Following on from the success of our Innovative Finance ISA launch in August, we mentioned that we would be working to allow transfers in from existing ISAs to FOLK2FOLK
We are pleased to announce that from today, we will be accepting ISA transfers, enabling Lenders to transfer money from previous Cash or Stocks & Shares ISAs to lend into your local and rural communities as part of a growing Local Lending Movement.
Our new CEO, Giles Cross had this to say about the exciting ISA development.
"ISA transfers in are an exciting development in our Lender offering and something our Lenders have been waiting for. FOLK2FOLK's Innovative Finance ISA helps Lenders earn inflation beating returns of 6.5% whilst taking on a low-level of risk. FOLK2FOLK is built on a belief of transparency, decency and fair exchange, and we're proud to say our secured lending platform reports zero losses for Lenders since its launch in 2013. We look forward to helping lots of people continue to earn tax-free interest by supporting local and rural UK businesses as part of a growing national movement to help build and sustain financially and socially successful local communities, helping to create jobs, increasing opportunity and encouraging rural diversification and growth; something that’s essential to our pre-and post-Brexit success. It’s an amazing thing for them to be part of."
To register your interest in transfering any existing ISA funds to FOLK2FOLK, please contact our ISA team on 01566 788 358 or email us via IFISA@folk2folk.com
Capital at Risk
FOLK2FOLK opens “Transfers In” for its Innovative Finance ISA (IFISA)Full details of the news release can be found below.
FOLK2FOLK, the national, award winning lending platform for local and rural business announces it has enabled ISA transfers for new and existing customers. By allowing ISA transfers from other providers, FOLK2FOLK Lenders can earn tax-free interest of 6.5%pa on their ISA money by lending it to rural and local UK businesses whilst being part of a Local Lending Movement across the UK, helping these businesses to grow, diversify or start-up.
The minimum amount Lenders will be able to transfer will be £20,000 with no maximum limit. There will be no charges from FOLK2FOLK to transfer funds from an existing cash or Stocks & Shares ISA. There may be an exit charge from their existing provider. Funds from Stocks & Shares ISAs will have to be sold into cash to before being transferred to FOLK2FOLK. Transfers above £20,000 will have to be in multiples of £5,000 lump sums.
FOLK2FOLK’s dedicated ISA team will manage the transfer process from start to finish. The straight-forward process will involve Lenders registering for an ISA transfer and in due course filling in a form to provide authorisation for FOLK2FOLK to request funds to be transferred from their existing ISA provider to their FOLK2FOLK IFISA.
Lenders will have total control over the businesses and geography of where their money is lent as well as how much they wish to lend in each loan.
FOLK2FOLK do not charge Lenders for entering loans and there is no difference between the rate a Borrower pays and the Lender receives. FOLK2FOLK elects to charge an annual administration fee of 1% + VAT for its ISA product. This fee will apply to all ISA accounts and will be capped to amounts up to £100,000 of any ISA total per tax year.
The maximum amount a FOLK2FOLK ISA customer will pay for their annual administration fee for amounts above £100,000 will be £1,000 + VAT. All FOLK2FOLK interest rates and fees are designed to be fair and sustainable in the long-term.
Giles Cross (Chief Executive Officer FOLK2FOLK): “FOLK2FOLK provides a competitive ISA offering to consumers and retirees wishing to earn inflation beating returns of 6.5%pa, whilst supporting local and rural businesses. We’ve developed an attractive Lender offering, built on a belief of transparency, decency and fair exchange. Our secured lending platform reports zero losses for Lenders since its launch in 2013. Our attitude to Lender fees, coupled with our asset-backed approach to local lending delivers a tangible, transparent and simple market alternative that’s attractive to consumers looking for inflation busting returns coupled with a low-level of risk.”
Full details of the FOLK2FOLK IFISA are available on the FOLK2FOLK website https://www.folk2folk.com/innovative-finance-isa
Formed in 2013, FOLK2FOLK exists to help create and sustain financially and socially successful local communities, empowering local businesses requiring debt finance by matching them directly with investors through its Peer-to-Peer lending platform. FOLK2FOLK enables lenders to participate in supporting local UK businesses to grow and thrive driving positive impacts in local communities, creating job opportunities and contributing to the UK economy.
FOLK2FOLK Lenders have funded loans in excess of £190m to UK business since 2013. FOLK2FOLK Lenders receive 6.5% interest p.a. on their FOLK2FOLK loans.
FOLK2FOLK uses technology not as an opportunity to dilute or remove human relationships, but to enhance them and bring them together. It remains one of the only companies of its kind to maintain and favour the existence of a local branch network. FOLK2FOLK should therefore not be described as a B2B or B2C business, but as H2H (Human2Human). FOLK2FOLK is FinTech with a face!
FOLK2FOLK now has a local presence in Cheshire, Cornwall, Cumbria, Devon, Dorset, East Anglia, Somerset, Thames Valley, Three Counties, Worcestershire & Yorkshire. Further growth is planned in 2018 and information will be made available in due course.
FOLK2FOLK is an award-winning Peer-to-Peer lending platform, having been awarded “Altfi Best Lending Platform for Small Business 2015” and “AltFi Up and Coming Business Platform of the Year 2016”. In November 2017, FOLK2FOLK was awarded “Small Business of the Year 2017” at the Western Morning News business awards.
FOLK2FOLK became authorised and regulated by the FCA in 2016 and became a member of the P2PFA in 2017.
Additional fees for Lenders are charged for selling loans before their term via FOLK2FOLK MarketPlace.
Minimum investment in a FOLK2FOLK loan is £20,000. There is no maximum limit for investment. All loans secured against UK property or land. Peer-to-Peer lending is not a bank/deposit savings product and investors’ capital is at risk. Peer-to-Peer lending is not covered by the FSCS.