rscal
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Post by rscal on Feb 15, 2019 11:24:51 GMT
As an investor I wanted to have an idea what RS charges the borrower and the only way to do that was to obtain a quote:
| Amount | £1000 | £2500 | £5000 | | Months | | | | | 6 | 29.9 | 29.9 | 29.9 | | 9 | 29.9 | 29.9 | 29.9 | | 12 | 9.4 | 8.4 | 3.9 | | 18 | 8.9 | 8.4 | 4.9 | | 24 | 8.4 | 7.9 | 5.9 | | 30 | 7.9 | 7.9 | 5.9 | | 36 | 7.9 | 7.9 | 6.4 | | 48 | 8.4 | 8.4 | 6.9 | | 60 | 7.9 | 79 | 6.4 |
(Has anyone else tried to find this out previously, I wonder?)
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lara
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Post by lara on Feb 15, 2019 11:43:15 GMT
Aren't borrowers' rates dependent on credit history etc?
I'd expect them to vary from person to person.
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sd2
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Post by sd2 on Feb 15, 2019 12:07:47 GMT
6.9% £10,000
6.9% £4,000
Got the figures using MSE present score on experian 980 out of a maximum of 999.
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sd2
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Post by sd2 on Feb 15, 2019 12:23:18 GMT
I checked because I assume that the higher the rate the dodgier the credit scoring. For me £10,000 ratesetter and lending works were iffy at 6.9% while zopa was 3.3%. Once I got down to £4,000 Zopa Ratesetter and lending works came in around 6.9% and were ahead of all other lenders. So didn't really no what to make of that?
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sd2
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Post by sd2 on Feb 15, 2019 12:26:12 GMT
Note £7,500 -£15,000 and 3 years (2.8% for me) is normally the sweet spot for loans. It does vary from lender to lender.
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reinvestor
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Post by reinvestor on Feb 16, 2019 14:41:23 GMT
Don’t forget that the rates in the chart above will be APR.
Ratesetter and all other platforms will pay investors in per annum flat rates.
As a rough guide, APR is approximately double the flat per annum rate.
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benaj
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Post by benaj on Feb 16, 2019 16:15:29 GMT
It seems RS does quote differently:-
Rep Example: 3.9% APR Representative (fixed). Based on an assumed loan amount of £5,000 over 1 year at an interest rate of 3.9% p.a. (fixed). Monthly repayment £432.92. Total amount payable £5,195.
A quote from AA borrowing £5000 @ 3.8%
Representative Example: Assumed borrowing of £5,000 over 12 months at a fixed rate of 3.8% per annum would result in a representative rate of 3.8% APR, monthly repayments of £425.15 and a total amount repayable of £5101.80.
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