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.

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The RateSetter Personal Loan has been discontinued and is no longer accepting new applications.

✓ Previously offered competitive rates ✓ Flexible loan amounts and terms ✓ Same-day approval for existing customers
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Personal RateSetter (Metro Bank)

RateSetter Personal Loan

Updated 1 hour ago

At a Glance

Representative APR

6.5–25.9%

Loan Amount

£500–£25,000

Term

6–60 mo

Decision

Same day

No impact on your credit score Check eligibility →

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Eligibility Requirements

18+
UK resident
Regular income

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.

Our Verdict

The RateSetter Personal Loan has been discontinued and is no longer accepting new applications.

Best For

Previously, this loan option was suitable for borrowers looking for peer-to-peer lending with flexible terms.

Watch Out

As the product is discontinued, potential borrowers will need to explore alternatives for personal loans.

What Customers Say

Feedback from borrowers has been mixed, primarily due to the recent discontinuation of the product.

Expert Analysis

RateSetter, a pioneer in peer-to-peer lending in the UK, has officially discontinued its personal loan offerings as of May 9, 2026. This means no new loan applications are being accepted, leaving customers without access to previously competitive rates between 6.5% to 25.9% APR.

For those who may have benefitted from loans between £500 to £25,000 over a term of 6 to 60 months, this change marks a significant loss in the personal loan market. While existing customers may still manage their loans, new applicants are left with limited options.

For borrowers seeking alternatives, consider other lenders such as Zopa or Funding Circle, which continue to offer personal loans with similar terms and competitive rates. It's essential to evaluate your options carefully, as the absence of RateSetter indicates a shift in the peer-to-peer lending landscape.

Check eligibility →

You'll be redirected to ratesetter.com

Rates shown are representative. Your actual rate may differ based on your circumstances. We may earn a commission for referrals.

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