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. Towards the bottom of this article, you'll also see if there are any less generous cashback deals available to existing lenders at the moment. We've also started adding referral schemes and other ways to earn cashback to the very bottom of this page.
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.
No low-budget deals at present
Currently, there are no cashback offers for anyone wanting to lend less than £1,000. This is unusual, so do check back here occasionally if you're on a lower budget. We'll also notify our email subscribers when there are new deals that are worth noting.
P2P Lending Cashback andCashback Deals Summary
There aren't many high-paying cashback deals available at present. These are the two we are aware of:
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Rebuildingsociety (P2P lending account and)
New lenders only: £25 cashback if you lend at least £1,000 for one year when clicking through 4thWay.
If you open a Rebuildingsociety account after clicking through 4thWay, you'll earn £25 when you lend £1,000, which is the equivalent of 2.5%.
The cashback is on top of earning a double digit interest rate before bad debts.
Once you have lent £10,000, you'll earn another £50. The total cashback (£25+£50) then works out at 0.75%. Rebuildingsociety hasn't specified any other conditions for earning this cashback.
Rebuildingsociety has some other cashback schemes running that you can earn on top:
You get an additional 0.5% when lending to businesses that are local to you, although I don't think you can expect there to be too many of those at present.
You earn a 5% annual cashback rate on any money that you pledge to lend prior to the loan being fully funded. In other words, you're earning interest before your money is actually lent to the borrower. That is anrate, so if you lend £100 you won't earn a full £5, because it won't take a full year for the loan to get fully funded. This cashback scheme only is time limited, running on all loans listed before 30th June 2020.
Visit Rebuildingsociety* through this link to automatically earn the cashback when you lend your first £1,000.
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.
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.
At present, there is one worth noting:
Loanpad changed its terms on the 6th July, 2020 to be less generous. The main reason is probably that the risk-reward balance is already excellent even without the cashback.
New lenders can now earn £50 for lending at least £5,000 and £100 for lending at least £10,000. Both tiers are the equivalent of up to 1% cashback.
You need to lend start lending within four weeks of registering. You'll be paid your cashback in one year and two weeks, but you must keep lending for that year to qualify.
To get the cashback, open an account through this link* and use the cashback code “WB620” when signing up.
Read about Loanpad in our expert Loanpad Review.
Different ways to earn money
BLEND Network has a referral scheme. New lenders after 1st August, 2020, who have never begun the process of registering an account prior to that, can earn 1% by being referred by an existing customer.
On signing up, you need to enter the referral code the existing customer gives you . Lend £1,000 within 90 days of the referral code being accepted. The first amount that you put into your first loan will receive the bonus, which is a maximum of £250.
You'll receive your money within 60 days.
Don't forget to use the referral code your contact gives you when you visit BLEND Network.
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(s) 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., Kuflink, Loanpad and Rebuildingsociety, 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