Who doesn’t like free cash? Cashback is a good way to incentivise buyers to decide on a brand new checking account, funding alternative or peer-to-peer lending platform.
Basically, cashback implies that buyers are given a one-time money bonus for selecting to put money into a selected product. This can be provided as a one-time mounted fee, or as a share of the whole invested quantity. Cashback offers may be provided in return for profitable referrals, or to rejoice sure firm milestones.
Nevertheless, strict new advertising guidelines had been just lately launched for higher-risk funding merchandise akin to P2P lending, which have made it more durable for platforms to supply cashback offers in the identical method that they as soon as did. Mix Community, Brickowner, Kuflink, Qaardus and Rebuildingsociety have all provided cashback offers previously, however these have petered out as the brand new advertising guidelines had been phased in.
However platforms have recognized just a few different methods to reward loyal prospects.
Assetz Trade presents entry to a ‘premium investor neighborhood’ for all buyers who make investments £50,000 or extra with the platform. One of many advantages of this neighborhood is entry to cashback offers that are made out there upon the completion of a brand new property buy.
In the meantime, Crowd2Fund presents its present buyers entry to a ‘refer and earn’ scheme, which permits them to earn two per cent cashback on investments made by anybody who they’ve referred to the platform. The cashback kicks in after 12 months.
Property-backed P2P lender EasyMoney doesn’t at present supply cashback to buyers however it does supply one thing related. All customers who make investments £1,000 or extra with the platform for six months get free entry to ‘EasyMoney plus’ – a loyalty scheme which presents financial savings of as much as £1,000 per yr with “unique advantages and money again”. The cardboard can be utilized to safe reductions at greater than 1,000 UK-based retailers.
And on the dealer facet, SoMo often presents cashback offers throughout aggressive intervals. Final yr, a Black Friday cashback deal helped to make November SoMo’s busiest month ever, and led to a 400 per cent enhance in offers of a median day for the corporate. This means that the platform will likely be providing extra cashback offers in the end.
In mainland Europe, P2P regulation continues to be in its infancy and there are not any advertising restrictions at present in place. Because of this, cashback offers are a lot simpler to search out!
Dublin-based P2P lending platform Lendermarket works with a lot of mortgage originators which often supply cashback offers. In February 2023, Lendermarket was promoting two per cent cashback on all new investments into Creditstar’s long-term loans.
And in direction of the tip of final yr, Mintos originator GoCredit launched a 1.5 per cent cashback supply for Mintos buyers to rejoice receiving a BBB funding grade from Latin American ranking company PCR Verum. Whereas this cashback deal has now ended, Mintos often runs related presents all year long.
Robo.money and October have additionally been identified to supply cashback promotions previously, for each present and incoming prospects.
It’s all the time value checking in together with your favorite P2P lending platforms regularly to make sure that you don’t miss a brand new supply.