Limited Liability Company “RC RIGA”
|Type of loan:||Commercial Loan (secured by pledge on claim rights of Rapidlend (PVT) LTD towards its debtors)|
|Loan size:||up to 100 000 EUR|
|Loan maturity:||3 years|
|Interest rate for investors:||11-11%|
Rapidlend (PVT) LTD
|Number of employees:||22|
|Type of loan:||PDL|
|Loan size:||up to 270 EUR (60,000 Rs)|
About the creditor
UnaFinancial company Rapidlend (PVT) LTD in Sri Lanka started its work in 2021. It provides instant access to payday loans to employed individuals and selected professionals. Owing to the use of in-house automated technologies, the loans are issued in mere minutes after filling out an application.
Rapidlend (PVT) LTD offers loans up to 25 000 Rs to new borrowers and up to 60 000 Rs for repeat clients.
Model of operation
- Limited liability company “RC RIGA” (hereinafter RC RIGA) issues a commercial loan to Rapidlend (PVT) LTD (hereinafter Rapidlend) under a Commercial Loan Agreement secured by Rapidlend claim rights towards its debtors, which, i.e., provides that this commercial loan is to be repaid by Rapidlend within 3 (three years) following loan issuance.
- RC RIGA transfers information about the issued commercial loan to Robo.cash investment platform operated by limited liability company Robocash d.o.o. (hereinafter ROBOCASH) according to the conditions of the Financial Intermediary Agreement executed amongst RC RIGA and Robocash d.o.o.
- Users of ROBOCASH transfer funds to RC RIGA based on Assignment Agreement on the basis of which they acquire claim rights arising out of the Commercial Loan Agreement concluded between RC RIGA and Rapidlend.
- ROBOCASH transfers funds received from users of ROBOCASH to RC RIGA.
- On the set repayment date according to the Commercial Loan Agreement concluded between Rapidlend and RC RIGA, Rapidlend repays the received loan to RC RIGA within 3 (three years) following loan issuance with monthly interest payments, hereinafter - Received Repayment.
- RC RIGA in turn transfers the Received Repayment to ROBOCASH, which then transfers the respective amounts to users of ROBOCASH who have invested in this commercial loan as per conditions of the Assignment Agreement.