Robo.cash to update its interest rates on short-term loans
European peer-to-peer lending platform Robo.cash will update its interest rates on short-term loans from 25 November.
The new interest rates on short-term loans for up to 30 days will be 10 per cent, 10.5 per cent for loans from 31 to 60 days and 11 per cent for loans from 61 to 90 days.
Then from 91 to 180 days the interest rate will be 11.5 per cent, 12 per cent for loans from 181 to 365 days and 12.3 per cent for loans from 366 to 720 days.
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“With market trends and rapid recovery after Covid in mind, Robo.cash revises its interest rates,” Robo.cash said in a blog on its website.
“Given mounting evidence the platform is developing quickly, we see this as a crucial action that will help the company economy’s long-term performance.”
In a separate blog post, Robo.cash said that P2P loans increase competition with traditional banking and European countries with stable and developed economies are leading in terms of consumer and business lending.
The platform said the complete digitalisation of the financing process becomes one of the most important advantages of P2P loans compared to traditional banks.
Robo.cash said the UK is the leader in business lending with the priority there still being the speed of service provision, reduced requirements and carrying out processes online.
The platform said this is important because the main clients of P2P lending are small and medium-sized businesses that develop innovative projects and new products, and such processes require significant funding and implementation in a short time.
Robo.cash also said that Germany leads in consumer lending among other European countries due to above-average socio-economic indicators and the popularity of these loans, which is due to the conservatism of the banking sector.
The platform said another reason for the steady growth in the popularity of the P2P lending is online access to finance.
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“P2P platforms, as representatives of the fintech industry, normally allow to implement financing in a short time, providing transparency and customer focus,” said Robo.cash analysts.
“The share of repeated loans of Robocash Group, which is the parent holding of the Robo.cash platform, is 82 per cent in average for 2021, which indicates a steady growth in demand for the product and an increase in its competitiveness with traditional financial systems.”
Robocash Group has exceeded its goal of doubling lending volumes this year after investors funded $547.3m (£407m) of loans during the first nine months of 2021.