P2P Lending And IFISA Cashback Deals Available Now
|Up to £1,000/10% cashback for new and existing lenders in LendingCrowd, RateSetter and Growth Street. Read more.|
A P2P lending site should convincingly pass a lot of tests before you trust it with your money.
Getting a cheap 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 is much more important.
After you have assessed that, you can then look at nice-to-haves, such as cashback.
P2P and IFISA cashback currently up to £1,000 or 10%!
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.
LendingCrowd (P2P lending accounts and IFISAs)
New and existing lenders: £100-£400 cashback if you lend £5,000 to £20,000 and keep the money in the account for 13 months. You have till 30th April 2018 to get started.
You can earn tiered cashback worth the equivalent of 2% additional interest for a year.
The amount you earn depends on the amount of money you lend in LendingCrowd's regular accounts and/or IFISAs. If you are an existing lender, you need to put in more money to earn the cashback.
You get £100 for lending at least £5,000, £200 for lending at least £10,000 and £400 for lending at least £20,000.
For IFISAs, transfers in from other ISAs count towards the cashback. Submit your transfer forms before the 30th April.
The cashback is credited to your LendingCrowd account within 30 days (by 30th May 2018). You need to keep the money you put in, plus the cashback, in your LendingCrowd accounts for a year after the cashback arrives. So that's basically 13 months in total.
However, after you have lent the money you have deposited by 30th April, it doesn't have to stay on loan, e.g. if a borrower repays some of the money to you, you can keep it as unlent cash in the LendingCrowd account and still be allowed to keep the cashback.
You have to click on the link on this page in order to qualify for the cashback.
One last tip: if you have £10,000 with LendingCrowd now and lend an additional £5,000 to earn some cashback, you only have to keep £5,000 plus the cashback you earned in your account for a year. In other words, you could withdraw the other £10,000 after 30th April – if that is what you want to do.
Growth Street (P2P lending account, no IFISA)
New lenders: £200 cashback if you lend £5,000 for a year. Finish account sign-up by 30th April 2018.
Note that Growth Street has extended this from 16th April 2018.
£200 cashback on £5,000 is the equivalent of an extra 4% interest for a year, which is large on top of the 5.3% you can currently earn.
The more you lend above £5,000, the smaller the percentage increase in your gains. For example, £200 cashback on £20,000 lent is equivalent to 1% extra interest for a year.
If, for some reason, Growth Street is unable to allocate all your money to lend at any time during the year, but you still leave it in the queue to be lent, you will still earn the cashback.
After the 12 months is over, Growth Street* will pay the cashback into your Growth Street account within two weeks. You can then either withdraw it for free or re-lend it.
RateSetter (P2P lending accounts and IFISAs)
New lenders: £100 cashback if you lend £1,000 for a year. Register by 30th April 2018 and start lending within seven days to qualify.
Getting a bonus of £100 for lending £1,000 is the equivalent of a whopping 10% cashback. The more you lend, the more this is diluted, e.g. lend £10,000 and it's like 1% cashback.
There's not much more to the small print, but 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
All the above are unusually generous, but I'll just note here all the smaller deals that I have found as well:
- Asset Capital* is offering a 1% bonus to new and existing lenders who put money in and lend it before 15th April (this Sunday). For those using its Quick Access account paying 3.75%, it could be particularly significant.
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 email@example.com
Before you choose P2P lending accounts or IFISAs based on cashback, please check out the many guides in our Learn page.
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