Manual Lending allows investors to choose their own loans for investment, instead of receiving returns on loans automatically chosen for them based on risk appetite. Users can invest up to £20,000 tax-free per financial year on the platform through its ISA, and also transfer in any prior year’s investment, in part or in full from other ISA providers.
Stuart Law, CEO at Assetz Capital said: “Since the very start of our ISA planning we have been determined to include the manual lending option. Technically it has been a challenge, but we’ve delivered a brilliant product that will cater for our long-term, sophisticated investors. This is the account that we launched our platform with many years ago.
“While some other platforms have phased out manual lending, we have always said that it must remain an option for our investors. It’s one of the reasons we retain so many early peer-to-peer adopters on our platform. This is peer-to-peer lending at its purest and it remains a key part of our business strategy and we expect to bring further improvements to how the MLA works in due course.
Assetz Capital has had more than 2,500 investors register for its ISA wrapper since it launched in late December, surpassing the total number of ISA account openings for the whole peer-to-peer market in the current tax year.
The platform reports that investors have put over £14m into its ISA so far, with one third of this arriving as transfers from other ISA providers. Assetz expects further substantial sums incoming, once more transfers have been actioned and processed by the current ISA provider.
Find out more about the Innovative Finance ISA with our first IFISA Special Report.