Robo.cash lowers short-term loan rates
Robo.cash is lowering interest rates on its short-term loans to “increase the efficiency” of the business.
The European peer-to-peer lending platform said loans of up to 30 days will now have an interest rate of 9%, loans of 31 to 60 days will have an interest rate of 9.5% and loans of 61 to 90 days have an interest rate of 10 percent.
This is down from previous rates, which were 10% for loans up to 30 days, 10.5% for terms of 31-60 days and 11% for loans of 61 days. at 90 days.
Read more: European P2P platforms see their volumes increase
Rates on longer-term loans remain unchanged and will increase to 13%.
“Robocash has returned to January levels in terms of investment volumes and continues to operate steadily,” said Grigorii Shikunov, Chief Financial Officer of Robocash Group.
“The decision to lower the tariffs was taken to increase the efficiency of the group’s activity.
Read more: Robo.cash rebounds from March drop
In March, Robo.cash raised interest rates after delaying a planned rate cut. It said it raised rates on all types of loans in response to the US Federal Reserve’s rate hike.
Robo.cash is part of the global alternative lending group Robocash Group.
Last month, the group announced that it could start offering products in India and Indonesia again next year.
He said he is looking for new products in both countries that will appeal to both borrowers and investors.
He also said he is focusing on penetrating the Philippine market due to the rapid growth in demand.