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P2P Lending And IFISA Cashback Deals Available Now

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By on 31 May, 2019 | Read more by this author

Some P2P lending sites currently offer attractive cashback deals for new lenders of up to £250 or 10%.

A P2P lending site should convincingly pass a lot of tests before you trust it with your money.

Accepting cashback bribe with your ordinary peer-to-peer lending accounts or your IFISAs is usually way, way down at the bottom of that checklist. You want to assess the risks first and the interest rate compared to the risks.

After you have done that, you can then look at nice-to-haves, such as cashback.

P2P and IFISA cashback currently up to 10% or £250

Cashback is usually a cheap gimmick, but sometimes the reward makes a substantial difference after you have narrowed your list of P2P lending sites down using more important criteria based on risk control and interest rates.

My appetite gets whetted at around 2% cashback or above, or £100 per £5,000 you lend, but some deals can lead to ten times that amount!

Sometimes, P2P lending sites offer 4thWay users exclusively high cashback, because we (well, maybe not me personally, but many of you) have a reputation of having deep pockets and lending a lot of money. Yet we still don't normally have to lend vast amounts to take advantage of those cashback deals. (So thanks to you wealthy folks, we can all benefit – including me!)

Growth Street (P2P lending accounts; no IFISAs)

New lenders only: £200 cashback if you lend £2,000 or more for a year. You have to sign up and have your account verified and activated, and you must lend within 14 days of full activation of your account.

This is a substantial improvement to the last cashback offer, being the equivalent of up to 10% – highly generous. The cashback is on top of earning a 5.3% interest rate.

You must lend within 14 days of your account being fully verified and activated.

You will receive the cashback automatically within one year and two weeks, provided you lend continuously for year. That includes money that is currently unlent but that you have placed in the queue to be lent.

You need to click on this link to get the cashback*.

Read our expert Growth Street Review.

Kuflink (P2P lending accounts and IFISAs)

New lenders only: £50-£250 cashback if you lend over £500 for a year. Start lending within eight weeks and lend for one year to qualify.

Again, this offer is unusually generous in this industry:

  • Lend £500-£999 for £50 cashback (the equivalent of up to 10% cashback – very high indeed).
  • Lend over £1,000 for £100 cashback (the equivalent of up to 10% cashback).
  • Lend over £5,000 for £250 cashback (the equivalent of up to 5% cashback).

Note that if you self-select loans (a feature not available to IFISA lenders) and lend entirely in loans lasting six months only, the cashback is more like the equivalent of up to 20%!

Please pay attention to these two terms so that you don't get caught out:

  • You need to lend in loans lasting six months or more to qualify or in the auto-lend accounts.
  • You need to lend all the money within a 24-hour period. In other words, if you lend £100 to begin with, you have 24 hours to lend £400 or more to earn the cashback.

The cashback is on top of earning interest rates of up to 7.2%.

You can lend new ISA money or transfer in from other cash ISA, share ISA or IFISA providers, or you can do both.

You will receive your cashback, paid into your Kuflink account or IFISA, within 21 days of lending, or within around 40 days after you have initiated a transfer-in from another ISA.

It's not in the small print, but an FAQ on the Kuflink website states that cashback will come a bit later if you bid to lend before a loan is completed and, if that loan doesn't go ahead for some reason, you will have another chance to lend (i.e. the 24-hour limit won't apply).

Kuflink currently has no time limit on this offer.

You can check it out on the Kuflink cashback page. Read about Kuflink in our expert Kuflink Review.

RateSetter (P2P lending accounts and IFISAs)

New lenders only: £50 cashback if you lend £500 for a year or £150 for £10,000. Start lending within eight weeks of registering and lend for one year to qualify.

Getting a bonus of £50 for lending £500 is the equivalent of a whopping 10% cashback. The more you lend, the more this is diluted, e.g. lend £5,000 and it's like 1% cashback.

The amount you need to lend to earn cashback was reduced on the 22nd February 2019 to help smaller lenders. Previously, it was £100 for £1,000 of lending, which is also 10%, but less affordable.

The cashback is on top of earning interest rates of up to 6.1%.

You can also earn £150 for lending £10,000 or more. This works out at 1.5% cashback, which is not quite as generous an offer as we usually cover in the main section of this peer-to-peer lending and IFISA cashback page.

You can lend new ISA money or transfer in from other cash ISA, share ISA or IFISA providers, or you can do both.

You will receive your cashback, paid into your RateSetter account, within 395 days of lending your £500 or more. (That's within 30 days after you've been lending for a year.)

The cashback will automatically be lent in RateSetter's short-term “rolling” account, so you will need to sell out to get the cash.

RateSetter currently has no time limit on this offer.

You can check it out on the RateSetter ISA* page or RateSetter's Everyday Account* page (its ordinary P2P lending account). Read about RateSetter in our expert RateSetter Review.

Other cashback deals

The above are unusually generous, but in this section I'll just briefly note the smaller deals that I have found as well.

Currently there is one.

LendingCrowd

New and existing lenders can earn up to 1% cashback by lending new money between 7th May and 14th June. You'll get the cashback within 30 days of that date. To keep it, you need to keep a balance at LendingCrowd at least equal to the amount needed to qualify for your cashback.

  • Lend £5,000-£9,999 for £50 cashback (the equivalent of up to 1% cashback).
  • Lend £10,000 or more for £100 cashback (the equivalent of up to 1% cashback).
  • Lend £20,000 or more for £200 cashback (the equivalent of up to 1% cashback).
  • Lend £50,000 or more for £300 cashback (the equivalent of up to 0.6% cashback).

New and existing lenders have to click on this link* in order to qualify for the LendingCrowd cashback.

Read a review of LendingCrowd from one of our experts. Visit LendingCrowd's cashback page*.

Have I missed any good deals? Please let me know if you think I've missed off any current cashback deals that are worth writing about. Email me at jane.rey@4thway.co.uk

Before you choose P2P lending accounts or IFISAs based on cashback, please check out the many guides in our Learn page.

Independent opinion: the opinions expressed are those of the author and not held by 4thWay. 4thWay is not regulated by the ESMA or the FCA, and does not provide personalised advice. The material is for general information and education purposes only and not intended to incite you to lend.

Experts, journalists and bloggers who conduct research and write articles for 4thWay are subject to 4thWay's Editorial Code of Practice. For more, please see 4thWay's terms and conditions.

*Commission and impartial research: our service is free to you. We already show dozens of P2P lending companies in our accurate comparison tables and we keep adding more as soon as they provide us with enough details. We receive compensation from Growth Street, LendingCrowd and RateSetter, and other P2P lending companies not mentioned above when you click through from our website and open accounts with them. We vigorously ensure that this doesn't affect our editorial independence. Read How we earn money fairly with your help.

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Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers “bonds”. Unlike its P2P lending service, its bonds don’t allow you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

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Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers two “bonds”, one of which is available as an ISA.

Unlike its P2P lending service, neither of these bonds allows you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

Got it

×

Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers two “bonds”, one of which is available as an ISA.

Unlike its P2P lending service, neither of these bonds allows you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

Got it

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Why are Orchard’s interest rates different?

Orchard’s lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Orchard’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Got it

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Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers “bonds”. Unlike its P2P lending service, its bonds don’t allow you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

Got it

×
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