Warning ! This platform is currently in my blacklist
After both Kuetzal and Envestio proved to be scams, I became much more cautious and decided to blacklist several platforms; Fast Invest is one of them. I will keep on updating this review, but don’t recommend investing them anymore.
More details regarding blacklisted platforms can be found on my article about the consequences of Kuetzal’s and Envestio’s downfall.
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.
My opinion on Fast Invest
Although Fast Invest‘s very user-friendly interface and great performance make it a tempting choice to invest in P2P loans, there are just too many red flags for me to keep recommending it.
Fast Invest’s pros & cons
- Great interest rates
- Very user-friendly platform
- Short buyback guarantee delay for many loans
- No detail is provided about most loans originators
- A lot of suspicion surrounds the platform
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 was that the company didn’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 names of the most recently added originators. They’re the Russian Kviku, Danish eCommerce 2020 and Polish Capital Service.
Both Kviku and Capital Services are also present on Mintos and get decent rating : B and B- respectively from Mintos, and 57 and 53 out of 100 at Explore P2P. On the other hand, eCommerce 2020 is virtually unknown.
Fast Invest‘s buyback guarantee used to be very short : it triggered after only 3 days, while the delay is usually one month for most competitors. However, for the loans from disclosed originators, this delay is increased : 7 days for eCommerce 2020, 15 days for Kviku, and as much as 60 days for Capital Service !
Please note that Fast Invest’s terminology is a bit confusing : what’s usually named Buyback guarantee is sometimes called Default guarantee, while Buyback guarantee refers to selling the loans back to the company.
Platform’s transparency and reliability
The least we can say is that a lot of controversy surrounds Fast Invest.
In terms of transparency, as we’ve seen, the lack of disclosure for past originators is a large negative point.
Also, although the team is introduced on the website, searching for the company on LinkedIn will mostly result in people working on the IT side. Very few people with an actual background in finance are to be found !
One more red flag is the large number of bank account changes – a common sign that the previous banks weren’t comfortable doing business with the platform -.
Finally, in an interview published by Explore P2P with the person behind controversial twitter account RPeerDuck, Fast Invest is accused of being a Ponzi scheme. And I can’t help but notice that both Envestio and Kuetzal were among the five platforms targeted in this interview.
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.
When it’s available, the originator’s name is also displayed.
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 February 2020, the XIRR for my Fast Invest portfolio was 12,84%.
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.