Hive5 cuts interest rates on Polish originator’s loans

Croatia-based peer-to-peer lending marketplace Hive5 is cutting interest rates on Ekspres Pozyczka consumer loans, effective from today.

Ekspres Pozyczka is a Polish loan originator that joined Hive5’s platform in June 2022.

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Hive5 attributed the rate cut to excess capital on the platform and its ongoing efforts to cut costs and streamline its operations.

“We are still in a strong position to offer you one of the highest returns in the market, even after the oner per cent interest rate reduction,” Hive5 said. “While we understand that any change to the terms might raise concerns, we remain committed to delivering competitive returns and maintaining the high standards you have come to expect from Hive5.”

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The platform told users to adjust their auto-invest strategy accordingly.

“Furthermore, we are excited to announce that we are preparing for expansion into new countries, enabling greater diversification of investment opportunities,” Hive5 added. “This expansion will open doors to fresh possibilities and strengthen our position in the market.”

Last week, Hive5 revealed that it hopes to build a €30m (£25.82m) loan portfolio by the end of 2023.

The lender – which launched as a subsidiary of Hive Finance last year – had a cumulative portfolio of just under €2m by the end of 2022. By the end of the first quarter of 2023, its portfolio had grown to more than €5.2m.