Folk2Folk reveal their ISA transfer lending platform

Restaurant Tech Live blog post 1

An award-winning peer-to-peer lending platform, Folk2Folk, have developed a competitive ISA transfer platform for its lenders to allow them to earn 6.5% tax-free interest on their loans while helping local rural businesses start-up, grow or diversify.

Lenders looking to join the platform will have to transfer at least £20,000 to be able to use the system, but there will be no maximum amount they can loan. Instead of charging its customers to be able to transfer funds, Folk2Folk will be incurring a 1% +VAT annual fee for any amounts lent of up to £100,000, meaning the maximum amount a member would ever have to pay is £1,000 +VAT. 

This fair and sustainable loan system is designed to help support local and rural businesses throughout the UK by providing them with an easy to use, straightforward, peer-to-peer lending platform to diversify and grow their business.

Folk2Folk's CEO, Giles Cross, said:  “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.

Visit Folk2Folk on stand 2837 at the Farm Business Innovation Show.