Fast Invest P2P Lending Platform Review
Fast Invest is a peer to peer lending platform offering loans from multiple European lenders. It started in 2015 in the United Kingdom and it currently has more than 14.000 daily users.
- good interest rates up to 15%
- default guaranteed if loans are more than 3 days late with their payment
- buyback guarantee (but lose all interest payments)
- no secondary market
- nice auto invest tool
- investments available in EUR and PLN currencies
My Fast Invest portfolio (as of January 2019)
Started investing: August 13th, 2018
Deposits: 4010 EUR
Current value: 4109.31 EUR
I’ve only started to add funds to my Fast Invest account only a few months ago and so far there’s not much I can complain about. Last month I’ve doubled my deposits here (added another 2000 EUR), so the returns so far are only for my initial 2010 EUR deposits in August.
Opening an account on Fast Invest
Anyone in the world can open an account on the Fast Invest platform. You can only deposit funds in EUR or PLN currency, so you’ll need a bank account that operates with these currencies.
If you don’t have a EUR or PLN bank account, you can use Transferwise to deposit and withdraw funds and get better currency conversion fees.
Click here to open an account on Transferwise.
In order to withdraw funds, investors are asked to provide a copy of their national ID card or passport.
After you’ve added funds to your account, you can start searching and investing in loans that match your preferences. Each month you’ll receive interest payments that you can either withdraw to your account or choose to invest them further in new loans.
There are no fees on the platform. The minimum investment starts from 1 EUR and the annual returns are around 14%.
The website is accessible in multiple languages: English, German, Finnish, Polish, Italian, Spanish, French, Russian and Chinese.
Why invest here
If a loan payment is overdue by 3 days, the platform will settle the payment.
This is a better deal than the one offered by Mintos, where a loan needs to be late by 60 days to be repurchased by the loan originator. Instead, the website repays each unpaid instalment one at a time. You continue receiving returns on bad loans without worrying about the borrower’s ability to repay their debt.
The buyback guaranteed policy lets you sell back your loan at any point in time, even if the loan is not late. You might want to do this for a variety of reasons and nobody will ask you why.
Should you decide to stop investing in any loan at any time before the scheduled term end date, the website will buy back your loan.
The big downside to this and a big one is that Fast Invest will take back any interest received in that loan up until then.
Why not invest here
If you care about where the loans are coming from or who the loan originators are, then Fast Invest might not be a good fit for you. Fast Invest says it’s in the process of completing agreements with its loan originators so it could show them on the platform.
Currently, you have no idea where the loans are coming from. There are very few details about the loans and the borrower: loan type, age, sex, income and liabilities of the borrower.
Honestly, I wouldn’t be comfortable if I knew that the loans I’ve been investing in are payday loans offered to other people with 200% annual interest rate. If that were to happen, I’d withdraw all my funds from the platform and move somewhere else.
Investing – how to
Fast Invest offers loans from Denmark, Poland, Spain and the United Kingdom.
All loans are listed on the Loan List and Calculator Page. You can check out expected returns, view details of available loans and invest, or simply get an overview of the current loan market. You can view more details about the loan and the borrower when you click the Invest button.
Auto Invest tool
Setting up your own automatic investment scheme allows you to choose loan terms, desired interest rate, select specific countries, etc. This feature makes the investment process faster and much easier.
You can choose from a predefined set of auto-invest portfolios, or create a custom one. You can select the loans country of origin, minimum and maximum amounts for a single loan, interest rate limits, loan term limits and the maximum size of the investment portfolio.
Conclusions on Fast Invest
Fast Invest has a great user interface, high-yielding loans, and a buyback guarantee on all loans to protect your funds. The auto-invest function is easy to use and allows you to completely automate your investments on the platform.
I like the simplicity of the website. I’ve added some funds a few months back, set up an auto-invest profile with the option to reinvest any profits into new loans. Now I’m just waiting for my portfolio to grow without my doing anything.