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Lend $2000 for 3 or 5 Years on Ratesetter and Get $75 for Referrer and Referee

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Lend $2000 for 3 or 5 Years on Ratesetter and Get $75 for Referrer and Referee
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mjr 009 on 18/07/2018 - 09:51 ratesetter.com.au (515 clicks)
Last edited 19/07/2018 - 02:21 by 1 other user

Same as previous deal https://www.ozbargain.com.au/node/364055

You must use a referral link like the link below to be eligible for the referral fee.

From Ratesetter website:

Refer up to 5 friends using your unique link. For each friend that lends at least $2,000 across our 3 Year Income or 5 Year Income markets, you'll both earn a $75 Welcome Bonus. See terms and conditions below

Warning: This is an investment with a company that is not an Authorised Deposit-taking Institution (ADI). The Australian Government guarantee does not apply in the event of the company going bust. Please consider whether it is appropriate for you.

Referral Links

Referral: random (2)

$50 for referrer and $50 for referee after investing $1,000 in the 5-year income market.

Financial Lending

Related Stores

Plenti (Previously RateSetter)
Plenti (Previously RateSetter)

closed Comments

    • mjr 009 on 18/07/2018 - 10:30

      How is it a Scam?

      • Icecold5000 on 18/07/2018 - 12:06
        +3

        $75 bucks for losing a friend. Bargain!

  • Temporary username on 18/07/2018 - 10:11

    i tried to borrow $5000 and declare my income $60000 but i still get declined.

    • Kas on 18/07/2018 - 11:08

      Because your income is high, try to borrow $20,000
      of if you want to borrow exactly $5000, say your income is about $35,000

    • Cheapharry on 18/07/2018 - 18:11

      Do you have other existing debts? Those need to be paid off first

  • Flyingmoo on 18/07/2018 - 10:20
    +5

    How does this even work? Lend money to complete strangers that can't get a bank loan? Seems legit

    • mjr 009 on 18/07/2018 - 10:35
      +3

      It's another example of a technology platform enabling a more efficient process (and hence better deal) for both parties. It's slightly higher risk than putting it in savings, so not for everyone, but when you can earn up to 3-4 times as much interest as putting it in savings (where the bank lends it out to the same people at higher rates anyway), I'm willing to take the risk. If you are happy earning 1-2% from your bank (before inflation of course), then this isn't for you it seems

      • Diji1 on 18/07/2018 - 11:40
        +7

        It's slightly higher risk than putting it in savings

        Hahahahaha.

      • demiurge on 18/07/2018 - 14:11

        LOL, 'slightly higher risk'.

    • FuRyZ on 18/07/2018 - 10:44
      +3

      Not completely true, financial checks are in place for borrowers, most of the people who borrow on the platform can easily get loans from regular banks. They come to Ratesetter because you get better rates. To help cover bad debt, a portion of the interest collected is put in a pool which pays out if anyone defaults on their loan. So while the platform is not government guaranteed, there is an insurance system built into the system. Ratesetter does pride itself by saying that no lender has ever lost money on the platform.

      • Diji1 on 18/07/2018 - 11:42
        +7

        Ratesetter does pride itself by saying that no lender has ever lost money on the platform.

        Wow, well that's enough for me, take my money.

  • FuRyZ on 18/07/2018 - 10:31
    +5

    I got into P2P lending around a year ago. I was with SocietyOne at first but changed to Ratesetter a little later.

    No its not a scam. Made a healthy profit in the 1 month and 1 year markets. Your mileage will vary depending on how much you invest.

    Do not take my statements as investment advice, merely stating my personal experience with the platform, always do your own research before investing in anything.

    https://www.canstar.com.au/p2p-lending/who-offers-peer-to-pe…

    • [Deactivated] on 18/07/2018 - 11:23

      how much did you invest in both markets and what was the return in both markets?

      • FuRyZ on 18/07/2018 - 13:11

        The rates fluctuate on a daily basis based on supply and demand. Most of my 1 month loans were in the upper 3% to lower 4% range and my 1 year loans were around 5%. I wont give specific numbers but I have made upwards of $500 in profit so far.

        • Homr on 19/08/2018 - 19:15

          The 1 month loan at 3%, is that per annum rate or monthly rate?

          For e.g If I lend out $1000 on the 1 month plan, am I expecting to get $30 back or $2.5?

    • Jamesx on 18/07/2018 - 11:45

      what kind of security do they offer?
      If they're gone, you get nothing. P2P lending on the internet, means you will NOT get anything back!

      • FuRyZ on 18/07/2018 - 13:18

        All investments carry risk, its why you always need to do your research. The lending criteria are fairly strict and a provision fund is built into the platform to manage bad debts so the risk is fairly low from the lenders perspective.

  • CarbonTwelve on 18/07/2018 - 10:32
    -6

    https://www.ozbargain.com.au/wiki/help:deal_posting_guidelin…

    NO Gambling Sites.

