By investing in P2P platforms when strong cashback offers are available, you increase your chances of generating significant positive returns in the first year of account opening.

It’s often the case that the best P2P cashback deals will be available with platforms which are relatively new in the market. This is because cashback deals can be an effective use of marketing budget to increase the level of funds a platform has under management. More established platforms often have a less pressing need to source new funds and thus offer lower initial sign-up deals.

The best P2P cashback deals in the UK market right now offer between 5% – 10.0% cashback. These include Growth Street (£50 cashback for an initial £1,000 investment or 5.0% return), RateSetter (£100 cashback for a £1,000 investment or 10.0% return) and Loanpad (£50 cashback for £1,000 investment or 5.0% return).

See the table below for a full list of current P2P cashback offers:

PlatformInvestment required (£)Cashback (£)Cashback (as % of min. investment)Sign-up link
Loanpad1,000 / 10,00050 / 1505.0% / 1.5%Referral link
Growth Street1,000 / 2,000 / 5,000 / 10,00050 / 100 / 200 / 5005.0% / 5.0% / 4.0% / 5.0%Referral link
Kuflink1,000 / 5,000 / 25,000 / 50,000 / 100,00025 / 150 / 875 / 1975 / 4000 (capped)2.5% / 3.0% / 3.5% / 3.75% / 4.0%Referral link
Lending Works1,000505.0%Referral link
RateSetter1,00010010.0%Referral link
Assetz Capital1,000505.0%Referral link
Funding Circle2,00050* (Amazon Giftcard)2.5%Referral link
Property Partner2,000 / 10,000 / 20,000 / 50,00030 / 150 / 300 / 7501.5%Referral link
Mintos€500€102.0%Referral link

How long do you typically have to wait to receive P2P cashback?

Most platforms will require you to remain invested for a period of at least 1 year. There are exceptions to the rule. For example, when I signed up with Kuflink and Funding Circle – both issued the relevant cashback within a month. Terms change from time to time, so we would advise checking that you are happy with the holding period prior to investing.

Is P2P cashback guaranteed?

Provided the platform you are investing in remains in business, you should receive the cashback advertised. When you use normal cashback websites such as Quidco or TopCashback, your transaction needs to be successfully tracked in order to receive payment. However, the referral links on this website simply direct you to the P2P platforms website. Cashback is paid to you by the P2P platforms rather than via third party, removing the risk of non-payment.

Should I invest based on peer to peer lending cashback offers alone?

No, you should never invest solely based on cashback offers alone. You need to ask yourself whether you would be comfortable investing if the offer was not available. If you would be happy to invest anyway then consider the cashback an extra bonus.

When I first started investing in peer to peer lending, I researched the various platforms and made a list of those I felt most comfortable investing in. I then narrowed down that list based on the best cashback offers available at the time.

This resulted in me investing £9,000 spread across six platforms: Kuflink, Growth Street, RateSetter, Lending Works, Funding Circle and Property Partner. At the time of my investment, I was able to obtain a return of 5.9% (£530 cashback) from cashback offers alone. This excludes the interest I expect to receive over the course of the investment term.

Is P2P cashback taxable by HMRC?

At the time of writing, government guidelines state that P2P cashback received by the referred individual is not subject to income tax.

Is P2P lending a good investment?

In my opinion, P2P lending provides a good alternative investment option to supplement a wider investment portfolio which also includes share and bond investments. When thinking about making investments in P2P lending, I believe that it’s important to diversify not only across many different loans, but also across numerous platforms.

There are so many P2P platforms operating in the UK, some of which I deem good investment opportunities, and some bad. I created this website to provide genuine, unbiased reviews of the P2P platforms where I hold an investment. Unlike other peer to peer lending review websites – I have already put my money where my mouth is.

Having said all that, nothing I say here should be construed as financial advice. All comments are based on my opinions only and do not represent personal financial advice as I am not privy to your own financial situation. Before investing in P2P lending, you need to consider and fully understand the associated risks and potential rewards.