October is an investment platform that enables investors to invest in business loans. Investors do not lend to individuals, but to small and medium businesses only. October is based in France and is open to European investors only. You can invest a minimum of €20 and start earning an average interest rate of between 2.5% and 9% per year. However, the platform does not have investment features like a buyback guarantee, secondary market, and auto-invest feature.
October Review: Quick Facts
- October is an investment platform for business loans and is open to investors from the EEA.
- You can invest as low as 20 EUR and start earning an average annual interest rate of 6.5%.
- The platform does not have investment features like auto-invest feature, buyback guarantee, and a secondary market.
- It is available in five European markets, namely France, Italy, Spain, Netherlands, and Germany.
Who Can Invest in October?
To invest in October, you need to meet the following requirements:
- Be at least 18 years old
- Be a resident or citizen of EEA countries
- Have a European bank account
October, formerly Lendix was founded in 2014 in France. The platform has so far lent out €766,885,105 to over 2,425 projects as of 2022.
How October Works
October is a peer-to-peer lending platform that helps investors lend money to small and medium businesses. Investors from European countries can invest in the platform. You can invest as low as €20 and a maximum of €2,000 and start earning an average interest rate of between 2.5% and 9% per year. October advises that you lend in multiples of €20.
When a business applies for a loan, October does due diligence before listing the loan on its platform. Investors can then find loans to invest in from the October website. An investor with €500 can invest in 25 separate loans.
People who want to invest in the platform need to sign up on the platform. You then need to provide documents like an identity card, proof of residence, and bank account. You also need to show your IBAN. Once you have an account, you can start investing in the platform.
October issues four types of loans, they include Tourism loans, classic loans, extended loans, and Lease loans.
How to Invest in October
To invest in October, follow these simple steps:
- Open an account. You first need to create an account on the October website to start investing. It will take you less than 15 minutes to sign up.
- Fund your account. Once you have created an account, the next thing is to fund it. You can fund your October account with a credit or debit card or through a bank transfer.
- Select a loan to invest in. The next thing that the investor needs to do is to select a loan to invest in. You have to manually select a loan to invest in the platform.
- Start earning interest. Once you have selected a loan to invest in, you will start earning a passive income from the platform. You will be earning an average annual interest rate of between 2.5% and 9%.
October Customer Support
You can contact October customer support through phone: 01 82 8328 00 or email: email@example.com, Live chat, or October Live during working hours. October website is available in four languages, English, French, Spanish, and Italian.
October Supported Countries
October is available in five European markets, namely France, Italy, Spain, Netherlands, and Germany. However, it is open to investors from European countries.
Is It Safe to Use October?
October is a safe and secure investment platform. And unlike many other investment platforms that have a buyback guarantee, October does not have it. However, October does its own research and puts strong restrictions and limitations on who can invest or borrow from the platform.
October has 4.1 ratings on Trustpilot with 69% “Excellent” ratings. Many investors like the platform since it is easy and simple to invest in. However, a few people complained of having challenges when withdrawing funds from the platform.
Advantages of Investing in October
There are several benefits that you get by investing in October. Here is a summary of these benefits.
- High returns. The average annual return is about 11%. This is a bigger return than what you can earn in other platforms.
- Low default rates. The number of loans that default are less than 3%. This is a great number as you can see on the chart below.
- Diversification. October offers a unique way to diversify your income.
- Pan-European company. October allows you to invest in countries from several European countries.
- Transparent. October is a transparent company that offers a lot of materials to investors.
- Free to invest. You don’t pay anything to invest.
Cons of Investing in October
The following are some of the disadvantages of investing in October:
- No secondary market
- No auto-invest function
- No buyback guarantee
You can invest in the following investment platforms as an alternative to October:
October Review Summary
October is an investment platform that helps investors from European countries to invest in business loans. You can invest in the platform for as low as 20 EUR and earn an annual average interest rate of 6.5%. there are low default rates on the platform while it is also free to invest in it. However, the platform does not have investment features like a buyback guarantee, a secondary market, and an auto-invest function.