LendingCrowd offers cashback incentive

LENDINGCROWD has launched a £150 cashback offer to investors when adding £2,500 or more amid surging demand from borrowers for business loans.

The offer, which runs until 31 August, is available to new and existing investors and can be used in its Innovative Finance ISA (IFISA.)

“We are pleased to launch this offer across our range of products, including our IFISA,” Stuart Lunn, chief executive of LendingCrowd, said.

“LendingCrowd provides a simple way for investors to access SME loans and diversify away from traditional asset classes, such as equities, while benefiting UK SMEs.”

The Edinburgh-based peer-to-peer lending platform, which also offered cashback to new investors in October 2016, gained full Financial Conduct Authority authorisation last November and launched its IFISA in February.

It has completed more than £15m of lending on 182 loans to small businesses. Its current loan book is £11.7m on 162 loans with an average size of £88,140.

LendingCrowd’s target rate of return is six per cent but investors have earned 8.89 per cent so far this year.