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ISA paying 4.05 %

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50Twuncle
50Twuncle Posts: 10,763 Forumite
Part of the Furniture 1,000 Posts Photogenic Name Dropper
in ISAs & tax-free savings
What are the possible downsides of Stelios's new venture ?
https://easymoney.com
is it not covered by FSA ?

Comments

  • TCA
    TCA Posts: 1,604 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It's not a savings product. It's lending to businesses, secured against UK property. Capital and interest not guaranteed so I read that as potential loss = 100%.
  • eskbanker
    eskbanker Posts: 36,951 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    50Twuncle wrote: »
    What are the possible downsides of Stelios's new venture ?
    https://easymoney.com
    Much the same as they were when discussed in the earlier thread at https://forums.moneysavingexpert.com/discussion/5800329
    50Twuncle wrote: »
    is it not covered by FSA ?
    No financial institutions or products are covered by the Food Standards Agency.... ;)
  • 50Twuncle
    50Twuncle Posts: 10,763 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 3 March 2018 at 12:55PM
    eskbanker wrote: »
    Much the same as they were when discussed in the earlier thread at https://forums.moneysavingexpert.com/discussion/5800329

    No financial institutions or products are covered by the Food Standards Agency.... ;)
    OK I meant the FCA !!
    (I am getting on a bit)
    But - maybe best avoided - if it is a P2P lending scheme !
    I mean - he has the gall to try to borrow at 4.05 % and lend at (I am guessing here) at least 50% - possibly far higher ?
  • movilogo
    movilogo Posts: 3,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Very clearly written - expected return, capital at risk!

    No different than investing in funds where it is usually less riskier and you can choose your own funds depending on risk profile.
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
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