'Once approved, the LendingCrowd IFISA will work differently to the rest of the platform, so rather than investors selecting their own loans, the product will automatically allocate, invest and diversify a minimum of £1,000 and aim for a target rate of 6.5 per cent'
Minor shareholder in AC, Brickowner, Welendus, W.alpha, Propifi, Orca, Ccube, Ass.XChange ABL
PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so nothing posted should be consider financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
I'd guess they're planning on bidding the money at min rate on all the new loans and are quoting 6.5% to account for (some of the likely) losses. They're probably hoping it'll bring the average rates down and make them more competitive with borrowers...I shall look on the bright side and hope it makes the older SM loans look more attractive given it's taking a loooong time to sell my last few parts
So both the two new funds were announced with a minimum £1000 investment, targeting 6.5% with automatic investment. So I assume they are the same fund, one just wrapped in an ISA - except that the Accounts page now says the Growth fund targets 6.0%!
Has anyone spotted the withdrawal fee for the whole amount withdrawn whether uninvested or not? Suposed to be fully flexible allowing you to put in and take out money in the same year. Takes 6.5 down to 5.5 ish for those wanting the wrapper but after higher rates on the platform.
And as expected no means of easily moving money from existing investments to inside the ISA wrapper which is frustrating - but as I'm currently earning around 9% after bad debt - I think I'll just keep the current portfolio and pay some tax!