New Ethnically Driven Token – Or Gimmick? Plus New Loan Latest
Is this a token that finds its roots in a grounded community with a common ethnicity – or is it just a gimmick? Time will tell, and then you can decide…
Scotcoin, a Scottish cryptocurrency that has been around for nearly a decade, is coming to the international market after striking a deal to list on the ProBit Global exchange.
Invented in 2013, Scotcoin calls itself a cryptocurrency with a social purpose. It is backed by the Scotcoin Project CIC (Community Interest Company), which has vowed to harness the power of the coin to help tackle things such as poverty and environmental issues.
By listing on ProBit, people around the world will be able to buy and sell the token, helping to spread uptake beyond the few thousand current holders.
The Scotcoin Project notes that the Scottish diaspora has around 10 million members worldwide, many of whom may want to send and receive money through Scotcoin’s scotscan.io system, where transactions happen instantaneously and without payment of gas fees.
New Loan Offering
Check out the new loan offer on site. Harris&Co. is a litigation-funding offer, with a yield of 8 per cent, a risk rating of A and a duration of one year. For full detail, login here.
Historical Performance And IFISA Process Guide
- Money&Co. lenders have achieved an average return of more than 8 per cent gross (before we deduct our one per cent fee).
That figure is the result of over £24 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
- Money&Co. has been lending for over 7 years and has only had two bad debts so far, representing a bad debt rate of 0.03 per cent per annum.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
- Step 1: Register as a lender. Go to the login page, and go through the process that the law requires us to effect. This means we have to do basic checks on you to comply with money-laundering and other security requirements.
- Step 2: Put money into your account. This is best done by electronic transfer. We can also process paper cheques drawn in favour of Denmark Square Limited, the parent company of Money&Co.
- Step 3: Buy loans in the loan market. Once you’ve put cash in your account it will sit there – and it won’t earn interest until you’ve bought a piece of a loan. It’s this final step that requires lenders and IFISA investors to be pro-active. Just choose some loans – all loans on the Money&Co. site can be held in an IFISA – and your money will start earning tax-free interest.
The ISA allowance for 2020/21 is unchanged from last tax year at £20,000, allowing a married couple to put £40,000 into a tax-free environment. Over three years, an investment of this scale in two Money&Co. Innovative Finance ISAs would generate £8,400 of income completely free of tax. We’re assuming a 7 per cent return, net of charges and free of tax here.
Once you have made your initial commitment, you might then consider diversifying – buying a spread of loans. To do this, you can go into the “loans for sale” market. All loans bought in this market also qualify for IFISA tax benefits.
Risk: Security, Access, Yield
Do consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here’s one of several earlier articles on security, access and yield.