Proplend IFISA loan investments can be funded using your current tax year annual allowance (‘subscriptions’) and with ISA transfers from existing Cash ISAs, Stocks and Shares ISAs and 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 a transfer payment (from one or more of your existing ISA Managers).
a) To subscribe new money TO Proplend IFISA
- Log into your Proplend ISA Dashboard and select the ‘Banking’ option. Once you’ve provided your personal bank account details to associate to your account, you’ll find our bank account (client money) details to send your subscription to. We’ll ask confirm the ISA-specific ‘Lender ID’ to include as the payment reference (format ‘LENDxxxx-ISAxxx’) for your payment.
- Enter the amount you’re sending us (subscribing) in the ‘How much are you sending?’ field (so we know to look out for it) and click the button confirming the amount.
- Initiate the payment from your bank – you won’t be able to initiate it from your Proplend Dashboard. Assuming your payment has been correctly references, we’ll automatically allocate the cash to your ISA account and let you know as soon as the funds have cleared and are available to invest.
For existing Classic Account Lenders, the banking 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 to help differentiate which account you want the funds credited to.
You can also request a transfer of Classic Account available funds to your ISA account. Moving funds to your ISA will be treated as a subscription (unless you have scope to replace funds withdrawn earlier in the tax year under flexibility rules), so you’ll need to have sufficient unused annual allowance left for us to action . Funds moved from your ISA to your Classic Account will be treated as flexible withdrawals (capable of being replaced within the ISA during the same tax year – see the ‘Proplend’s ISA is flexible’ section below)
b) 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 ISA Manager. 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 on your behalf.
March 2020 Update: Like most ISA providers, Proplend has revised its transfer processes temporarily in light of the COVID-19 restrictions. Please complete the Transfer Notification Form via your Proplend ISA dashboard and check current requirements direct with your other provider.
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 (our secondary market) the Proplend Loan Exchange, each loan part will cost a little more than the £1,000 capital amount as you’ll also 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 buying means you get all the monthly interest on the next interest payment date.
If investing in a loan from outset (‘In Funding’) you won’t need to pay any accrued interest at the date of investing – only the loan capital.
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