The Easy Way to Start P2P Investing
Fast Invest is a Lithuanian P2P platform with the official main office in London. Its platform has been on the market since 2015.
The company works with 21 lenders (no transparency) and has, according to the platform, more than 14,000 daily users (November 2018).
The platform is perhaps one of the easiest to work with for anyone who wants to start P2P investing. With the simplified information on your account page, it’s easy to get a quick overview of investments and current transactions.
It is also possible to dig deeper into every specific loan and get the details you want as a professional.
Loans are pre-funded, which means that you don’t have to wait until a loan is fully funded. Your investment starts earning interest from day 1.
Fast Invest is Different from Other P2P Platforms
Some key features are different from other P2P platforms:
- Your first investment can be as low as 1 Euro.
- The default guarantee kicks in after only 3 days.
- All guarantees by Fast Invest – not the loan originators
- Instead of a secondary market, Fast Invest has an immediate Buy Back Guarantee.
If a payment installment is overdue by 3 (three) days, Fast Invest offset that payment, keeping your investment safe. You’ll get both the principal and interest. Market default is 60 days. This is, no doubt, a feature that helps to keep an active flow of money on your account. (This feature is often known as a Buy-back guarantee on other platforms).
Should you need your money quickly and decide to stop investing, Fast Invest buys back your investment and money is available the next day. Other P2P platforms often work with a secondary market where your loan is put up for sale. On a secondary market you must wait until somebody buys your investment.
Note that if Fast Invest buys back your loan, you will lose all interests on the loan (even interest you have already received).
Like most P2P Platforms, Fast Invest has an auto-invest feature to make it easy to start P2P investing. This feature allows you to create an investment portfolio based on your preferences.
When new loans are added to the platform, auto-invest automatically matches these loans to your criteria and invest in new loans that qualify. You can also automatically reinvest payments you receive.
We found that auto-invest worked very well and smoothly with custom settings. There are usually plenty of loans and funds are quickly invested.
Countries Available on Fast Invest
Officially, you can start P2P investing in loans from Denmark, Poland, and Spain. Loans in United Kingdom aren’t available at the moment. Fast Invest simply don’t have any partners among the UK lending companies. Neither do Fast Invest allow British citizens to join at the moment.
With the currency converter you transfer funds from Euro to Zloty, or the other way around. The exchange rate is good and comes without a fee. Just be aware that the exchange rate follows the market and will likely change over time. This may affect your investment.
With only three countries, a diversity between countries isn’t as good as on a platform like Mintos.
But if you invest in Euro, the diversity you get with just Spain and Denmark can, however, be enough to start your first P2P investments.
The Fast Invest platform is available in many different languages to attract global customers and as a preparation for expansion outside Europe.
What Others Say
Based on 31 reviews (November 2018), Fast Invest is rated Great on Trustpilot. The Trust Score is 8.1/10.
The majority of bad reviews on Trustpilot comes from the fact that the platform isn’t available for British users and don’t have loans on the British market, which you are led to believe when entering the website.
Pros – What We Like
- The simplicity of the platform.
- A default guarantee that buys back your loan after only 3 days.
- High fill rate of auto-invest
- Good interest rates – high returns
Cons – What We Don’t Like
- No search function.
- No tax information.
- Lack of company transparency.
- Refuses to reveal loan originators.
- In combination with low transparency and few years on the market, a quick company expansion may raise a warning flag.
- No monthly reports.
- Account statement has no sorting function.
- When filtering account statement you can’t distinguish between repayment of interest and principal.
- Unclear referral / bonus program
- Poor support
In other words, the website lacks several features that we would like to see. Hard to say if this is a result of keeping the platform simple or not.
It is, however, very worrying that Fast Invest does not reveal its Loan originators. Fast Invest’s explanation is as follows:
Unfortunately, it is our company’s strategical decision to not disclose our loan originators names and their finances. We will be sharing our partner’s names in the future but today is not the right time. To add more, you even do not need to know our partners because we, as a company, cover all guarantees (Default and Buyback).
With poor information about Fast Invest’s own finances, these guarantees may not be worth much. Proceed with caution!
For a platform with more advanced features, read our review of Mintos.
Last updated December 3, 2018.