Robo.cash lowers rates on short-term loans
Robo.cash is lowering the interest rates on its short-term loans to “increase the efficiency” of the business.
The European peer-to-peer lending platform said that loans of up to 30 days will now have an interest rate of nine per cent, loans of 31 to 60 days will have a rate of 9.5 per cent and loans of 61 to 90 days will have an interest rate of 10 per cent.
This is a drop from the previous rates, which were 10 per cent for loans up to 30 days, 10.5 per cent for terms from 31 to 60 days and 11 per cent for 61 to 90 day loans.
Read more: European P2P platforms see rising volumes
Rates on longer-term loans remain unchanged and will go up to 13 per cent.
“Robocash has returned to the level of January in terms of investment volumes and continues to operate steadily,” said Grigorii Shikunov, chief financial officer of Robocash Group.
“The decision to lower rates was taken to increase the efficiency of the group’s business.”
Read more: Robo.cash rebounds after March dip
Back in March, Robo.cash increased its interest rates after delaying a planned rate reduction. It said that 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 said it may restart offering products in India and Indonesia next year.
It said it is looking for new products in the two countries, that will be of interest to both borrowers and investors.
It also said that it is focusing on penetrating the Philippines market further due to rapid growth in demand.