RateSetter, once a prominent player in the peer-to-peer lending space, has officially stopped accepting new loan applications as of 2026. This significant shift means that potential borrowers must seek other funding options, as the platform has been completely wound down. Existing loan holders will continue to have their loans serviced, but the lack of new applications indicates a notable decline in the service's availability.

With an APR range of 6.5% to 25.9% and loan amounts from £500 to £25,000, RateSetter previously catered to a wide array of personal borrowing needs over terms spanning 6 to 60 months. However, the termination of new loans leaves current customers with limited pathways for future financing. Alternatives such as traditional banks or other peer-to-peer platforms like Funding Circle or Zopa may now be more viable options for those seeking personal loans. Prospective borrowers should assess their needs carefully and consider various lenders to find the most favourable terms and conditions.