News

Funding Your Proplend IFISA Account – Subscriptions and Transfers In

Published on April 12, 2017

From launch, Proplend will accept investments using current tax year allowances (‘subscriptions’) as well as ISA transfers from existing Cash ISAs, Stocks and Shares ISAs and even other IFISAs.

We’ll let you know as soon as we’ve received your funds and they’ve been allocated to your IFISA account. This will either be on receipt of a payment direct from you for new ISA money or when we’ve received the transfer funds from one or more of your existing providers.


To subscribe new money to a Proplend IFISA

  1. Log into your Proplend (ISA) Lender Dashboard and select the ‘Banking’ option. There you’ll find our bank account details to send the money to and a reminder to include your IFISA-specific ‘Lender ID’ (in the format ‘LENDxxxx-ISAxxx’) as the payment reference
  2. Enter the amount you’re subscribing in the prepopulated message (so we know to look out for it) and click ‘Submit’
  3. Initiate the payment from your bank (don’t forget to include that ISA lender ID payment reference). We’ll allocate the cash to your ISA account and let you know when the funds are available to invest.

For existing Proplend lenders the bank account and process for paying funds to us will be exactly the same process as you’re used to. Just remember the payment reference will need to be different for ISA payments so we can differentiate them from your non-ISA account payments.

ISA Dashboard Banking Tab - Screen Shot


For ISA transfers TO Proplend

Just complete our transfer in form and we’ll do the rest. We have different forms for Cash (and IFISA) and Stocks and Shares ISA. These forms tell us what we need to know for each type and give us permission to communicate directly with the transferring provider. We’ll send the completed form off to that provider and make sure your wishes are fulfilled as soon as possible.

You can either complete our transfer form on your computer and print it off, or print it off first and then complete the form by hand. Whichever way you complete the form we will need a ‘wet’ signature from you on the form. When the form is completed and signed, send it to us to request the transfer from your existing provider.

ISA Dashboard Transfers Tab - Screen Shot


We CAN’T accept ‘in specie’ transfers or subscriptions

Unfortunately, HMRC ISA rules prevent us from accepting Proplend loans (or any other existing investments held outside of an ISA) into a Proplend IFISA. All subscriptions and transfers must be as cash. However with current UK personal savings allowances, you won’t pay tax on the first £500 or £1,000 of investment income (depending on your tax band).

 

Minimum investment required for Proplend loans

Loans listed on our platform are typically split into £1,000 investment parts. Investments must therefore be in multiples of £1,000, so you could buy six parts of a single loan with a £6,000 investment or invest it across two to six loans.

You’ll need to remember that if you’re investing through the Proplend Loan Exchange (our secondary market), each loan part will cost a little more than the £1,000 capital amount as you’ll be paying the accrued interest for the month to date at the point you buy the loan part(s). Paying the accrued interest at the time of investing means you get all the monthly interest for the first partial month you’re invested.

If investing in a loan from outset (‘In Funding’) you will not need to pay any accrued interest at the date of investing – only the loan capital.