Hive5 to add Spanish personal loans to platform
Hive5 is introducing Spanish consumer loans on its platform.
The Croatia-based peer-to-peer lending marketplace said that the short-term personal loans will be launched this month, issued by one of its existing loan originators, FinJet.
Hive5 revealed that its investors have already channelled more than €1m (£855,000) into FinJet’s business loans.
“Initially focusing on personal short-term loans ranging from €100 to €500 with a 30-day term, FinJet plans to expand its offerings to include instalment loans later this year,” Hive5 said. “Notably, in Spain, there is no specific regulation regarding a price cap on these loans, allowing flexibility for the growth and development of the lending services.”
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Hive5 said that FinJet uses “market-leading scoring providers” that offer valuable raw data and credit risk scoring, forming the foundation of FinJet’s decision-making process.
It also highlighted the “regulatory freedom” of the Spanish market which enables lenders to innovate.
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“The Spanish regulatory environment, characterised by its openness and lack of credit issues, enables to provide financial solutions without unnecessary limitations,” Hive5 said.
“This regulatory freedom empowers the company to offer innovative products that meet customers’ needs. At the same time, we will always remain loyal to our proven, responsible lending rules.”
Read more: Hive5: Consumer loan demand will remain high in 2024