P2P Lending And IFISA Cashback Deals Available Now

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By on 1 December, 2018 | Read more by this author

Currently, there are unusually good deals available, some for new and some for existing lenders, with cashback of up to £500 or 10%.

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 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!

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. (So thanks to you wealthy folks, we can all benefit – including me!)

LendingCrowd (P2P lending accounts and IFISAs)

New and existing lenders: £50-£500 cashback depending on how much you deposit and lend before 4th January 2019, and keep the money in the account until 31st October 2019.

This is a highly generous cashback offer compared to normal:

  • Lend £1,000-£1,999 for £50 cashback (the equivalent of up to 5% cashback).
  • Lend over £2,000 for £100 cashback (the equivalent of up to 5% cashback).
  • Lend over £5,000 for £250 cashback (the equivalent of up to 5% cashback).
  • Lend over £10,000 for £500 cashback (the equivalent of up to 5% cashback).

You can lend in any LendingCrowd peer-to-peer lending account or IFISA to qualify. You can also transfer money in from other ISAs and, in that case, LendingCrowd will extend the deadline for lending to 14th November for you, if necessary, to allow for the extra time it takes to transfer ISA money.

The cashback is credited to your LendingCrowd account by 30 November 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.

The deal is available to all new lenders, but limited to the first 1,000 existing lenders. In practice, that is such a high number of existing lenders that I don't think the limit will be reached.

You have to click on this link* in order to qualify for the LendingCrowd cashback.

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

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 December 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% – again, very generous. The cashback is on top of earning a 5.3% interest rate.

You must lend within seven days of your account being fully verified and activated, with full activation by 31st December at the latest. That said, Growth Street has repeatedly extended this offer for many months. I don't really believe there is a genuine end date.

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.

Kuflink (P2P lending accounts and IFISAs)

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 6.3%.

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 Kufink in our expert Kuflink 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.

The cashback is on top of earning interest rates of up to 6.3%.

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.

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.

Landbay (IFISA only)

New and existing lenders: is this a good deal for you?

I'd like to know your thoughts on this deal, dear readers. Up to this point I have only highlighted in my main list of cashback deals the ones that pay pure cash and especially generous amounts. Because anything less is not really attractive enough to impact lending decisions.

But this one is a bit unusual. It only pays the equivalent of up to 1%, but it is on one of the P2P lending sites that does the safest kind of lending, namely mortgages to residential buy-to-let landlords that are earning a lot of rent on their properties.

Landbay typically pays around 3.5% to 4.5% interest on its lending products, so a bonus equivalent to 1% for a year seems to me to be more attractive here than it would be at other sites.

The deal is:

  • Lend £5,000-£9,999 for a £50 voucher.
  • Lend over £10,000 for a £100 voucher.
  • Lend over £15,000 for a £150 voucher.
  • Lend over £20,000 for a £200 voucher.

If you're an existing IFISA lender, this means lending additional money, not re-lending what you've already got. You can't transfer money from a regular Landbay account to the Landbay ISA to benefit from this promotion.

The vouchers can be for Amazon, John Lewis or Virgin Experience Days. (Although I wonder whether you would be able to get a different voucher altogether if you asked politely.)

You need to contribute the money and queue it for lending before the 16th December. If you're transferring money from another ISA provider, Landbay has to receive the transfer authority form by the 16th December and the money transferred and queued for lending by no later than 30th January, 2019, with no excuses if it is late.

The gift cards will be sent out within three months of the closing period for the promotion.

You need to keep the money in your Landbay account for 12 months from the date you deposited or transferred it in. Note that it just needs to be in the Landbay account; you don't have to keep the money lent out for 12 months.

Like I said, please let me know whether you think this is worthwhile at jane.rey@4thway.co.uk

You can check it out on the Landbay promotions page*. Read about Landbay in our expert Landbay Review.

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.

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.

Experts, journalists and bloggers 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, 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.

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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 “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.

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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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