Being on a lower income I wanted to invest without large fees and minimum investments of over €50. Searching for a suitable platform I found Fastinvest. Fastinvest seems like a promising platform, which gives me the low cost of entry plus no fees to use. I have done the research of the platform so you can determine if you want to invest in Fastinvest as well.
The review of Fastinvest is 100% unbiased and based on my personal experience and findings. In the Fastinvest review, I will give my personal opinion of their service. I will include the subjective aspects which I personally like, and the objective facts – like statistics.
Fastinvest is a simple and easy to use platform. Fastinvest offers investments from just €1 with a buyback guarantee and money-back guarantee. The platform provides easy to read statistics and return between 9%-16%. The auto-invest makes it easy to automate your investment strategy.
- Loan types: Consumer loans
- Loan terms: 3-12 months
- Interest rate: 9%-16%
- Auto-invest: Yes
- Buyback guarantee: Yes
- Fees and costs: No fees
- Minimum investment: €1
- Currencies: EUR, PLN
- Secondary market: No
- Sign-up link: Fastinvest
Why I Stopped Investing At Fastinvest
Fastinvest has failed to provide information on their loan originators. While this is not something that has dramatically turned my attention away from the platform I can no longer stand behind the lack of transparency.
However, with the events of Envestio’s and Kuetzal’s disappearance, I now value transparency bigger than the returns.
Fastinvest has publicly announced the following loan originators: CAPITAL SERVICE S.A., KredytOK, eCommerce, and KVIKU.
What is Fastinvest
Fastinvest is a peer-to-peer lending site like many others. However, Fastinvest is a straightforward investment platform. They live up to the name of “Fast investing” as the only thing to consider is the return of your investment in percentage. The platform provides a fast start into the investment world.
Fastinvest provides loans from 9% to 16%. The loans are between 1 to 12 months. Currently, they have two currencies, euro, and Polish złoty. Furthermore, it looks like they are going to add two additional currencies, USD and GBP. One last thing which makes Fastinvest attractive is their low entry point. You can start for as little as 1 euro. Many other platforms are 10 or even 100 euros. This allows for little to no cash-drag – meaning that little to none of your cash will be idle in your investment account.
How does Fastinvest work?
Fastinvest in the link between you and the loan providers. The loan providers (also referred to as loan originators) have pre-funded the loans. Furthermore, Fastinvest has made the agreement with the loan originators that they have to have at least 5% of their own funds in the loans when they are posted for funding on Fastinvest.
As the above-shown pictures visualize the process is really simple. The steps are really simple as well:
- Setup your account
- Add funds
- Invest (manually or auto-invest)
- See your funds grow – Not really a step, just happiness
To withdraw money from Fastinvest you have to verify your account. Whether this is Fastinvest’s own initiative or European legislation I do not know. However, there is three-step and are all easy.
- Phone number
- Identification verification
The approach is rather simple. To verify your phone number you get an SMS and you will receive a unique code that you have to enter. Same goes for email, you will get a verification link and that is it.
Then you have to submit an ID that has a photo representing you (of course). The ID has to be valid for more than 6 months in order to verify. In some cases, the ID might not be sufficient and they will ask for additional information.
Fastinvest is having extra measures to prevent fraud. For instance, you can not transfer money to a bank account which is in another name than yours. Furthermore, if you want to deposit more than 10,000 euro you have to verify the transaction through a customer service employee from Fastinvest.
Loan list and calculator
So now you have gone through the sign-up process. Now you are ready to invest. When investing manually you can choose two different currencies – Euro and Polish złoty. You can choose the loan period, the amount available to invest and the interest rate. Simply filter your specifications and find the available loans.
When creating an auto-invest portfolio you can adjust the on all the above parameters. If you have multiple preferences you can simply create two or more auto-investment portfolios and divide your funds to each of the auto-invest portfolios.
Where is the loan originators?
