Robocash: Investments from the robot with the income to 12%

I decided to try out this new platform and verification was quickly completed.   I have had to accept 2 t & c changes which mean a lot of reading, it would have helped if the actual changes were listed as I didn't spot them.

I did a trial cash transfer yesterday morning which other platforms would have credited to my account in mid afternoon, but so far after 24 hrs there s no sign of a deposit to my account.

The others all use Swedbank so that could well be the reason rather than the platform not checking the client account.

Hello,

Thank you for your interest!

Right now you dont. We will add this feature within a month, and will send notification upon registration.

Yes, you're right! This feature will be released within a month.

We do not accept TransferWise at the moment. Investor should send us initial transfer from his own account, this we will never change, but in future if he wants to transfer money using TransferWire or similar - we will make it possible. I hope in March at least.

We have T&C 6.14 - The Parties agree that in case the Lender has extended the Loan repayment period under the Loan Agreement, it

is considered, that the Borrower has delayed the Loan repayment period and ROBOCASH shall repurchase the

User’s (Assignee’s) Claim in accordance with conditions of the Assignment Agreement, if the Borrower during

30 (thirty) Calendar days from the date of new Loan repayment period coming into legal force has not repaid the

Loan.


Please pay attention that our loans in Kazakhstan and Spain are 21 days, so maximum period will be 51 day(if loan taken for 21 days and extended for 30 days). Average loan duration is 26 days for Kazakhstan for example(including extensions).

We are obliged to proceed with AML checks, its not a question of curiosity for us. We should put that to T&C. 

You are very right, we will change this part. We meant that if a Borrower made something illigal while getting a loan we will purchase this loan the same day when we get such information, and we will due to buyback guarantee repay full invested amount with interest to day of buyback. We will change T&C in next few weeks to be very sharp with that.


Yes, buyback guarantee means that ROBOCASH has a duty to pay to investor in any case. I agree with you. I think there is just part took out of a whole legal scheme. Here we mentioned that ROBOCASH doesn't obliged to pay for the Claim BEFORE the Lender recieved payment from Borrower. I mean if the Borrower didn't paid yet, and buyback guarantee didn't take force yet(30 days of overdue didn't come) - ROBOCASH doesn't obliged yet to pay for the Claim.
We described that in ASSIGNMENT AGREEMENT  "1.3. In instance where the Borrower delays the Loan repayment (or its part in accordance with conditions of the Loan Agreement) for more than 30 (thirty) calendar days, ROBOCASH undertakes to repurchase the Claim purchased by the Assignee in accordance with conditions of the Assignment Agreement and to transfer to the Assignee’s Investor’s) Virtual account the amount equal to the sum of remaining principal amount of the Claim and accrued outstanding interest calculated in accordance with the Interest rate."

We will put detailed explanation of this procedure in next 2 weeks, there is no one appointed as an administrator yet for this kind of procedure.

Thank you a lot for your help! Your questions help us to improve!

Hello,

Thank you for your questions!

ROBOCASH itself can not to fail the repurchase guarantee, cause such right is ensured by conditions of cooperation agreement concluded between ROBOCASH and Loan Originator. The Loan Originator transfers funds necessary for ROBOCASH repurchase right realization to the ROBOCASH’s account. ROBOCASH will itself settle disputes and disagreements arose between it and Loan Originator.
The situation you should turn to the Loan Originator can appear only in case of insolvency or bankruptcy of ROBOCASH.

You will have a right to settle disputes in court of Latvia in accordance with normative acts of Latvia, cause the Website of ROBOCASH User Agreement and Assignment Agreement are concluded between you and ROBOCASH and the applicable law is law and regulations of Republic of Latvia. All disputes between ROBOCASH and Loan Originators shall also be settled in accordance with normative acts of Republic of Latvia.

Right now we are selling Claims to individuals in Kazakhstan, we are not selling Claims to individuals in Russa because we see the same issue as you do. But we know that some of our competitors doing it, also we are speaking with regulator to understand better way to do it. We hope to find a way to do it in a proper way in next few weeks.

We restrict in terms of getting interest everything, so we pay interest only on loan principal, which is equal to amount bought by investor. In different markets exact sequence of payments differs, it actually doesn't affect anything due to buyback guarantee. Yes, penalty can increase the amount of debt by 100% of the original loan principal(sometime it could take up to 3 years to do so).

The conditions of Assignment Agreement are (subclause 3.5. of the Assignment Agreement):

3.5. The Parties agree that amount of the Interest and penalty rate, calculated for the Borrower and unpaid by the Borrower shall not be transferred from the Assignor to the Assignee at the moment of entering into the Assignment Agreement.

Hello James,

We will mark actual changes in t&c in future.
Your account will be credited in few minutes, sorry for a delay.

Thank you for giving us a chance!

Cant Withdraw Money From My Account.

I opened an account last weekend and deposited a small amount for testing which was credited on wednesday and I set my auto invest to 16% but got no loans,reduced it to 15% still no loans. On Thursday morning I set it to 14% still no loans and when I went back an hour later to check I was ambushed with a new user agreement like James France mentioned but as I was it no mood to read through 10 pages again I declined to accept and as there was no loans even at 14% I decided to withdraw my deposit only to be told I had no money in my account even though my account balance said otherwise.
I tried to delete the auto invest portfolio but could not I could only turn it off but still could not withdraw. Maybe its because I declined the new user agreement but that should not be as I should be allowed to withdraw without accepting it. Investing without accepting it is a different matter
I emailed support yesterday afternoon but have got no reply as yet.

I got a reply from support and they transferred the money from account value to account cash and I made the withdrawal. I clicked on the payout and balance buttons in "edit portfollio" before as I assumed one of them would be the way to transfer between virtual and investing accounts similar to transferring between accounts on Omaraha but nothing happened maybe its my browser Firefox. Anyway its done now.
Have you invested in any loans yet 14%-16%?


Just remembered the payout and balance buttons are for transferring loans returns to account cash or to your bank so I still dont know how to transfer the portfolio balance back to account cash for withdrawal if needed.