Robo.cash raises interest rates after axing plans to cut them
Robo.cash has increased its interest rates after delaying a rate reduction planned for this month.
The platform’s new rates will range from 10 to 13 per cent.
The European peer-to-peer lending platform said it has raised rates on all types of loans as a result of the recent Fed rate hike. Earlier this month the Federal Reserve System announced that it will increase rates by 0.25 per cent, its first rise since December 2018.
Robo.cash noted that a change of this rate is often followed by a raise in the returns of other assets across the world.
The new rates will be 10 per cent for loans up to 30 days, 10.5 per cent for terms from 31 to 60 days, 11 per cent for 61 to 90 day loans, 12 per cent for 91 to 180 days, 12.5 per cent for 181 to 365 days, and 13 per cent for loans from 366 to 1,095 days.
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In February, the platform said from 1 March, it would begin offering interest rates ranging from eight per cent to 12 per cent, depending on the loan term chosen. However, later in the month Robo.cash delayed this decision amid ongoing tensions in Europe due to the war in Ukraine.
This followed the platform cutting its rates by up to 1.5 per cent, to between nine per cent and 12.3 per cent, in January.
Earlier this month Robo.cash launched commercial loans which have been originated in Sri Lanka, through a partnership with its Sri Lankan operations. The platform said interest payments on previously purchased loans from Sri Lanka will be recalculated based on the new rate.
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“Be sure to update the interest range in your personal accounts to continue investing and receiving higher profit,” the platform said in a blog on its website.
“Please note that all investments on Robo.cash are supported by the 100 per cent buyback guarantee, which is supplied by the affiliated lending companies of Robocash Group.”