The Residual Income Diary: Episode 2 - Ratesetter

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Written by

#Club1BCH

4 years ago

In community: Cryptocurrency and Blockchain(7b7f)

Even if cryptocurrencies investments, staking and farming are the ones bringing most of the residual income, I try to have a diversified portfolio. RateSetter is one of the constant source of residual income in my portfolio, and the platform is easy to use and understand. My residual income from April was 8.56 GBP. If you will join using my referral, RateSetter will top up your account with 100 GBP bonus when you've kept £1,000 invested for 1 year, obtaining an easy 10% profit.

Any investment in Access can be withdrew at any time, without any fee, but the rate is lower. The Plus, Max and 5 years options are offering better rates but if you decide to withdraw your money, than an exit fee will be calculated. I share my investments between Access and 5 years, to give flexibility and easy access to some of the funds in case of emergencies, and get a better rate for the long term.

I earned 255 GBP on the platform with small investments on payday, so I can personally vouch that the platform is efficient even if you invest little. I used the money from time to time to invest in new crypto-projects whenever I needed a boost deposit. The best usage of what I earned on RateSetter was £50 invested in Binance Coin for under £8 per unit, which a year later I sold for £120.

RateSetter aims to make peer-to-peer investing as simple as possible. Your investment is automatically allocated to people and businesses looking to borrow, and aims to cover any late repayments automatically and seamlessly through a compensation fund. The company is based in Bishopsgate, London and as of June 2018, RateSetter claims that none of its individual investors have ever lost money.

Key facts:

Launched in the UK in 2010
First globally to launch a Provision Fund and an easy access product
Became a member of the Finance & Leasing Association in 2016
Winner of the "Queen's Award for Enterprise" in 2019, the most prestigious business awards in the UK

At RateSetter you earn interest every month – with returns that are higher than most savings accounts and more stable than stocks and shares and every investment is protected by the RateSetter Provision Fund, the buffer against poorly performing loans, which has a 100% track record since 2010.