Fast Invest’s overview
Fast Invest is a platform offering to invest in peer-to-peer loans for up to one year, with interest rates ranging from 9% to 13% for Euro loans. They come with a buyback guarantee that triggers after a delay between 3 and 15 days, which is very short compared to competitors !
My opinion on Fast Invest
Fast Invest‘s website is extremely easy to use and offers great interest rates in addition to incredible buyback guarantee terms. While I was very cautious about this platform at first, I enjoy this platform more and more as it continually improves. Indeed, I’m especially impressed by the last upgrade to their website, which is straightforward to use and provides a lot of documentation.
Fast Invest’s pros & cons
- Great interest rates
- Very user-friendly platform
- Extremely short buyback guarantee delay for most originators
- No detail is provided about most loans originators
Overview of Fast Invest’s loans
Fast Invest‘s loans are either in Euro or Polish Zloty. Euro loans yield between 13% for Spanish loans, to 9% for some Danish loans; loans yielding higher interests may be sporadically available but they’re scarce.
Currently, all loans have a duration shorter than one year. They also all seem to reimburse interests according to a monthly schedule.
According to the FAQ, the minimal investment is € 1, but this only seems to hold when investing manually.
While the loan supply is currently large enough to meet the demand, it has noticeably decreased in recent months.
One recurrent 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, the situation is slowly improving.
Indeed, while the names of previous originators still aren’t available, the platform has disclosed the name of the most recently added originators : the Russian Kviku and Icelandic eCommerce 2020.
Fast Invest‘s buyback guarantee is excellent : for most originators it will trigger after only 3 days, while the delay is usually one month for most competitors ! Newly introduced originators occur a slightly increased delay : 7 days for eCommerce 2020, and 15 days for Kviku.
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 !
Manual investing at Fast Invest
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
When investing in individual loans, I usually don’t bother much with checking the borrower’s details; indeed, these loans are usually rather uniform. However, investors interested in them have access to basic data.
Given the fact that the name of most originators aren’t disclosed, currently only loans from Kviku display the originator’s name.
As with all peer-to-peer platforms, I strongly encourage investors to use auto-invest in order to save time.
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.
This screen was updated in October 2019 in order to add the delay for the buyback guarantee (3, 7 or 15 days).
As mentioned above, when investing automatically, the minimal amount per loan is € 10.
It’s possible to create several auto-invest portfolios, although there’s not much use for it unless you want to invest in different currencies.
Website’s ease of use
Fast Invest’s registration process
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 and funds withdrawal
Account funding is done via SEPA transfer. Funds are usually available after two working days.
Website’s design and ergonomics
In addition to the updated translations, the March 2019 update to the website has improved ergonomics even further. I used to have some reservations about the the lateral menu, but the new design is great – both on smartphone or computer -. Overall the website is very neatly designed, extremely readable and and pleasant to use.
One small glitch I noticed is that the interest rates displayed on the dashboard for latest transactions may be incorrect. Indeed, I invested in many loans with durations around 10 months, yielding 13%. However, at some point, the interest rate displayed for one of them was 9%. That’s because for new investors in these loans, the rate is decreased as the duration drops below 6 months; for existing investors, of course, the rate doesn’t change. This was really puzzling, and not very intuitive. The correct interest rate is displayed in “my investments” list, though.
Available languages & translations 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 spotless. Translations to other languages were greatly improved by the website upgrade in March 2019. In spite of a few occasional quirks or forgotten translations, the French version is overall excellent.
Fast Invest‘s reporting screens are a bit too light to my taste. Indeed, they don’t provide much information and often can’t be customized. Moreover, it’s impossible to export data.
Fast Invest‘s website provides an impressive amount of documentation. In addition to an extensive FAQ, many steps are clearly detailed : for example, there’s a huge page dedicated to the KYC (Know Your Costumer) process.
The platform’s blog also makes for an interesting read, with articles going beyond P2P.
Communication from the platform
Actual performance of my Fast Invest portfolio
At the end of October 2019, the XIRR for my Fast Invest portfolio was 12,58%.
This figure doesn't totally reflect the performance of the portfolio; indeed, I compute its value for all platforms at the start of the month, which in Fast Invest's case happens too be shortly before the interests are reimbursed. However, as time goes by, this effect has decreased and the XIRR is getting closer to its theoretical value - around 13% -.
Don't hesitate to read my most recent crowdlending portfolio review for detailed platforms performance comparison as well as historical performance.
Portfolio creation date
I created my Fast Invest portfolio in December 2018.
Fast Invest's main competitors
For a detailed comparison of the different p2p-lending marketplaces, check out this article.
Fast Invest's facts & figures
Number of investors
As of August 2019
Who can invest at Fast Invest
Fast Invest FAQ
To be eligible you need to be at least 18 years old, have a valid email address, mobile phone number and a bank account in your name opened in the European Union. Also, you need to be a national of supported countries.
(Countries list edited for brevity)
For client identification, you will have to provide a national identification card or a passport (scanned/photographed on both sides).
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.