The Anonymous Widower

Creating A Ratesetter Account

I have just created a Ratesetter account, as I want to see how other peer-to-peer lending sites work.

As a Zopa user for many years, I could be considered biased, but although I got registered quickly, there are some things I liked and didn’t.

E-Mail Address Based Account

All accounts, should be based on e-mail addresses.  They are in Ratesetter.


Because of my gammy left hand, I don’t like passwords where case is important, as I often get it wrong, when I use the shift key. Ratesetter  insists on at least one number.

At least though they didn’t use the dreaded Captcha system beloved of so many sites.

Check Questions

They only have one question, which you setup yourself. I’m happy with that.


I had no problems here and they only wanted my current one.

Debit Cards and Bank Transfers

Ratesetter allow both methods of transferring money to the account. I prefer the bank transfer.

But I did successfully register my account and transfer £1,000 into the account.

August 13, 2012 - Posted by | Finance | ,


  1. I chose Ratesetter instead of Zopa & Funding Circle. I liked the availability of a one month investment…especially useful for sweeping up spare current account cash. I also like the Provision Account which currently covers forecast bad debt by a ratio of 2:1. On top of that, their response to email questions is fast & professional as is their telephone support. And finally, the set up process is eezy peezy. Initially, I wasn’t impressed with the web site as it was difficult to find the information required. However, shortly after I joined, they launched a new site which is a considerable improvement. Thus far, I have experienced nothing that would tell me that P2P lending shouldn’t be part of a well balanced portfolio of investment. Sensible people never bet their shirt on something. A couple of buttons perhaps!

    Comment by Richard | August 13, 2012 | Reply

    • I started with zopa, because I had £15,000 from the sale of my late wife’s Porsche that needed a home. I have not had any problems except on start-up, where I tried too hard to get rid of my money. Now everything has settled down with Zopa and I’ve generated a philosophy that works well with me. So far, I’ve been impressed with Ratesetter, who phoned me because of a wrong digit in transferring money over. That’s professional. As someone who has designed umteen man-machine interfaces, I’d give Zopa and Ratesetter a good score, but Funding Circle is not to the same standard.

      In the end though, it’ll be the figures that do the talking. i should say that in my time, I’ve owned 50% of a bog standard finance company, so I’m not financially naive.

      Comment by AnonW | August 13, 2012 | Reply

      • Looks like we share similar experiences with Ratesetter. I haven’t tried the others & probably won’t.Your background puts you in the ranks of what IFAs’ call a ‘sophisticated investor’ & I generally agree that P2P is one of those products that should only be used by those that are indeed financially aware. Much the same for me having worked in accounting, banking & latterly as the corporate affairs director of a financial software house before starting a little business around 10 years ago. Best wishes, Richard

        Comment by Richard | August 13, 2012

  2. I was orginally trained as a control engineer and P2P is a classic feedback system. What is needed is a good checking system in the middle to balance the forces of lenders and borrowers.

    Sounds like we have an excuse for a coffee! I’m in London.

    Comment by AnonW | August 13, 2012 | Reply

    • Hello again. It seems that Ratesetters ‘mid systems’ are pretty efficient. Not always the case, even with some very large organisations! Would love to have a coffee…who needs an excuse!. Unfortunately, I live in Newcastle! Usually, I only go South once or twice a year when I go to Sandwich for school alumni events.
      Regards, Richard

      Comment by Richard | August 13, 2012 | Reply

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