Join other 4thWay HNW investors: harness your combined power for an even better deal.
Same loans, higher rates, more loans, risk guarantees. Join now for free!
Earn Up To £500 Cashback For Lending Works IFISA Transfers
New Lending Works* IFISA customers can earn between £50 and £500 cashback, if you transfer cash ISA, share ISA or IFISA cash into the Lending Works IFISA.
This is a very limited time exclusive offer. Even we don't know how long we can exclusively offer it to you for, but the estimate is this will last for just one to two weeks. Starting yesterday!
That said, please read all the details below before jumping in and do your own research as usual. Rule number one of 4thWay's 10 Lending Principles is still: ‘If there's any doubt about lending at all, the answer's “No”.'
The cashback can work out at up to 1% interest, all paid up front by the 13th April, so that you can re-lend it if you want.
Before I give you more details about the cashback, and how to claim it…
How good is Lending Works?
Cashback means nothing if your money is unsafe.
Lending Works still has what I consider to be very attractive interest rates for the low risks involved at this personal loans P2P provider, which focuses on prime borrowers with low bad debts, has a decent-sized reserve fund and an insurance policy to cover borrowers' payments if they lose their jobs, which could come handy during a recession.
Lending Works is one of the very few peer-to-peer lending sites that is still earning 5/5 4thWay PLUS Ratings on all its lending accounts. This shows how strongly Lending Works lenders are forecast to do even in a very severe recession.
Lending Works has been consistently professional in all aspects of its business. Please see what one of 4thWay's experts wrote in this review of Lending Works.
Some details about the cashback deal
So, I'll try to explain the deal as clearly as possible.
It starts with clicking on a link and ends with you sending Lending Works an email. Please read and memorise the following instructions carefully. This message will self-destruct.
Firstly, you need to click through this link* to open a Lending Works ISA account (or you can click on any other link going to Lending Works from the 4thWay site).
If you have already opened a Lending Works IFISA, I'm afraid the deal is not available to you. (Although I do wonder whether Lending Works' customer services would be kind enough to let you take part anyway, if you ask them nicely.)
Nothing in the small print says that you can't benefit from the cashback deal if you already have an ordinary (non-IFISA) peer-to-peer lending account with Lending Works though.
The amount of commission you're paid depends on how much you transfer in from other ISAs.
You must offer to lend all of what you transfer in before the 31st March 2018.
You can transfer the money in from several places, on different days. It doesn't have to be in one go. Just make sure you offer to lend it all by the 31st March.
If you also pay in new contributions – meaning money that you're not transferring from other ISAs, that doesn't count for this cashback deal.
Here's the amount of commission you could earn
|Total amount you transfer in||Cashback you can claim after you offer to lend all the money transferred in|
|£5,000 to £9,999||£50|
|£10,000 to £24,999||£100|
|£25,000 to £49,999||£200|
As always with tiered commission, the closer your lending amount is to the lower number in the tier (so £5,000, £10,000, £25,000 or £50,000) the better the deal works out for you. Because you earn more cashback for less.
That said, I personally think Lending Works is a good place for P2P lenders like you and me to put a good chunk of our money. Just make sure you still spread your money across other peer-to-peer lending sites too.
Transfer in the right way!
It's vital you use the appropriate forms to transfer in. It's a transfer from your other ISAs, not a withdrawal.
If you withdraw your money from other ISAs, rather than transfer it using the correct procedure, you lose your ISA limits from previous years and can only pay it into the Lending Works IFISA as new contributions, which are limited to £20,000 per tax year.
You've got to do this too!
When you've offered your transferred money to lend, you need to email your name and account details to: email@example.com.
Just don't email Lending Works your account password!
Here's that link* again.
Read more: The IFISA (P2P ISA) Guide – it doesn't get bloodier than this.
Independent opinion: 4thWay will help you to identify your options and narrow down your choices. We suggest what you could do, but we won't tell you what to do or where to lend; the decision is yours. We are responsible for the accuracy and quality of the information we provide, but not for any decision you make based on it. The material is for general information and education purposes only.
We are not financial, legal or tax advisors, which means that we don't offer advice or recommendations based on your circumstances and goals.
The opinions expressed are those of the author(s) and not held by 4thWay. 4thWay is not regulated by ESMA or the FCA. 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.
The 4thWay® PLUS Ratings are calculations developed by professional risk modellers (someone who models risks for the banks), experienced investors and a debt specialist from one of the major consultancy firms. They measure the interest you earn against the risk of suffering losses from borrowers being unable to repay their loans in scenarios up to a serious recession and a major property crash. The ratings assume you spread your money across hundreds or thousands of loans, and continue lending until all your loans are repaid. They assume you lend across 6-12 rated P2P lending accounts or IFISAs, and measure your overall performance across all of them, not against individual performances.
The 4thWay PLUS Ratings are calculated using objective criteria that can be measured and improved on over time, although no rating system is perfect. Read more about the 4thWay® PLUS Ratings.
*Commission, fees and impartial research: our service is free to you. 4thWay shows dozens of P2P lending accounts in our accurate comparison tables and we add new ones as they make it through our listing process. We receive compensation from Lending Works and other P2P lending companies not mentioned above either when you click through from our website and open accounts with them, or to cover the costs of conducting our calculated stress tests and ratings assessments. We vigorously ensure that this doesn't affect our editorial independence. Read How we earn money fairly with your help.