Fastinvest has no presentation or descriptions of their loan originators. They do not even mention that the loan originators are hidden. If they simply but an FAQ or for that matter any description, that the loan originators are protected by contracts or whatever I would have been fine. However, the fact is that currently, it seems like Fastinvest is hiding something. Hence not mentioning anything about their loan originators.
However, on Trustpilot Fastinvest is nice to respond to concerns and critics. I will however not deposit any additional funds before some of the loan originators are disclosed.
Fastinvest BuyBack and MoneyBack Guarantee
Fastinvest provides both a BuyBack guarantee and MoneyBack guarantee.
The Buyback is simply as it says, a buyback. If the loan is overdue by 3 days Fastinvest themselves will step in and make the payment. The MoneyBack guarantee is likewise with the BuyBack. If you need to access your funds Fastinvest will have the courtesy to BuyBack your loans in 24 hours, so you can access your money if you need it. This means that there is no secondary market to worry about if you needed the money.
Fastinvest has seen a growth of 545% in their investment volume, with more than 13 million euros in total investment volume. Fastinvest has over 30,000 registered users from 55 countries on their platform. In 2017 investors received 12.78% return and in 2018 they increased the return to 14%. Given the average investor can get a 14% ROI shows that the platform provides high returns.
Fees and costs
Fastinvest is so far a 100% free to use platform. This can be found from Fastinvest’s own FAQ.
Team and Company
During my Fastinvest review (and other reviews) I always look for high yielding returns and competent people.
Another topic that is important for me when investing my money is the team and the people involved in the project. When looking at Fastinvest’s web page a lot of employees can be found. Furthermore, their previous background and/or skills are described to how they are adequate for the task and position they are in.
From the descriptions at their web page, I find the team highly competent to manage a FinTech company. Given their massive growth over the years and their ability to increase customer ROI from 12.78% to 14% in one year.
One thing which bugs me is the fact that we have no information about the loan originators. We will simply have to trust Fastinvest in their judgment of load originators.
Fastinvest is a simple and easy platform to use, and that shows in the Trustpilot results. Overall Fastinvest scores 4/5 rating and has a value score of 8.6/10.
There is a lot of great feedback on the Trustpilot page. People really like the simplicity of the platform and the fact that you can invest for only 1 EUR.
The negative comments involve the exclusion of UK residents from investing. However, with BREXIT it is not justifiable to blame Fastinvest.
Another general negative comment is the lack of transparency. Both in terms of external audits verifying that Fastinvest is not a scam and that loan originators is not public.
My Experience With Fastinvest
So far I have had a nice experience using Fastinvest. My personal ROI is current at 14.03%. Fastinvest made a huge update to their site which makes a visual presentation of the expected interest to the actual earnings. So far the expected earnings are equal to the actual earning. Whether or not this is a good calculation or just the earnings has been put equal to the expected earnings I not clear. However, I will be looking at the statistics to be sure this is not just a gimmick to prove they are accurate.
My investment strategy has been to create an auto-investment which takes the high-yield investments. Giving that Fastinvest has the BuyBack and MoneyBack guarantee I just go for what makes the most return. I suggest you should do the same if you invest through Fastinvest.
Though I have had no problems with Fastinvest so far. I do recommend that you look through their website to determine if you trust them. As I have mentioned previously there is no mentioning of loan originators, which can make it seem like a scam.
My Fastinvest review has found many positive areas, and none negative. Especially their new update has improved the user experience of their site.
With Fastinvest’s recent update I am very impressed. Fastinvest has been a simple platform for a long time. However, competition has had statistics in a while. This time Fastinvest stepped up and evened out the competition of the visual performance. Fastinvest is an easy website to use, and so far they have delivered what I expected.
I will continue to have funds on Fastinvest as I have no reason to doubt the team and their future development of this simple yet brilliant FinTech company. Lastly, I will encourage them to visit their website and get to know them.
You can follow my income from Fastinvest on my monthly income side.
If you want to have an average return of 13,5% return, you can sign up here (fastinvest).
If you found my Fastinvest review helpful I would appreciate you sharing it with others, thanks!