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Happy 2nd birthday to RateSetter
Many happy returns to RateSetter who turned two years old this week. It seems quite amazing for a company to go from nothing to arranging just shy of £37million in loans in 2 years in what was a niche sector. In the last two years not a single lender has lost any money to defaults due to RateSetter provision fund. Even without the provision fund, bad debts on RateSetter are significantly less than their peer-to-peer and peer-to-business peers (if that makes sense) !
RateSetter also announced some changes to lender deposits and withdrawals from next week. Lenders wanting to depot funds can still use bank transfers free of charge, but there will be a £1.50 fee for debit cards. Lenders wanting to withdraw funds can still use BACS free of charge, but there will be a £3.00 fee for use of FasterPayments. By comparison Zopa, the peer-to-peer leader in the UK, doesn't offer debit card payments.
Over the last two years RateSetter has established itself as the number three P2P company by some margin, and along with Zopa and Funding Circle have established the P2P Finance Association. The very best wishes to both RateSetter, their team, and not forgetting the lenders (which include myself) and borrowers that have made RateSetter the success.