Compare P2P lending accounts and IFISAs now

P2P Lending And IFISA Cashback Deals Available Now

Click "Learn" to get help

By on 31 March, 2020 | Read more by this author

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 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 £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 and IFISA 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
  • P2P account and IFISA

Get more details

Loanpad cashback*
Growth Street Logo, in P2P Lending Cashback Growth Street Review
  • £50-£2,000 cashback
  • £1,000 min lend
  • New lenders only
  • P2P account only

 

Get more details

Growth Street cashback*
RateSetter Logo, in P2P Lending Cashback RateSetter Review
  • £100 cashback
  • £1,000 min lend
  • New lenders only
  • P2P account and IFISA

 

Get more details

RateSetter cashback*
Kuflink Logo, in P2P Lending Cashback Kuflink Review
  • £25-£4,000 cashback
  • £1,000 min lend
  • New lenders only
  • P2P account and IFISA

 

Get more details

Kuflink cashback
Proplend Review
  • £50 or £75 cashback
  • Earned when you “refer a friend”
  • Friend lends £1,000 or £5,000
  • New and existing lenders
  • P2P account and IFISA
  • An additional £50-£100 cashback available to new lenders

 

Get more details

Proplend cashback: refer a friend

Proplend cashback: new lenders

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*. 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.

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: £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 or IFISA providers, or you can do both.

You will receive your cashback, paid into your RateSetter account, within 30 days.

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

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 the secondary market in that time. Nor will you earn the cashback if you use it to buy loans on the secondary market. 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 IFISAs.

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 or IFISA providers, or you can do both.

You will receive your cashback, paid into your Kuflink account or IFISA, after 12 months of investing.

Kuflink currently has no time limit on this offer.

You can check out the Kuflink cashback in Kuflink's terms and conditions page by scrolling down to “part 6”. Or read about Kuflink in our expert Kuflink Review.

Proplend cashback (P2P lending accounts and IFISAs)

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.

Check out the refer a friend offer.*

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.

Check out the new lender offer*.

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 Capital (P2P lending accounts and IFISAs)

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. Assetz Capital will 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.

Visit Assetz Capital* or read one of our specialist's Assetz Capital Review.

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 specialists and researchers 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Today’s average interest rates

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.
Learn more.

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

×

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

×
Back to top