How do I get my repayments?
Loan repayments and interests 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 do I get the 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 March 25th, you will receive your first repayment in May.
When are repayments credited on October account?
Monthly repayments are paid between the 15th and the 20th of each month. You can check your future repayments here.
On the 5th of each month we direct debit the monthly repayment from the borrower's bank account through our partner SlimPay, following the SEPA standard. According to this standard, rejections for lack of funds on the borrowers' accounts 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.
How are monthly repayments calculated?
Let's consider a loan of €100 at 7% over 48 months:
- Each month a part of the total amount of capital is reimbursed,
- Monthly repayments also include interests (7%), which are calculated on the outstanding amount of capital,
- The amount of repayments remains constant over the 48 months period (€2.39 per month). As time passes, the amount of interests decreases, while the amount of capital increases.