FAST INVEST Review
FAST INVEST is among the first crowdlending platforms I personally started investing in. In this review I share my experiences based on the first 4 months investing with FAST INVEST.
The first half of the review contains key information, pros and cons and includes my own opinion of FAST INVEST. The latter half provides in-depth insights of the website and highlights all the possibilities.
Let’s get started.
Table of Contents
Key information FAST INVEST
FAST INVEST is a crowdlending platform focussed on consumer credit. The company started out as BIG CREDIT in 2012 and later renamed to FAST INVEST. Its main physical office is located in Lithuania and the company is registered in the United Kingdom.
A few key figures to get us started:
- 30,000+ investors from 55 countries
- Over € 25 million capital raised
- Interest rates of 9-16% (lately mostly up to 13%)
- 8 loan originators
The platform offers consumer loans from Spain, Denmark, and Poland. Loans come in Euro and Polish zloty. The minimum investment is only € 1!, which allows for quick reinvesting of interest. FAST INVEST does not charge fees to their investors.
Examples of Spanish consumer loans with 13% returns.
Details available for any consumer loan including monthly income of the applicant.
FAST INVEST Risk
And the million dollar question, how risky is FAST INVEST? P2P-lending inherently comes with risk and it comes down to the risk mitigation measures that are in place for investors.
FAST INVEST mitigates risk as follows:
- All loans come with a buyback guarantee and moneyback guarantee
- Robust credit and affordability check of the borrower
- In case of a bankrupt loan originator, FAST INVEST or a third party will arrange for the borrower to follow the terms of the Loan Agreement
Loans come with a buyback guarantee which actives after only 3!! days of delayed payments. Additionally loans also come with a moneyback guarantee, which means you can sell the loan back to FAST INVEST at any time. You will receive only the principle amount, any interest already earned is lost.
The symbols which represents the buyback guarantee and moneyback guarantee in the loan list.
Pros and Cons
- Above average returns, up to 13% at the time
- Buyback guarantee for all investments
- Liquidity through the Moneyback guarantee
- Auto Invest
- Loan supply serves demand
- Start investing from € 1
- Website is appealing and easy to navigate
- Loan originators are not published
My FAST INVEST Investments
I became an investor with FAST INVEST in February 2019 by investing € 500. At the moment I have deposited a total of € 1,000.
All the loans in my portfolio are 13% loans in Euro from Spain and pay monthly interest. Up until now returns have been exactly as expected. A 3 days buyback guarantee does that for you!
Auto Invest now handles my investments for the most part. Note Auto Invest only re-invests the principle amount and not interest earned. I have spoken with support and understand the request to re-invest interest as well is with the development team.
Find out more about my current portfolio here.
FAST INVEST deposits over time.
An overview planned interest vs earnings. The earnings not received in April compared to plan were received in May. I’m expecting to receive a bit more interest in June.
My Opinion and Rating
FAST INVEST has 30k+ investors and is growing steadily. The numbers suggest most investors keep moderate balances with the platform. Performance wise the platform is great and ticks a lot of boxes, as you can see in the Pros and Cons section.
A buyback guarantee, market conform returns and liquidity with the moneyback guarantee are all benefits worth mentioning.
However, the lack of transparency when it comes to loan originators is the main reason I have not increased my portfolio as of late. It is difficult assessing if I’m investing with loan originators I also invest with in other platforms. For instance, at Viventor I also invest in Spanish loans. On top of that one could argue the 13% returns are market conform but there might be better opportunities out there.
If you are not investing in consumer loans from Spain my considerations when it comes to loan originators does not apply as much. In that case FAST INVEST is a great platform to use for diversification. It has a solid track record.
My FAST INVEST rating is 3/5.
If you’re considering becoming an investor with FAST INVEST I would appreciate it if you sign up through this link. It will help me run this blog at no additional cost for you.
Becoming a FASTINVEST investor
Registering with FAST INVEST is extremely easy. You are eligible to invest with the platform if you meet the following criteria:
- Over 18 years old
- Succesfully go through the identity verification process
- Bank account in your name in the European Union
- National of supported countries (see the FAQ for details)
The above screenshots detail what information to provide during the registration process.
Navigating the FAST INVEST website
I really like the website. It’s visually appealing and easy to navigate. All the options can be found on the left hand side of the landing page:
- Auto Invest
- Add Funds
Let’s walk through the options one by one.
Landing page of the FAST INVEST platform with all the options lined up on the left. The latest transactions clearly displayed as well.
After logging in you arrive on the Dashboard page (see above). In one glance you see your account balance, available funds and invested funds. Additionally, the latest transactions are shown.
Collapsing the Details tab at the top give you more details on your account such as average outstanding term and average interest rate.
At the bottom there is an option to navigate to Account Statement. This leads to a page which contains ALL the transactions connected to your account and can be exported to PDF.
The Details tab of your account including average term, interest rate and next payment date.
The account statement contains all your transactions and has an option to export to PDF.
The Investments menu shows a list of all your active investments with several key details such as Interest Rate, Time Remaining, Next Payment, Investment, Interest Income, Balance and the Loan Agreement.
This menu also has the option to Sell your investment back to FAST INVEST. Remember, you will receive your principle at the cost of any interest already earned.
The Investments menu with all your investments and its details.
The Statistics menu is very well designed and has all details on your portfolio. Nifty statistics are available such as:
- Account performance with planned interest vs actual earnings vs interest lost
- Loan term overview
- Interest rate overview
- Earnings and Income Statement
Account performance with planned interest vs actual earnings. No interest has been lost.
Your outstanding loan terms in percentages. Orange represents 9-12 months and purple represents 5-8 months.
And historical earnings and the option to create an income statement.
Auto Invest, YES! The tool that makes our lives easy. Set and forget. I have set a custom Auto Invest which only invests in loans with 13%-16% returns. I have all countries selected and a remaining term of 4-12 months. Obviously Reinvesting turned on so I will not have to login regularly and can truly set and forget.
My Auto Invest settings which has served me well so far.
Add Funds, Exchange and Referrals
Adding Funds and Exchange really speaks for itself. Currently you can deposit in EUR and Polish zloty and exchange EUR to zloty and vice versa.
Referrals lists active referral campaigns. There was a refer a friend campaign which has ended June 13th.
The Statement menu provides an overview of all the transactions and is also linked from the landing page. It is also possible exporting the transactions to PDF.
The account statement lists all previous transactions.
Payout and Information
Also the Payout and Information menus speak for itself as to what it does. The Payout menu allows you to withdraw available funds to a confirmed bank account. The Information menu is your profile and contains your personal details.
One option worth mentioning is the Two-Step Verification which you can enable. It provides another level of security for your account. If a platform provides the option, I always choose to use it.
And lastly, the loan list. The loan list is exactly what you think it is and allows you to invest manually if you are interested in that. You can filter loans on Term, Amount, Currency and Interest Rate.
The Invest button on the right hand side allows you to invest manually.
The loan list with available loans. In the example you see 13% loans from Spain.