The European peer-to-peer lending platform Robo.cash will update its interest rates on short-term loans from November 25.
The new interest rates on short-term loans up to 30 days will be 10 percent, 10.5 percent for 31- to 60-day loans and 11 percent for 61- to 90-day loans.
Then from 91 to 180 days the interest rate will be 11.5%, 12% for loans of 181 to 365 days and 12.3% for loans of 366 to 720 days.
Read more: Kazakh creator of Robo.cash continues to lead the way
Read more: Robo.cash passes the 20,000 investor milestone
“In view of market trends and a rapid recovery from Covid, Robo.cash is revising its interest rates,” Robo.cash said in a blog post on its website.
“Given the growing evidence that the platform is growing rapidly, we view this as a critical action that will contribute to the long-term performance of the company’s economy. “
In a separate blog post, Robo.cash said P2P lending increases competition with traditional banks, and European countries with stable and developed economies lead the way in consumer and business lending.
The platform said that the complete digitization of the financing process is becoming one of the most important advantages of P2P loans over traditional banks.
Robo.cash said the UK is the leader in business lending, with the top priority always being speed of service delivery, reducing requirements and running online processes.
The platform said this is important because the main customers of P2P loans are small and medium-sized enterprises 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 such loans, due to conservatism in the banking sector.
The platform said that another reason for the constant growth in popularity of P2P loans is online access to finance.
Read more: The Robocash group expands in Sri Lanka
“P2P platforms, as representatives of the fintech industry, normally allow funding to be implemented in a short period of time, providing transparency and customer focus,” Robo.cash analysts said.
“The share of repeat loans of the Robocash group, which is the parent company of the Robo.cash platform, is 82% on average for 2021, which indicates a steady growth in demand for the product and an increase in its competitiveness with systems.
The Robocash Group exceeded its target of doubling loan volumes this year after investors funded $ 547.3million (£ 407million) in loans in the first nine months of 2021.