We take a look at RateSetter Loans

Since their formation in late 2009, RateSetter Loans have quietly gone about their business of changing the financial landscape for the better, forever. It might sound like quite a lofty claim, but one look at their groundbreaking approach and you'll be convinced that things are about to change when it comes to the way money is both loaned and borrowed.

Founder and CEO of the company, Rhydian Lewis, has years of experience behind him working in the City for established investment bank Lazard. Influenced by the incredible transparency on offer at the stock exchange, he had the idea of setting up a lending company whereby the rates and charges were determined by the customers, rather than a small few wealthy investors, leading him to create RateSetter.

The way it works is quite different to the traditional lending set-up. Firstly, RateSetter does not loan any money, nor can it be classed as a bank. What they do is provide an infrastructure that allows regular people across the United Kingdom to safely invest as much or as little of their own money as they would like as loans to other regular people. The loaner decides on the interest rate they deem to be fair for their money, and RateSetter links them up with borrowers who have indicated that those terms are agreeable.

It's an ingenious way of approaching things, and so far it has worked quite well for them. Before you start questioning just how safe the whole process is, it's worth noting that the same credit checks are carried out by RateSetter as by traditional banks - there is no more risk involved here than when it comes to regular loans.

You can find out much more about RateSetter and their plans to revolutionise the way loans are offered at their official website, located at www.ratesetter.com today.

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