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RateSetter lender improvements
RateSetter have made some changes that have been discussed within the peer-to-peer lending community for a while. First is the ability to choose between automatically reinvest the full amount or just the capital, taking interest as income. This is common with savings accounts.
Secondly, and perhaps more importantly, is the ability to automatically withdraw funds on a weekly or monthly basis.
These are exciting improvements and certainly make peer-to-peer lending attractive to move mainstream "savers" and I use that word carefully as peer-to-peer lending is not saving. RateSetter has shown itself to be a leader in this industry.
Here is the full email from RateSetter:
As you know, we are constantly looking to improve the lending experience on RateSetter. A common request has been the ability to regularly draw down an income from your RateSetter loans, and specifically to withdraw interest on a regular basis. Today we are pleased to announce these new features are live on RateSetter.
As you can see in the image above, from today you are able to select "Capital only" as your Reinvestment settings. If selected, only the capital amount from each repayment will be reinvested (the interest will be returned to your Holding Account.) If you select "All", both Capital and Interest from each repayment will be reinvested. To adjust your reinvestment settings log in and go to the Reinvestment page.
The new "Auto-Withdrawal" feature allows you to schedule automatic transfers from your RateSetter Holding Account to your bank account. You can set this up on a weekly or monthly basis, and choose a set amount or the entire balance. To set up the Auto Withdraw feature log in and go to the Withdrawal page, and click through to the Auto Withdrawal page.
RateSetter continues to take on board your suggestions and we are extremely grateful for your continuing feedback. We hope you find this feature a useful improvement to the RateSetter experience.
All the best,
The RateSetter Team
A current loan request on monthly access at 2.2% is simply taking the mickey to put it politely.
No thanks, I’ll keep my hard earned brass in the bank until rates start to increase.