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Everything the product does, written out. If something here disagrees with the marketing on the front page, this is the version that counts.

What it is

A loan against tokenized shares you already own, spent as a gift card. You lock the shares in a contract, we buy the card and hand you the code immediately, and you pay the balance over six weeks. When the last payment lands the shares come back to you.

You never sell, so whatever the shares do while the plan runs, they do for you.

The schedule

Four equal payments. The first is taken when the plan opens, the other three every two weeks after that. A $75 card with the fee is $78, so it is four payments of $19.50: one today, then weeks two, four and six.

You can clear the balance early at any point. Nothing is added for doing so and nothing is refunded for it either, because the fee is charged once at the start.

The fee

A flat 4% of the card's face value, minimum $1, added to the total and split across the four payments. It is the only thing we charge and the only revenue in the product. There is no interest, no account fee, no late fee, and no charge for settling early.

The collateral

You always lock more than the card is worth. How much more depends on what you put up: steady assets get a higher advance, volatile ones get less.

An 80% advance means $100 of SGOV supports a plan of up to $80. The gap is the only protection there is, since there is no credit check and nothing else standing behind the loan.

Prices are fixed at the start

The collateral is valued once, when the plan opens, and that number does not change for the life of the plan. A falling stock will never trigger a margin call or a surprise sale. It is also why the margin is wide to begin with.

If you stop paying

A payment is late the day it is missed. If it is still unpaid after three days, enough of the locked shares are taken to cover what is left and the plan closes. You keep the card, and the rest of your shares come back.

The bite is the outstanding balance plus 15%, priced at what the collateral was worth when the plan opened. Default owing one instalment and you lose roughly one instalment's worth of stock, not the whole deposit. The 15% covers selling it.

There is no collections process, no phone call and no credit reporting. The collateral is the entire enforcement mechanism.

Where the money sits

Your collateral is held by the contract, not by us, and it can only move back to you or toward settling your own plan. The first payment is also held by the contract until the card is actually bought; if the purchase fails, the payment and the shares both come straight back.

The cards

Gift cards are bought from a third-party reseller at face value, the same way you would buy one yourself, and the code is delivered to you. We are not affiliated with any of the brands in the shop. Their names and logos are their own property, none of them have endorsed this, and no partnership exists.

Tokenized shares are not shares

They track a price. They do not carry ownership, voting rights or dividends, and they depend on whoever issues them. That risk is yours and it does not go away because the token is locked in a contract.