P2P Lending And IFISA Cashback Deals Available Now
Some P2P lending sites currently offer attractive cashback deals for new lenders of up to £4,000. At the bottom of this article, you'll also see a less generous cashback deal is available to existing lenders at the moment.
A P2P lending site should convincingly pass a lot of tests before you trust it with your money.
Accepting cashback bribe with your ordinaryaccounts or your 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 andcashback currently up to £4,000
Cashback is often 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.
P2P Lending Cashback andCashback Deals Summary
|P2P Lending Company||Link to review||Cashback Details||Cashback Link|
|Growth Street Review||
|Growth Street cashback*|
|Proplend cashback: refer a friend|
Loanpad (P2P lending accounts and)
New lenders only: £50-£150 cashback if you lend over £1,000 for a year. Start lending within eight weeks and lend for one year to qualify.
If you lend £1,000 for a year within four weeks of signing up, you will get £50 cashback, which is the equivalent of 5%, which is generous.
If you lend £10,000, you'll get £150. At the equivalent of 1.5% cashback, this is not especially generous in.
You'll be paid the cashback within one year and 14 days of lending through any Loanpad account, including its. (Note that its friends referral scheme is different and applies only to its Premium account, not the Classic account.)
To qualify, you must use the reference “WB519” when you sign up through this link*. When you get to that page, scroll down and click the button “View welcome bonus terms” for more details.
Read about Loanpad in our expert Loanpad Review.
Growth Street (cashback for P2P lending accounts only)
New lenders: £50-£2,000 cashback if new lenders you lend £1,000-£50,000 or more for a year.
All cashback is on top of earning a 5.3% interest rate and applies to Growth Street's Classic Account, not its ISA.
Casback is generous at up to 5% cashback:
- Lend £1,000+ for £50 cashback (the equivalent of up to 5% cashback).
- Lend £2000+ for £100 cashback (the equivalent of up to 5% cashback).
- Lend £5,000+ for £200 cashback (the equivalent of up to 4% cashback).
- Lend £10,000+ for £500 cashback (the equivalent of up to 5% cashback).
- Lend £25,000+ for £1,000 cashback (the equivalent of up to 4% cashback).
- Lend £50,000+ for £2,000 cashback (the equivalent of up to 4% cashback).
New lenders must lend that amount for a year. Your money not on loan, but waiting to be lent out, counts too.
If you withdraw money during a year, you can still earn lesser cashback. For example, if you lend £5,000 for a year, you earn £200, but if you lend £5,000, withdraw £2,000 within a year, you will still earn the £100 cashback.
You'll be paid the cashback in a year and two weeks. There is no end date to taking part in this deal at present.
Read our expert Growth Street Review.
RateSetter (P2P lending accounts and)
New lenders only: £100 cashback if you lend at least £1,000 for one year.
If you lend £1,000, this deal works out at cashback 10%. The more you lend, the lower the percentage, because the cashback is fixed at £100. For example, if you lend £5,000, the cashback of £100 works out at 2%, which is still a good bonus.
The cashback is on top of earning interest rates of up to 4.0%. You can split your lending between different RateSetter accounts, if you want, although the Max Account, paying the highest rates, is currently the only account that really makes sense for lenders in terms of interest rates, risks and withdrawal speed.
If you want to lend through RateSetter's ISA, you can lend new ISA money or transfer in from other cash ISA, share ISA orproviders, or you can do both.
You will receive your cashback, paid into your RateSetter account, within 30 days.
Kuflink (P2P lending accounts and)
New lenders only: £25-£4,000 cashback if you lend over £1,000 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 £1,000-£5,000 and you get 2.5% cashback (that would be £25 if you lend £1,000 or £125 if you lend £5,000.
- Lend over £5,000 for 3% cashback (so if you lend £10,000 that's £300 cashback.
- Lend over £25,000 for 3.5% cashback (so if you lend £30,000 that's £1,050 cashback).
- Lend over £50,000 for 3.75% cashback (so on lending £60,000 that's £2,250 cashback).
- Lend £100,000 or more for £4,000 cashback (so that's 4% if you lend £100,000 or equivalent of 2% if you lend £200,000).
Kuflink's cashback applies if you lend for 12 months. If you lend in loans shorter than 12 months, you have one month to re-lend your money.
You can't sell your loans to other lenders on thein that time. Nor will you earn the cashback if you use it to buy loans on the . They must be brand new Kuflink loans or lent through the automated lending account.
The cashback deal applies even when you're transferring money in from other ISAs, such as cash ISAs, share ISAs or other.
Please pay attention to this term so that you don't get caught out:
- You need to lend all the money you want to earn cashback on within a 14-day period. For example, if you lend £500 to begin with, you have 14 days hours to lend another £500 or more to start earning some 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 orproviders, or you can do both.
You will receive your cashback, paid into your Kuflink account or, after 12 months of investing.
Kuflink currently has no time limit on this offer.
Proplend cashback (P2P lending accounts and)
Two offers are available. Existing lenders: earn £50 when referring a friend who lends £1,000 and £75 when the friend lends £5,000. New lenders can additionally earn £50-£100 by lending £5,000 to £30,000.
Proplend refer a friend
The refer a friend offer is for lenders who had already lent through Proplend by the 2nd March, 2020. This is generous cashback, although obviously you've got to work for it. It works out at 5% cashback to you for any of your contacts who sign up through you and lend the minimum amount through Proplend, which is £1,000.
Your friend will need to sign up and lend before 1st May, 2020. Your friend will also earn cashback if they lend until 1st September, 2020. They'll get £25 if they lend less than £5,000 and £50 if they lend £5,000 or more. Your friend will need to confirm your name and lender ID within seven days of registering with Proplend.
You'll receive your cashback by the end of May and your friend by the 1st of October.
Proplend New lender offer
The new lender offer is £50 for lending £5,000, £75 for lending £15,000 or £100 for lending £30,000. This works out at a maximum equivalent of 1% cashback. ISA transfers are included in this offer.
To earn the cashback, you'll need to lend by 1st June, 2020 until 1st November, 2020. You'll receive your cashback by 1st December, 2020.
Read about Proplend in our Proplend Review.
Other cashback deals
The above are unusually generous, but I like to note other, less generous but still notable deals here, when they are available.
Currently there's one:
Assetz(P2P lending accounts and )
New and existing lenders: 1% cashback if you lend before the end of 5th April 2020 until 6th March 2021.
For new and existing lenders, any money you lend now will earn the cashback, which is a modest 1%.
For existing lenders, here's how cashback will be calculated. Assetzwill first see how much money you're lending at the end of the 5th April. It will deduct what you were lending at midnight at the start of 6th March. Your cashback will be 1% of that.
Hence, for existing lenders this is not likely to work out to a great deal compared to your total lending balance, unless you contribute a lot more new money to your accounts.
Before you choose P2P lending accounts or Learn page.based on cashback, please check out the many guides in our
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.
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*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 Assetz How we earn money fairly with your help., Growth Street, Loanpad 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