditional lenders. With comparison rates from 8.9% p.a. for an unsecured 3-year, $10,000 loan, borrowers are saving thousands in interest compared to a personal loan from traditional lenders.
Lenders have also enjoyed great results. We have facilitated more than $14 million in loans and returned more than $200,000 in interest to investors. All without a single loan default to date.
In our first 12 months, RateSetter has also worked hard to introduce a number of significant innovations to the Australian personal lending market, including:
RateSetter has also formed important partnerships with Carsales.com.au and stratton finance.
