Exiting from Fast Invest
Turning off re-investments wasn’t enough. The auto-invest tool continued to re-invest despite the settings. A glitch in the system. They said.
To avoid the glitch, you must also deactivate or delete your auto-invest portfolios.
Selling loans was a smooth process. Account was credited almost immediately and previously received interests were balanced out. But with our active portfolios, money was immediately re-invested again. Not really what we wanted with our exit.
And please note: when you sell your funds you’ll lose all interest on the loan!
Withdrawing funds require a verification by SMS code, which didn’t always work. There is also an annoying 4-day wait before money is transferred, which means you may wait a week or more before money is on your account.
After withdrawing most of our funds, we finished with a profit of approximately 3% over a 5-month period (7% annual return). The low return is partly an effect of repayments sitting idle on the account.
Software Glitches and Fast Invest Support
The Fast Invest support group once again proved to be less helpful. Even though they eventually admitted an error with the auto-invest tool, which they promised to fix, they refused to correct errors created by their glitch.
We also found a glitch in the currency exchange tool. The tool excepted decimals when exchanging from EUR to Zloty, but not the other way around. Which meant that exchanges wasn’t completely free and you could be stuck with 99 groszy on your account. Not a big deal, but you would think that could have been an easy thing for technical support to fix. But the short answer from support was:
It will not work with decimals. We cannot make any changes.
It was, however, updated with new software version in mid-March.
It is apparent that the technical support at Fast Invest don’t really know the details of the software and are unable to make quick corrections.
Overall, we are not very impressed by Fast Invest’s support. With evasive answers to our question about the company’s economic status and an almost arrogant answer when we asked about loan originators, they seem to have missed the point that they live off customers and investors.
Transparency and professionalism is not their main attributes.
Official complaint process is equally useless. We got a standard reply that was totally anonymous and no resolution to our issues was offered.
Our guess is that if something bad happens with the Fast Invest platform, you are totally on your own.
New Investors Keep This Going
While we found the website and its functions very smooth and easy to use, there is a nagging feeling that they are just too good to be true. No other P2P platform offers a 3-day buy-back guarantee. And not with the company’s own money.
So where do the money to back up the guarantee come from? As far as wee can see, a company needs large funds to give this kind of guarantee. Funds that Fast Invest doesn’t seem to have or – at least – isn’t willing to reveal.
It is likely that Fast Invest only manages this as long as new investors are drawn to sign up with the platform. It has, in other words, obvious similarities with what is called a Ponzi scheme.
Why We Leave Fast Invest Behind
Not revealing loan originators, unclear company finances, generous guarantees, very high returns, and hiding behind virtual offices raise too many warning flags.
Fast Invest’s commitment to truthful and transparent information (see below) couldn’t be more deceptive and incorrect. In fact, they won’t reveal much about anything.
Fast Invest is committed to ensuring that our customers are provided truthful, transparent, and complete information about our investment portfolios so that they can make prudent and informed investment decisions.
We are also concerned about Simona Vaitkune, their young CEO (24 years) who has no apparent experience of the financial sector. She claims to have studied at Vilnius University, but does not list any academic degree. She became Director in 2013 at age 18 (according Company House) – even if her own bio says 2015.
Her CV says she has been working in the lending sector – but it is unclear where.
In 2015, Simona Vaitkune was an ambitious and driven individual working in the lending sector. Her personal need to create an additional income stream led to an in-depth investigation of the available options – and a gap in the market became apparent.
Fast Invest’s and Vaitkune’s strategy to build digital-banking instruments for the future economy and enable fiat and crypto-currencies for daily life operations are words that seem to be mostly mumbo-jumbo with unclear substance. It should also be noted that P2P lending was well-known on the financial market long before Fast Invest started its operations. So, instead of filling a gap on the market, Fast Invest seems to just ride on whatever is trending on the financial market and fills a gap in the CEO’s pockets.
Is Fast Invest Safe?
When something seems too good to be true and warning flags are raised, we think you are smart if you choose to stay at a healthy distance.
Or to quote one of our experts:
It is not a question IF Fast Invest will fail – it is a question of WHEN
Update May 6, 2020:
Withdrawals are no Longer Free!
With the introduction of a flat fee of €1.5 for a payout transaction from Fast Invest, the company is desperately trying to keep as much money as possible within the system, knowing very well that a vast majority of their investors are small investors looking for a high return and who can’t afford €1.5 on every signle withdrawal. In fact, the explanation behind this approach, with all is mumbo jumbo about a reshape of the platform towards “personalization and service infusion with the human touch notion”, breathes despair. We are more convinced than ever that investors should avoid this platform.
If you haven’t done so already, grab your money and run!