Fast Invest’s overview
Fast Invest is a platform offering to invest in loans up to one year, with interest rates between 9% and 15% for Euro loans. They come with a buyback guarantee that triggers after only 3 days, an incredibly short delay !
My opinion on Fast Invest
Fast Invest seems like a very promising platform. It’s easy to use and offers interest rates far above the competition.
In spite of the controversy that surrounded the company, I decided to trust them and start investing through the platform. But just as with all platforms I test, I started by investing a small amount, which I plan to increase if everything goes well.
A word of warning
In spite of the good rating I’m granting the company, it’s my duty to inform potential investors that Fast Invest‘s reputation unfortunately isn’t spotless. Indeed, in the past, there have been reports of shady behavior from people apparently related to the company, who posed as investors. I haven’t heard any such report recently, though.
Another criticism towards Fast Invest is that the company doesn’t disclose the name of their loans originators; this lack of transparency is a bit concerning as most – if not all – competitors share such information. However, this is likely to change as the company is changing the contracts with the lenders in order to be able to disclose their identity.
For guaranteed loans, the interest rates are very interesting.
There are many loans available, although the highest-yielding ones are scarce.
The provided statistics are rather basic, and data can’t be downloaded.
The buyback guarantee triggers after only 3 days, a record for P2P lending sites !
The website is easy to use.
Fast Invest’s pros & cons
- Great interest rates
- User-friendly platform
- Some controversy surrounds the company
- No detail is provided about loans originators
Fast Invest‘s loans are either in Euro or Polish Złoty. Euro loans yield between 15% for Spanish loans, to 9% for some Danish loans; many of them are in the middle of these two bounds with a 13.5% yearly interest rate. Currently, all loans have a duration shorter than one year.
As all these loans are covered by a buyback guarantee, the interest rates are really interesting compared to Fast Invest’s competitors !
With individual loans covered by a buyback guarantee, I usually don’t bother much with checking the borrower’s details. However, investors interested in them have access to basic data.
Fast Invest‘s buyback guarantee is excellent : it triggers after only 3 days, while the delay is usually one month for most competitors !
Please note that Fast Invest’s terminology is a bit confusing : what’s usually named Buyback guarantee is called Default guarantee, while Buyback guarantee refers to selling the loans back to the company.
There’s no secondary market; instead, it’s possible to sell the loan back to the platform (as mentioned previously, this is referred to by Fast Invest as Buyback guarantee). While there’s no associated fee, the drawback is that you’ll lose all interest earned for the loan !
Like most competitors, Fast Invest offers the possibility to invest manually, which can be great for beginner investors. It’s rather easy to do so, using a limited set of filters :
- loan amount
- interest rate
The rather large loans volume means that investors aren’t forced to use the auto-invest of they don’t wish to.
The auto-invest screen is well designed and easy to use, although I find the non-linear scale for the interest rates a bit confusing.
It’s possible to create several auto-invest portfolios, although there’s not much use unless you want to invest in different currencies.
Website’s ease of use
English, German, Finnish, Polish, Italian, Spanish, French, Russian, Chinese Mandarin
Available languages & translation quality
The platform features a rather impressive array of translations, including Chinese Mandarin which I’ve never seen before.
The English version of Fast Invest‘s website is well translated. In spite of its lower quality, the French version is good enough to use; as very few platforms bother to translate their interface to French, I can only congratulate Fast Invest for their effort !
Registering with Fast Invest is really quick and easy. The required amount of information is really minimal, and your account is ready to be funded very quickly.
There was however a small glitch when I created my account : the verification email sent by the platform never arrived, and I had to request it several times for it to reach me. This looks like a temporary bug, though, so it shouldn’t be a concern.
Account funding is done via SEPA transfer. Funds are usually available after 2 days.
Website’s design and ergonomics
The website is overall easy to use and pleasant to look at. My only criticism would be the lack of consistency of the lateral menu, shown below.
Fast Invest‘s reporting screens are a bit too light to my taste. Indeed, they don’t provide much information, and don’t allow data export.
Actual performance of my Fast Invest portfolio
As I just started investing through Fast Invest, I can’t compute an XIRR yet. However, as all loans yield interests monthly, I’ll be able to publish it in early 2019.
Fast Invest’s competitors
Compared to their main competitors, Fast Invest seems to be very interesting. Indeed, individual loans on other platforms with a buyback guarantee usually have interest rates around 12%. Only Omaraha‘s returns are better, but the buyback guarantee is only partial; moreover, Omaraha’s interface is truly hard to use.
Of course, at the same time, Fast Invest doesn’t have the same seniority as Mintos, so the risks are obviously higher; size your respective portfolios accordingly !
Fast Invest’s facts and figures
As of December 2018
Who can invest
Fast Invest FAQ
Investors must be at least 18 years old, have a valid email address and a personal bank account in their name in the European Union.
For the identification purposes, you must provide a national identification card (scanned or photographed both sides) or a passport (scanned or photographed).
Please note that this review may contain affiliate links. It means that I will earn a commission if you decide to invest after clicking through the link – at no additional cost to you, of course -. Please understand that I have experienced all of these companies, and I recommend them because they are helpful and useful, not because of the commissions I make if you decide to invest through my links.