Did Metro Bank buy RateSetter?

Today we are announcing that Metro Bank is purchasing the RateSetter loan portfolio in line with Metro Bank’s strategic objective to grow in consumer loans.

Does Metro own RateSetter?

Under the terms of the loan agreements, an agent acts as custodian of the loans on behalf of the lenders (the “Agent”). The Agent is RateSetter, which is a wholly owned subsidiary of Metro Bank, and, as such, is a related party in accordance with LR 11.1.

Who took over RateSetter?

Metro Bank
Around 45,000 investors in the now-defunct peer-to-peer lender RateSetter have had their accounts closed and their money returned after it was taken over by Metro Bank last August.

Why is RateSetter closing?

Ratesetter is set to shut 45,000 accounts as part of deal with Metro Bank. The high street bank has bought a portfolio of loans from the Peer-to-peer lender for £384million to boost its presence in the unsecured credit market. As a result, all investors’ accounts will automatically close on April 2.

What is happening with RateSetter?

RateSetter investors will have their accounts closed on 2 April 2021 and they will no longer be able to invest with RateSetter.

Is RateSetter a bank?

RateSetter is part of Metro Bank, an award-winning bank that is celebrated for its exceptional customer experience. RateSetter and Metro Bank have a shared focus on delivering something fresh for customers, offering attractive products and the best possible customer service.

Is RateSetter going bust?

Ratesetter is to shut all 45,000 existing investor accounts on 2 April and all of Ratesetter’s loans will be transferred to Metro Bank from the same date. Both of these changes are taking place after Metro Bank bought Ratesetter last September. Here’s what the move means for investors and borrowers.

What has happened to RateSetter?

RateSetter investors will have their accounts closed on 2 April 2021 and they will no longer be able to invest with RateSetter. It has done its job and RateSetter investors will receive their money back in full. Following the purchase, the Provision Fund will remain attached to the loan portfolio.

Does RateSetter affect credit?

Your RateSetter application leaves no impact on your credit file, which makes it easier for you to try with another Lender.

Is RateSetter Safe 2020?

Ratesetter was the perfect entry point into peer to peer lending as it provided simplicity, relative safety (for peer to peer lending), a provision fund and a possible exit strategy. The December 2019 and July 2020 rate cuts made Ratesetter far less attractive.

Is Peer to Peer dead?

While the fintech industry has been moving away from peer-to-peer lending (P2P) since 2016, Lending Club’s decision to shut down its retail P2P platform marks the end of an era. P2P Lending was my entry into the fintech space in 2010.

Is Lending Club closing down?

In a surprising turn of events, LendingClub announced that it was shutting down its retail loan marketplace, also known as its Notes platform. 1, 2021, LendingClub announced it had completed its acquisition of Radius Bancorp, Inc., including its digital banking division, Radius Bank.

Did Metro Bank buy RateSetter? Today we are announcing that Metro Bank is purchasing the RateSetter loan portfolio in line with Metro Bank’s strategic objective to grow in consumer loans. Does Metro own RateSetter? Under the terms of the loan agreements, an agent acts as custodian of the loans on behalf of the lenders (the…