Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Rhydian_Lewis5122_RateSetterLogo
January 22 2018

RateSetter exits unsecured business loans market

Marc Shoffman Industry News, News business loans, commercial finance, p2p, Ratesetter, Rhydian Lewis

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.

Business borrowers will now only be able to access property-backed development and investment loans or asset-backed hire purchase deals.

All existing unsecured business applications will be processed and will continue to repay in line with their schedule, the platform said.

Read more: RateSetter earmarks February 2018 IFISA launch

It is not believed that this will impact the lending rates on offer or default expectations. Personal loans, which are a bigger market for RateSetter, will be unaffected.

The platform will also continue to expand into the car finance market, which it highlighted as a growth area last year.

“By simplifying our commercial finance product offering and focusing our resources on lending secured on property and other tangible assets, we have a clear framework around which to grow our commercial finance volumes and continue to deliver access to healthy returns to investors,” Rhydian Lewis (pictured), chief executive of RateSetter said.

This may result in bigger loans being issued but as investors typically have their money automatically spread across a range of loans they may not notice the difference.

The move leaves Funding Circle and MarketInvoice as the only major P2P lenders offering unsecured business loans.

Read more: P2PFN’s exclusive interview with RateSetter CEO Rhydian Lewis

Zopa hikes target returns due to increased stability in market pricing Portfolio landlords struggle to get mortgages after tougher PRA rules

Related Posts

CLOSED Out of business shop sign vector illustration

Industry News, News, Top 3, Uncategorized

SME lender warns many companies will not survive

London, UK - Downing street offices, entrance gate

Industry News, News, Top 3

Government responds to P2P fraud query

money UK

Industry News, News, Property, Top 3

The alternative lenders accredited for CBILS

Popular posts:

  • MP queries level of fraud in P2P lending
  • Aave launches higher risk, higher return option for…
  • Some firms set to pay more than maximum CBILS interest rate
  • Growth Street to return 100pc of investor funds
  • A year in the life of the 36H Group
  • Investors urged to look at ISA options ahead of…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by