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P2P Lending And IFISA Cashback Deals Available Now

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By on 30 October, 2019 | Read more by this author

Some P2P lending sites currently offer attractive cashback deals for new lenders of up to £2,000.

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 £2,000

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.

P2P Lending Cashback Deals Summary

P2P Lending Company Link to review Cashback Details Cashback Link
Loanpad Logo, in P2P Lending Cashback Loanpad review
  • £50-£150 cashback
  • £1,000 minimum lend
  • New lenders only

 

Get more details

Loanpad cashback
Assetz Capital Logo, in P2P Lending Cashback Assetz Capital review
  • £150 cashback
  • £5,000 min lend
  • New lenders only

 

Get more details

Assetz Capital cashback*
Growth Street Logo, in P2P Lending Cashback Growth Street review
  • £50-£2,000 cashback
  • £1,000 min lend
  • New lenders only

 

Get more details

Growth Street cashback*
RateSetter Logo, in P2P Lending Cashback RateSetter review
  • £20 cashback
  • £10 min lend
  • New lenders only

 

Get more details

RateSetter cashback*
Kuflink Logo, in P2P Lending Cashback Kuflink review
  • £50-£250 cashback
  • £500 min lend
  • New lenders only

 

Get more details

Kuflink cashback

Loanpad (P2P lending accounts and IFISAs)

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 peer-to-peer lending.

You'll be paid the cashback within one year and 14 days of lending through any Loanpad account, including its IFISAs. (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*.

Read about Loanpad in our expert Loanpad Review.

Assetz Capital (P2P lending accounts and IFISAs)

New lenders: £150 cashback if you complete the registration process before the end of 30th November, 2019, lend at least £5,000 before 7th December, and keep at least £5,000 in one or more lending accounts for 12 months.

Note: at time of writing, the Assetz Capital website says the deal is running to 31st October, but this is due to be updated.

This is the equivalent of up to 3% cashback, making it quite generous compared to normal cashback deals.

The registration process can include some ID checks, so ensure you allow several days before 31st October to be confident of taking part in the deal.

You need to keep at least £5,000 in one or more Assetz Capital lending accounts or IFISAs for 95% of the time over the 12 month duration. Its cash account is not included, but money that is set to be automatically re-lent (by switching on the “invest idle funds” feature) does count.

You'll receive your cashback within 12 months and 14 days of lending your money.

This deal has already been extended twice, and could well be again.

Click on this link* in order to qualify for the Assetz Capital cashback.

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

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.

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

Read our expert Growth Street Review.

RateSetter (P2P lending accounts and IFISAs)

New lenders only: £20 “get-started” cashback if you deposit at least £10.

If you're looking to start by lending less than £1,000, this deal will work out at cashback of between 2% and 200%. The more you lend, the lower the percentage, because the cashback is fixed at £20.

The cashback is on top of earning interest rates of up to 5.0%. 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.

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 60 days.

RateSetter has limited this offer to 30th November, 2019, although it is likely to extend it if it attracts lots of lenders. It claims to have set a cap of 5,000 lenders for this offer – but that's a lot of lenders.

You can check it out on this RateSetter web page*. Read about RateSetter in our expert RateSetter Review.

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.

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 are none.

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.

All the experts and journalists 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 Assetz Capital, 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 How we earn money fairly with your help.

6 responses to “P2P Lending And IFISA Cashback Deals Available Now”

  1. Janos Ratkai says:

    Hi
    https://www.growthstreet.co.uk/investing/isa
    Growth Street does already have IFISA. Please correct.

    • Neil Faulkner says:

      Thank you. Growth Street does not have a P2P IFISA, but another kind of IFISA. But we’ll make that clear on here.

  2. Janos Ratkai says:

    Growth Street writes “Invest in a diversified portfolio of UK SMEs through a Growth Street ISA”. You write “you are lending to a single borrower, Growth Street itself, rather than lending directly to multiple borrowers”. The word “directly” seems to be the solution of the seeming contradiction, but their wording still sounds misleading.

    • Neil Faulkner says:

      A quick update on the Growth Street ISA, since there has been a few comments on it.

      Growth Street has provided more details about how it is structured, and it does indeed pass 4thWay’s definition of P2P lending after all. There are lots of ways to legally structure loans and Growth Street is the first to do so precisely in this way.

      Peer-to-peer lending is not a regulated phrase. Here’s 4thWay’s definition of peer-to-peer lending:

      Peer-to-peer lending is lending to business borrowers, property owners or individuals through a peer-to-peer lending platform – a website where you can buy or sell loans.

      A key defining feature is that a peer-to-peer lending platform is not allowed to use your cash, lent money, repayments or interest for its own purposes.

      If the peer-to-peer lending platform owes any person or business money, those parties are not able to have your money diverted to them in order to pay off the platform’s debts.

      So, a P2P lending site can’t spend your money on advertising – or to keep a sinking ship afloat if its own business is struggling. Nor can it repay its Barclays Bank loan with the loan repayments due to you.

      In the event it goes out of business, administrators will be obliged to ensure that repayments from borrowers go back to you.

  3. Puledi Real says:

    Hi there,

    How does the following promotion work for Kufflinks:
    “Note that if you self-select loans and lend entirely in loans lasting six months only, the cashback is more like the equivalent of up to 20%!”

    Is this part of the sign up deal, or are there further cashback deals inside?

    • Neil Faulkner says:

      Hi, good question.

      So the point is that if you have to lend for a whole year, the cashback is the equivalent of up to 10%. £50 is 10% of £500.

      However, if you are just lending for half the time, you earn the money in half the time and can therefore re-lend it, possibly by lending it in another cashback deal elsewhere, thus earning more money in a shorter space of time.

      If you recall your maths days, this means that as it is half the time it is the equivalent of twice the interest rate, so 20%.

      To make it more clear why we have that distinction: imagine if you earned £50 cashback after you have lent your money for 10 years? That sounds far less attractive, which is why you work out the cashback in a percentage way that factors in the time you have been lending.

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What is the “4thWay”?

There's the savings way, the property way, the stock-market way, and now there's the peer-to-peer lending way. The 4thWay® to save and invest.
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What does 4thWay do?

We help people save and make more money, more safely when they cut out the banks and lend directly to other people and to businesses.

Why use 4thWay?

4thWay® is shaped by investors, bank risk modellers and a senior debt specialist, and we're governed by our users to ensure our comparison services and research are trustworthy and complete.

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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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

×

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

×

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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