LendingCrowd boosted by IFISA transfers from rivals
MORE THAN a fifth of ISA transfers to LendingCrowd’s Innovative Finance ISA (IFISA) have come from stocks and shares or other peer-to-peer lenders, the platform has revealed.
Data from the Edinburgh-based P2P lender shows that, as expected, the majority of transfers to its tax wrapper since launch in February 2017 has come from cash at 66 per cent, but a significant amount has also come from stocks and shares and other IFISA providers.
Stocks and shares ISAs have accounted for 18 per cent of transfers and the remaining 16 per cent were from IFISAs previously held with rival platforms, LendingCrowd said.
Read more: P2P lenders bullish about 2019 IFISA boost
“It’s clear that cash ISAs are falling out of favour among savers who are tired of seeing the value of their money eroded by inflation,” Stuart Lunn (pictured), founder of LendingCrowd, said.
“Our IFISA is proving extremely popular, and we expect demand to continue rising rapidly as more people realise their money could be working much harder for them.”
The P2P platform was among the first IFISA providers on the market and offers an annual rate of six per cent in its auto-lending product and between 5.95 per cent and 14.25 per cent for those selecting their own loans.
It is currently offering new and existing investors up to three per cent cashback when they invest at least £2,500 on its platform by 30 April 2019.