Robocash – my experiences with this new p2p platform (with buyback)

This post is also available in: Deutsch (German)

The wave of new p2p platforms doesn’t seem to tear off. After exploring Grupeer I have found a brand new p2p lending service: Robocash. The platform advertises it’s buyback loans with 17% yield (in Euro of course). I couldn’t let this opportunity slip 😉 Therefor I opened an investor account, and look at this, I am within the first 5 investors ;). The registration process was quick and easy. During the sign up procedure you are asked to upload an identity document and you are promised to be verified within one business day (but you can send the money on it’s journey before you are verified). I was lucky and got verified one hour after signing up. My money was credited to my account on the next working day.

Who stands behind Robocash?

Robocash is part of the russian Loan Originator Zaymer, which was founded six years ago by Sergey Sedov. Zaymer is operating its services in Kazakhstan, Russia and Spain. The Robocash platform is located in Riga, Lavia, but is operated out of Russia. Therefor we must be aware of the time difference and local holidays when contacting the support team.

Which types of loans are offered?

For the most part short term payday loans are offered, which are secured with buyback. Buyback intervenes when a loan is overdue for 30 days and covers the principal as well as the accrued interest.

Only autoinvest available

There is no possiblity to invest manually at robocash, you can only use the autoinvest. You can configure several autoinvests (portfolios) which can operate parallel to each other. At the right hand side you can see my settings. You can set the interest rate, define the max portfolio value and choose the maximal weight of a loan in your portfolio.

 

Conclusion

The people behind Robocash put in a big effort to provide a functioning platform. In my opinion they are succeeding in this aspect, as I did not notice any big shortcomings . This really surprised me considering this is a very new platform. It looks like there was time taken to correct errors before launch. What bothers me is that there are 16 percent loans advertised and then there are none of these available. At the moment there are 14%ers “only”, which is not surprising, as we don’t get more at other platforms. In my opinion it would have been better to advertise with 14% then to  disappoint the investors. But I will get over it 😉 Clarification: Robocash is not a p2p platform in the classic sense. The investors are funding the loan originator Zaymer which offers more loans through his balance sheet.

 

 

 

 

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