will update its interest rates on short-term loans

European peer-to-peer lending platform 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%, 10.5% for loans of 31 to 60 days and 11% for loans of 61 to 90 days.

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.

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“Keeping market trends and the rapid recovery from Covid in mind, is revising its interest rates,” said in a blog post on its website.

“Given the mounting evidence that the platform is growing rapidly, we see this as a critical move that will help the long-term performance of the company’s economy.”

In a separate blog post, said that P2P lending increases competition with traditional banks and that European countries with stable and developed economies are leading in terms of consumer and business lending.

The platform said the complete digitization of the funding process is becoming one of the most important advantages of P2P lending over traditional banks. said the UK is the leader in business lending, with the priority always being speed of service delivery, reduced requirements and running processes online.

The platform said this was 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 large financing and implementation in a short time. . also said that Germany leads in consumer loans among other European countries due to above-average socio-economic indicators and the popularity of such loans, due to the conservatism of the banking sector.

The platform said another reason for the steady growth in popularity of P2P lending is online access to finance.

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“P2P platforms, as representatives of the fintech industry, normally allow funding to be set up in a short time, providing transparency and customer focus,” analysts said.

“The repeat lending share of Robocash Group, which is the parent holding company of the platform, averages 82% for 2021, indicating steady growth in demand for the product and an increase in its competitiveness with traditional financiers. systems”.

The Robocash Group has exceeded its target of doubling lending volumes this year after investors funded $547.3m (£407m) in loans in the first nine months of 2021.

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