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.
- Loan types: Consumer Loans
- Loan terms: up to 1 year
- Interest rates: 9-15%
- Fees: no fees
- Minimum investment: 1 EUR
- Currency: EUR, PLN
- Secondary market: no
- Auto-invest: yes
- Buyback guarantee: yes
- Last update: March 2019
- Started Investing: August 13th, 2018
- Current value: 4,201.84 EUR
- Profit: 191.84 EUR
- Average interest rate: 14.25%
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. At the beginning of the year, I’ve doubled my deposits here (added another 2000 EUR) so I should get better returns this year.
I’ve noticed a slight decrease in interest rates in the past months. There are days when only 13% rate loans are available. Are the good times over?
Opening an account on Fast Invest
You can open an account from anywhere in the world. 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 or Revolut to deposit and withdraw funds and get better currency conversion fees.
In order to withdraw funds, investors are asked to provide a copy of their national ID card or passport.
Why invest here
Fast Invest will cover the interest payment if a loan payment is overdue by 3 days. This is the best it can get. It’s something similar to what Twino offers on its “payment guaranteed” loans, but with better interest rates.
You can sell back to Fast Invest the loans you invested in at any time you want.
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.
Investing – how to
Fast Invest offers loans from Denmark, Poland, Spain and the United Kingdom.
You can invest manually if you want to, but since all late loans are settled by Fast Invest after only 3 days delay, it feels like overkill.
When I do invest manually, I just order the loans based on interest rate and put 10 EUR each in the highest interest rate loans.
Most of the time, I let the auto-invest tool to do that for me.
Auto Invest tool
You can use the default auto-invest settings Fast Invest is offering, but that would just mean you’ll miss out on potential earnings. With just 5 minutes, you can do a better auto-invest setup that will give you better returns than the preset Beginner/Professional/Expert setups.
You’ll need to 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 me doing anything.