The majority of the projects on October are amortised loans. With this repayment schedule, the borrower repays capital and interest monthly, for the duration of the loan.
How do I get my repayments?
The repayments are credited monthly to your October account. You can lend them again to other projects or transfer the money to your bank account without any fee.
When are repayments credited on my October account?
Monthly repayments are paid between the 15th and the 20th of each month.
On the 5th of each month, we direct debit the amount of the instalment from the borrower's bank account through our financial partners SlimPay and Lemon Way, following the SEPA standard. According to this standard, rejections can occur up to 5 business days after the operation date. A delay of 5 business days is therefore observed to confirm the transfer, after which your October account is credited.
You can check the date of your future repayments choosing future repayments in the drop-down list of the Transactions tab of your portfolio. This date is indicative and there may be a lag of 1 to 2 days between the predicted and actual repayment date. Nevertheless, repayments will always be done before the 20th of the month.
I lent to a new project. When will I get my first repayment?
Any project closed before the 20th of the month will be paid monthly starting from the following month.
For projects closed after the 20th of the month, a delay of a month is observed. For example, if you lend to a project and the loan is closed on May 15th, you will receive your first repayment in June. If you lend to a project and the loan is closed on May 25th, you will receive your first repayment in July.
If you lent to a project with a grace period, you will start receiving the full repayments at the end of the grace period. During the grace period, only the interest is paid.
Can I download my monthly repayments?
You can download an Excel of your future and past repayments for all the projects you lent to, from the Summary tab of your Portfolio, by clicking on the “Export” button, above the Activity section.
How are monthly repayments calculated?
Loans are repaid through annuities, which means that the borrower repays the same amount every month. Part of the monthly repayment is interest, the other part is capital. The part of the interest paid decreases over time, because the borrower repays the capital over which interest is paid.