UK: Funding Circle opens IFISA to all customers

Funding Circle, a peer-to-peer lender that offers loans to small and medium businesses, has opened its Innovative Finance ISA (IFISA) product to new investors.

The product was launched in March to existing customers, but now new customers can open an IFISA with Funding Circle.

A customer can invest from £1,000 to £20,000 a year, and Funding Circle allows customers to choose the lending option they require, with interest rates ranging between 4.8 to 7.2% per month. There are no fees to access the money at any time.

Savers can choose to use only the Innovative Finance ISA, or to spread their tax-free savings allowance between this product and the classic savings accounts Funding Circle also offers.

According to RFi Group data, 1 in 10 savers are very likely (8-10) to use a peer-to-peer lending alternative as a savings account, making them the potential market for this offer by Funding Circle.

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