Row 38662

Row ID: 38662 | Dataset Entry | Axioma AXP Content Repository

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(Reuters) - Trading app Robinhood Markets is lowering the rate of interest it charges on its margin loans, it said on Tuesday, to encourage more customers to avail this facility that allows them to borrow against securities they hold.

The company has rolled out a series of features recently as it looks to grow into a full-fledged broker and meet the demands of retail investors for sophisticated products.

The renewed structure could increase its popularity among such investors, who have often used Robinhood for their social media-fueled campaigns against Wall Street.

Margin loans allow customers to borrow funds against their investment portfolio, which can then be used for trading.

The company will charge rates ranging from 5.70% to 6.75%, depending on the amount of funds borrowed. It had previously charged 12% interest for customers who had not subscribed to its premium service, Robinhood Gold. For its Gold customers, the rate was 8%.

The first $1,000 borrowed will continue to be free of interest for Gold subscribers.

In comparison, Charles Schwab's rates range from nearly 11.83% to 13.58%.

Robinhood's shares have gained 27% since the brief resurgence of the meme-stock frenzy last week.

Copy/pasted from reuters article

FieldValue
text (Reuters) - Trading app Robinhood Markets is lowering the rate of interest it charges on its margin loans, it said on Tuesday, to encourage more customers to avail this facility that allows them to borrow against securities they hold. The company has rolled out a series of features recently as it looks to grow into a full-fledged broker and meet the demands of retail investors for sophisticated products. The renewed structure could increase its popularity among such investors, who have often u…
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datetime 2024-05-22
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Raw Record

{
  "text": "(Reuters) - Trading app Robinhood Markets is lowering the rate of interest it charges on its margin loans, it said on Tuesday, to encourage more customers to avail this facility that allows them to borrow against securities they hold.\n\nThe company has rolled out a series of features recently as it looks to grow into a full-fledged broker and meet the demands of retail investors for sophisticated products.\n\nThe renewed structure could increase its popularity among such investors, who have often used Robinhood for their social media-fueled campaigns against Wall Street.\n\nMargin loans allow customers to borrow funds against their investment portfolio, which can then be used for trading.\n\nThe company will charge rates ranging from 5.70% to 6.75%, depending on the amount of funds borrowed. It had previously charged 12% interest for customers who had not subscribed to its premium service, Robinhood Gold. For its Gold customers, the rate was 8%.\n\nThe first $1,000 borrowed will continue to be free of interest for Gold subscribers.\n\nIn comparison, Charles Schwab's rates range from nearly 11.83% to 13.58%.\n\nRobinhood's shares have gained 27% since the brief resurgence of the meme-stock frenzy last week.\n\nCopy/pasted from reuters article",
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