P2P Lending And IFISA Cashback Deals Available Now
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 10% or £500!
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.
Currently, there are unusually good deals available for both new and existing lenders.
Growth Street (P2P lending accounts; no IFISAs)
New lenders only: £200 cashback if you lend £5,000 or more for a year. You have till 31st August 2018 to sign up and have your account verified and activated, and you must lend within seven days of full activation of your account.
The cashback works out at up to 4%.
You must lend within seven days of your account being fully verified and activated, with full activation by 31st July at the latest. That said, Growth Street has repeatedly extended this offer for several months.
You will receive the cashback automatically within one year and two weeks, provided you lend continuously for year. That includes money that is currently unlent but that you have placed in the queue to be lent.
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 £1,000 for a year. Start lending within eight weeks and lend for one year 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.
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 395 days of lending your £1,000 or more. (That's within 30 days after you've been lending for a year.)
The cashback will automatically be lent in RateSetter's short-term “rolling” account, so you will need to sell out to get the cash.
RateSetter currently has no time limit on this offer.
LendingCrowd (P2P lending accounts and IFISAs)
New and existing lenders: £100-£400 cashback depending on how much you deposit and lend between 1 July 2018 and 31st August, and keep the money in the account until 30 September 2019.
- Lend over £5,000 for £100 cashback (the equivalent of up to 2% cashback).
- Lend over £10,000 for £200 cashback (the equivalent of up to 2% cashback).
- Lend over £20,000 for £400 cashback (the equivalent of up to 2% cashback).
You can lend in any LendingCrowd peer-to-peer lending account or IFISA to qualify.
The cashback is credited to your LendingCrowd account by 30 September 2018. You need to keep the money you put in, plus the cashback, in your LendingCrowd accounts for a year after the cashback arrives.
However, after you have lent the money you have deposited once, 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.
If you withdraw the money early, LendingCrowd will claw back the cashback. However, you might still have earned interest on the cashback in the meantime.
Note that LendingCrowd has repeatedly extended this deal which has gone on for many months now.
You have to click on this link* in order to qualify for the LendingCrowd cashback.
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.
The opinions expressed are those of the author and not held by 4thWay. 4thWay is not regulated by the FSMA 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 Growth Street, LendingCrowd, Lending Works 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.