About us
Helping you move forward with clear and straightforward borrowing. We’re committed to making loans simple and transparent.
The building blocks
We are Rate Drop, and we provide personal loans designed to suit eligible customers who meet our affordability and credit criteria.
We set up our business in 2013 because we believed borrowing should be clearer, fairer and based on more than just a credit score. Our approach looks at whether customers can afford the repayments over the full term of the loan, not just whether they can make the first payment.
Our loans are designed to be simple and transparent, with fixed monthly repayments and no hidden fees. We focus on giving customers a clear understanding of what they are borrowing and how it will be repaid.
Borrowing money comes with a cost, so it is important to make sure you can afford the repayments before taking out a loan. Missing payments could negatively impact your credit file and may result in additional costs. This loan may not be suitable if you are experiencing financial difficulty or could access lower cost credit.
Borrow from £1,000 to £5,000
Get a rate reduction on your loan when you pay on time
Representative 39.9% APR (variable)
Our culture
- We treat all our customers with fairness and care, always working to achieve the best outcome for them.
- We check that every loan is affordable before we pay it out.
- We work hard to make sure that our processes are easy to understand, and efficient.
- We use common sense.
- We offer clear loan products with transparent pricing and fixed monthly repayments.
The process
To make sure you can afford the repayments, we follow a simple process. First, we check your income and expenditure. We do this in a few ways.
Fair Financial Checks
We work with banks and use Open Banking to check your income and expenses. This helps us see if you can make the repayments by looking at your bank statements, and means that our decisions are fair and responsible.
Fast and Efficient
Our team works to make the application process as smooth and straightforward as possible. Many approved customers receive their funds on the same day they apply, subject to completing the required checks and verification. We carry out affordability and credit checks to ensure any loan is suitable and manageable.
Budgeting for Success
Our goal is to ensure your essential bills are covered and you have enough money to make your monthly loan payments. We also want you to have cash for emergencies and feel confident about your money.
Clear Communication
We begin by talking to you. We explain all the details to you and your guarantor (if applicable) so everyone understands their roles, responsibilities and risks during the loan.
Trusted Lending
We take our role as a responsible lender seriously and carry out affordability and credit checks before approving any loan. Our aim is to provide a clear and straightforward borrowing experience, with support available throughout the process.
We treat every application on its own merits. Approval depends on meeting our affordability, credit and verification criteria, and not all applications will be successful.
Finally...
Our team work hard so that your experience with us is as smooth as possible. We’ll make sure that your payments are processed quickly, often on the very day you apply!
Our staff are knowledgeable and experienced, ready to exceed what you’d expect from a typical loan company. Everyone is here to help and ready to answer your calls from 9 AM to 6 PM, Monday to Friday.
And if those times don’t work for you, we’re just an email away.