Get up to 6.32% interest and bag £100 in cashback with this limited offer!
Frustrated by measly returns on your investments? Then maybe you should try Peer-to-Peer lending.
Peer-to-Peer offers much higher returns than traditional savings accounts and Cash ISAs, plus you can cut out the banks altogether.
Despite previous predictions, a Base Rate rise is a long way off, so savers are going to be stuck on paltry rates for the foreseeable future. Getting involved in the Peer-to-Peer market is an ideal way of boosting your returns, and now is the time to do it.
As luck would have it, you can get a much better return of 6.32% by lending with Wellesley & Co through loveMONEY. And to sweeten the deal, for a limited time Wellesley will give you £100 in cashback.
To get the cashback you must deposit at least £2,500 for a minimum term of 18 months by 5pm on 29th February 2016. The offer is only open to new customers – have a look at the terms and conditions below to get all of the details.
Who is Wellesley & Co?
Wellesley & Co is an online financial platform that offers Peer-to-Peer lending with a unique business model, known as 'The Wellesley Way'.
The company combines its own money with yours and lends it to individuals and businesses investing in property. The company only gets its share of the money back when customers have received theirs in full.
It uses the interest paid to give you competitive returns. It’s lower risk too: no customer money has ever been lost through lending with Wellesley & Co.
How to lend with Wellesley & Co
To sign up, click over to the Wellesley & Co loveMONEY page.
After completing the registration, your account is normally approved in a few minutes. Send over your funds and once they’ve arrived, you can login, select your lending term and start earning. Cashback will be added to your account once you've selected your lending term.
Once you’ve got your account going, Wellesley & Co uses an auto-matching tool which matches lenders to loans on a weekly basis. It also re-matches existing lenders to maximise diversification and minimise default. You’ll even be paid interest on funds waiting to be matched.
Your money is spread across all of the loans the company have made so that all lenders get a proportionate amount of its loan ‘book’ – the more people lend, the greater the book. Spreading the funds out greatly reduces the risk of default as well.
You can see how many loans your money is funding week to week through your online account.
The risks involved
Wellesley & Co is an asset-backed lender, so although Peer-to-Peer isn’t covered by the Financial Services Compensation Scheme (FSCS), measures are put in place to recover lost funds.
There are three tiers of fund recovery. Firstly, Wellesley & Co will try selling assets that the company owns if its part of the loan isn't enough to cover what's lost. Lenders can then apply to the Discretionary Provision Fund to recover any remaining funds. If the DPF is insufficient after multiple claims, Wellesley & Co would consider further claims which might be repaid using the company’s own capital.
With this type of investment, risks are still possible. For loans that are secured against property, the borrower’s ability to pay would be compromised if there was a major downturn in the UK property market.
Of course, there’s no guarantee that money lost through default will be recovered, so keep that in mind before you sign up.
Find out more about the returns on offer from Wellesley & Co. and how you can earn £100 cashback
Terms and Conditions:
1. Cashback (£100) is only available to new customers registering via lovemoney.com. Existing customers will not qualify for this promotion.
2. To be eligible for the cashback offer, customers must commit funds of £2,500 or more to Wellesley & Co for a minimum term of 18 months by 5pm on 29th February 2016.
3. The value of this cashback offer is £100 and will be credited to a customer’s account within five working days of funds being committed to a lending term. Customers will receive an email to inform them that the cashback has been credited to their account.
4. The maximum cumulative cashback amount per customer is £100.
5. Investments made directly through the Wellesley & Co website, other price comparison websites or other third party websites will not be eligible for this offer.
6. This promotion is on offer only for those who register and have been verified by the ID Check System used by Wellesley & Co.
7. Customers must be aged 18 or over.
9. If a customer requests early access before the end of their committed lending term, Wellesley & Co reserves the right to deduct the £100 cashback from the resultant proceeds.
10. Wellesley & Co reserves the right to withdraw this promotion at any moment and without prior notice.
11. By participating in this promotion, customers agree to be bound by these promotion-specific Terms and Conditions which are in conjunction with Wellesley & Co’s full Terms and Conditions and the Lender Agreement.
12. Customers participating in this promotion are not eligible to combine this offer with any other current Wellesley & Co promotions.
13. Customers must remit funds from a bank account in their own name from an acceptable institution. It should be noted that Wellesley & Co is under no obligation to accept any customer. Wellesley & Co does accept funds from joint accounts, however the transfer must state your name and not the name of the other joint accountholder.
14. Any participant found to be operating multiple accounts in promotions will be in breach of these and our general account terms. Wellesley & Co will determine at its sole discretion, and by whatever means it deems necessary, whether different entries and accounts are connected to the same person. Cashback offers are limited to one cashback payment per person, computer and/or payment method, unless otherwise stated.
15. Participants, whether individually or in a group, will be found to be in breach of these promotion-specific terms if Wellesley & Co, at its sole discretion, has a reason to believe that a promotion has been abused or manipulated, or that irregular, fraudulent, collusive or illegal activity has occurred.
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