    And yeah, "investing" in a scheme with no government backing really is a gamble.

    • mjr 009 on 18/07/2018 - 10:51
      +2

      So similar to shares, EFTs, property, etc?

      • rabbit71 on 18/07/2018 - 13:10

        Yes the risk exists like equities and other financial products, but to do this for a referral bonus is not wise money management. The point I would like to convey is if you are focused on the referral credit, people may be blinded by the risk. People go into equities and property knowing the risk.

        • FuRyZ on 18/07/2018 - 13:31

          I would argue that the kind of people who would blindly get involved in financial investments to simply get a $75 referral credit probably dont have any money anyway. They have likely handed all of it over to their local Nigerian prince already.

  • rabbit71 on 18/07/2018 - 10:40
    -8

    I wouldn't refer a friend or relative (or enemy) on this one. so I wouldn't call it a bargain.

  • Jaduqimon on 18/07/2018 - 10:48

    u cant register with a gmail email?

    • mjr 009 on 18/07/2018 - 10:52

      should be able to, I use my gmail

  • FistOfMonkey on 18/07/2018 - 11:01

    Investment opportunities are not bargains.

    The following services are not suitable for OzBargain due to their ambiguous nature, posting such incomparable deals has usually ended with unsatisfactory results for both members & businesses/reps.
    …
    …
    Investment opportunities

    • tomsco on 18/07/2018 - 11:32
      +3

      I think it's not so much the investment, but the $75 that is being posted about.

      • rabbit71 on 18/07/2018 - 13:49
        +2

        If you invest the minimal $2000 over the shortest period of 3 years, the $75 credit amounts to an (extra) 1.25% interest on your money each year over 3 years. I would rather put my money in a bank for 3 years and know I'll get it back with the government guarantee.

        • Riczter on 19/07/2018 - 14:05
          +1

          Correct - an extra 1.25% interest on top of the current rate of 7.4% - where else can you get a return of 8.65% on a 3 year investment with such a low risk profile? You would rather get 3% at a bank??

          Their risk profile is very good if you take the time to read about how they are set up.

    • AnneFagit on 18/07/2018 - 11:49
      +3

      Referral bonuses like those for any credit card, savings/transaction accounts or rewards for signing up with brokers of investment vehicles are not investment opportunities and are valid deals. Many of these require you to meet a minimum number of conditions like deposits, spending value or number of transactions.

      If that were the case, ING referrals, credit card bonuses and NABtrade free brokerage deals would be banned.

  • Jaduqimon on 18/07/2018 - 11:48
    -2

    i just checked the rates and they don't seem that good. better off investing in blue chip stocks for similar returns (after tax from franking credits) and more safe.

    • AnneFagit on 18/07/2018 - 11:58
      +3

      That sound like financial advice that doesn't consider the financial needs of the person reading your comment.

      Shares carry certain types of risk that fixed interest P2P loans do not and vice versa. It really depends on the requirements of the individual.

    • Carpe Diem on 18/07/2018 - 13:34
      +1

      Dreadul advice & an incorrect analogy. Equities are vastly more risky, with considerably more variables to consider IMO.

      Their group have supplied over 320k loans, totalling $3BM in value & not one investor has had their money go astray. Worth noting there is a provision fund, for such instances.

  • Wootwootwoot on 18/07/2018 - 14:14

    Um the rates are too low for the risk involved. Buy bonds with 8% coupons.

    • josho9 on 19/07/2018 - 11:29
      +1

      Yield is not the same as coupon - usually purchased (and later sold) at a discount to face value.

  • PJC on 18/07/2018 - 20:03

    OP perhaps amend title to Referee.

  • fullmetal on 19/07/2018 - 11:11

    Are you gonna be tax for interest earn or capital gain tax?

    • josho9 on 19/07/2018 - 11:59

      Interest, fully assessable with no CGT discount. If you don't get back your principal at the end of the loan you can get a deduction for the loss.

  • Riczter on 19/07/2018 - 14:00

    I've been using these guys happily since the last deal.
    My experience - safer than shares, more risky than bank interest.
    But compare the rate of return of 9% to other platforms that are more risky and it becomes a very attractive investment, especially when you consider how easy it is to get started.
    The $75 is just a sweetener.

  • tommyben on 02/08/2018 - 07:48

    $100 sign up bonus and 14% return if you go via this link. Only need $1000 for 1 year
    https://www.strongmoneyaustralia.com/p2p-lending-14-percent-…

    • [Deactivated] on 04/08/2018 - 04:12

      The "14% return" includes the bonus $100. It is a better deal though, only need a 1 year commitment and get $100 instead of $75. Also 1 year rates are now 4.2% not 4.9%

      also here's an alternative link with the same deal

      http://thewealthguy.com.au/ratesetter-australia-review-peer-…

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