You can put Money&Co. loans in an Individual Savings Account (ISA) and receive the interest tax-free. The Innovative Finance ISA (IFISA) was introduced last year. You can use your whole annual ISA allowance if you decide to open an IFISA account. The ISA allowance for 2016/17 is £15,240. The allowance is going up to £20,000 for 2017/18.
If you hold Money&Co. loans in an IFISA, you can expect to get an interest rate of around 7 per cent net of our fees and it will be completely tax-free. You can choose to pay out the income that is due on your loans monthly, or you can keep the money in your account to reinvest in new loans.
You can only buy one IFISA, one Cash ISA and one Stocks and Shares ISA in each tax year. You can also transfer money held in a Cash ISA or a Stocks and Shares ISA from a previous year into an IFISA. If you want to transfer an ISA from another manager, please fill in the application form and tick the transfer box.
If you already have a Money&Co. account and you want to open an IFISA, please fill in the application form. Your IFISA subscriptions will be held in a separate account and you will need to use a different email address to open it.
The IFISA is an opportunity to hold loans and receive the income from them completely free of tax.
As a Lender your capital is at risk and you may lose money loaned to a specific Borrower.  Money&Co. will seek to recover any future bad debts but will not provide compensation should this be unsuccessful. For more information, please contact us either by email: firstname.lastname@example.org, or by phone: 020 3143 4000.
* Returns stated are gross, before a one per cent annual Money&Co. fee, and the expected bad-debt rate of one per cent per annum. Your actual return may be lower as your capital is at risk.APPLY NOW
ISA stands for Individual Savings Account. Investments within an ISA account do not attract tax. This means that any income generated by the investments will be tax-free and if you sell an investment within the account and make a capital gain, no tax will be payable, even if you have already used your capital gains tax allowance for that tax year.
IFISA stands for Innovative Finance Individual Savings Account. The IFISA was introduced on 6 April 2016. Previously, there were two types of ISA: the Cash ISA and the Stocks and Shares ISA. The IFISA allows savers to hold peer-to-peer (P2P) loans (including loans made to businesses) and cash in an ISA wrapper. This means that any interest earned on your loan portfolio will be tax-free.
Anyone who is over 18 years-old, and who is resident in the UK (which excludes the Channel Islands and the Isle of Man) for tax purposes. If you are working overseas, but work for the Crown or are on active service, you will be treated as being resident. If you are the spouse or civil partner of someone who is working for the Crown overseas, you will also be treated as being resident.
You can fill in the form online or you can print the form and fill it in by hand. You can also apply by telephone. All IFISA forms must be signed. So if you apply online or by telephone, we will send you the printed form, which you must sign and return to us within 30 calendar days of making the application. If you spot any mistakes on the form, please correct them and initial where you have made the change. Your form should be posted back to us using the address FREEPOST Money&Co.