Change of direction for Ratesetter

reinvestor
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Change of direction for Ratesetter Jan 25, 2018 9:44:51 GMT misotu likes this

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Post by reinvestor on Jan 25, 2018 9:44:51 GMT

Not sure if this has been reported on here. Had a look but couldn't see it.

Ratesetter will now only be offering asset backed commercial finance. No unsecured loans.

Has to be a good thing but the reason for this will no doubt be their existing unsecured loan accounts.......

www.ratesetter.com/blog/article/focussing-our-commercial-finance-proposition-on-secured-lending-

cb25

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Change of direction for Ratesetter Jan 25, 2018 10:17:54 GMT

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Post by cb25 on Jan 25, 2018 10:17:54 GMT

see also www.p2pfinancenews.co.uk/2018/01/22/ratesetter-exits-unsecured-business-loans-market/

"RATESETTER is winding down its unsecured business lending after a review of its commercial finance propositions.

The peer-to-peer platform said its commercial finance product suite will focus solely on property-backed and asset-backed lending.

Personal loans, which are a bigger market for RateSetter, will be unaffected."

martinde21 Posts: 48 Likes: 38	Change of direction for Ratesetter Jan 25, 2018 12:13:32 GMT Quote Select Post Deselect Post Link to Post Back to Top Post by martinde21 on Jan 25, 2018 12:13:32 GMT Thanks for the post. This only impacts business loans, which now can only be made on a secured basis. Their unsecured consumer loans business is not affected.

ashtondav
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Change of direction for Ratesetter Jan 25, 2018 13:15:28 GMT misotu likes this

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Post by ashtondav on Jan 25, 2018 13:15:28 GMT

Well I hope RS manage their asset backed loans better than Fundingsecure. Property loans tend to overrun, overrun overrun. Oh and did I say, overrun. And asset valuation can be cr@p, the property market can sink etc.

Trapped in the slimeball that is AssetzCapital. May they suffer for eternity…

spiral
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Change of direction for Ratesetter Jan 26, 2018 9:24:30 GMT voss likes this

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Post by spiral on Jan 26, 2018 9:24:30 GMT

Jan 25, 2018 13:15:28 GMT ashtondav said:

Property loans tend to overrun, overrun overrun. Oh and did I say, overrun.

Yes but RS have rolling,rolling,rolling. Oh and did I say rolling.

This is of course until someone gets a whiff of a massive loan in difficulty and everyone wants it to stop rolling. Then it'll be uh why can't I get my money back, my 30 day term has ended, what do you mean have I read the T&C's!

Last Edit: Jan 26, 2018 9:24:55 GMT by spiral

cb25 Posts: 3,528 Likes: 2,668	Change of direction for Ratesetter Jan 26, 2018 10:01:16 GMT Quote Select Post Deselect Post Link to Post Back to Top Post by cb25 on Jan 26, 2018 10:01:16 GMT More on the RS change: www.p2pfinancenews.co.uk/2018/01/26/ratesetter-unsecured-business-lending/

Post by reinvestor on Jan 25, 2018 9:44:51 GMT

Post by cb25 on Jan 25, 2018 10:17:54 GMT

Post by martinde21 on Jan 25, 2018 12:13:32 GMT

Post by ashtondav on Jan 25, 2018 13:15:28 GMT

Post by spiral on Jan 26, 2018 9:24:30 GMT

Post by cb25 on Jan 26, 2018 10:01:16 GMT