Fast Invest Review
Fast Invest is an innovative peer-to-peer (P2P) lending platform registered in the UK. The platform lists consumer loans with an annual interest of up to 13% and a loan period of up to 12 months. The investments are secured by the buyback and money guarantees.
Given the company’s poor reputation and the lack of information available online, we’ve completed an in-depth Fast Invest background check to evaluate whether this platform offers investors a legitimate opportunity. Keep reading our Fast Invest review to find out more.
Fast Invest in Numbers
If you have read our other P2P lending reviews, you’ll know that we emphasize transparency when it comes to sharing statistics.
|Fast Invest Statistics|
|Investor's earnings:||€ -|
|Total loan value:||+ €13 M|
|Amount of investors:||+30,000|
|Loss of investors' money:||-|
|Average portfolio size:||€ -|
|Latest financial report||Not available|
As you can see from the statistics above, Fast Invest is not willing to share a considerable amount of their data with their investors. In fact, the company is widely known among investors for its poor transparency.
Fast Invest Referral Bonus
You’ve probably found that many P2P lending sites will offer new users promo codes, cashback and sign-up bonuses. While Fast Invest does offer referral bonuses to those already using the platform, it doesn’t currently offer any bonuses or cashback opportunities for new investors.
We’ve always got a close eye on P2P platforms and update our reviews regularly, so make sure you check back to see if Fast Invest offers a sign-up bonus for new investors in the future.
Don't mind the bonus?
Fast Invest’s New User Requirements
New users on Fast Invest must be over 18 years old, have a valid email address and mobile phone number and a European bank account (registered within the EEA).
In terms of residency, most European investors are accepted, except those from the UK. This is rather confusing, as the platform is registered in the UK.
If you reside outside of Europe, there’s a good chance that you can register as well. Currently, Fast Invests has investors from 55 countries. We suggest having a look at Fast Invest’s FAQ section for further details.
Risk and Return
The majority of loans on Fast Invest are consumer loans, which have a loan period of up to 12 months. The interest per loan ranges from 9-13% per year.
Fast Invest has often been criticized due to the platform’s lack of transparency. It’s one of the few P2P lending platforms that does not disclose the names of the loan originators that list their loans on the investment platform.Why won’t Fast Invest disclose this information?
According to an interview with Fast Invest’s CEO (held in mid-2019), the platform has old contracts in place that were made on the premise that disclosure of this basic information was not necessary.
Although the P2P platform mentioned a renegotiation and amendment of the contracts back in december 2018, this is yet to be completed and the names of the loan originators are yet to be shared with potential investors.
The platform clearly cannot fulfill their promises, and this leads us to question the legitimacy of the CEO’s initial statements.
It’s worth bearing in mind how transparent a platform is before you invest on it. While most P2P lending platforms could make improvements to their transparency, Fast Invest take secrecy to the next level. The names of the loan originators is, in our opinion, really basic information that investors should have access to before they even consider making investments.
If you have invested in P2P loans before, you might be familiar with buyback guarantees. Fast Invest will buy back your claim against the loan originator within three, seven or 15 days of delayed payments depending on the individual loan. That’s much faster than any buyback guarantee offered by other P2P lending platforms.
How can Fast Invest offer such good liquidity? Would it still be the case when all the investors withdraw their investments?
It’s hard to tell.
Our experience with Fast Invest’s buyback guarantee has only been positive. The loans were bought back instantly which allowed us to test the withdrawal of our funds as well.
There is, however, a small catch. Investors will be charged for early withdrawals. Those who decide to use the buyback guarantee won’t receive the accrued interest for the period of your investments.
It’s likely that this would, as a result, deter investors from withdrawing their money, making it less likely for the situation within which multiple investments are cancelled at the same time to occur.
You can start investing from only €1 per loan which allows you to diversify your portfolio with ease. Broad diversification lowers the risk which is something you should keep in mind as well.
Is Fast Invest Safe?
Due to recent negative events within the P2P lending industry, we suggest spending more time completing due diligence of any P2P lending platform that you’re considering investing on.
At the end of the day, every investor is responsible for their own due diligence, and we, at P2P Empire, compile our reviews to help you make your research easier.
Since we don’t have access to even the most basic data, we’ve done some investigating when compiling this Fast Invest review.
Without further ado, let’s take a look at our findings:
Who is leading the company?
Fast Invest is led by CEO Simona Vaitkune. According to herLinkedIn profile, she has been with the company since 2015. Simona’s profile includes no previous work entries. The platform’s CEO is a very active contributor to several fin-tech oriented topics on LinkedIn as well as other online magazines.
Management Background Check
Fast Invest ltd. was renamed in 2015. Before the company’s rebranding, it was called Big Credit ltd. According to the filing history, Simona was appointed as a company director on 9th January 2013 - before the company actually became Fast Invest.
When digging deeper, we found that Simona , as well as her husband Zilvinas, were connected to the failure of the credit union Taupkase. The union lured private investors into shareholder agreements in exchange for 4.5% of interest per year.
Board committee members should have received bonuses worth hundreds of thousands of euros, but instead investors lost thousands.
Alongside Simona and Zilvinas, the list of accused people within the Taupkase case includes names such as Sergej Ščerbakov (former director of Fast Invest) and further members of the Vaitkunas family.
Want more on this case? Find the full fraud report here . You can also find more information about the case on the site of the Ministry of Interior within the financial crime investigation section. We suggest translating the text to English, as it’s only available in Lithuanian.
Who Owns Fast Invest?
Unfortunately, we haven’t found any information about the legal owner of Fast Invest Limited. The company’s CEO and Co-Founder is Simona Vaitkune. When you look at the filling history, you can see that there have been several changes to the companies’ leadership within the last few years.
Although the company is listed and registered in the UK, the team is based in Kaunas, Lithuania. According to the long-established report here. You can also find more information about the case on the site of the Ministry of Interior within the Lithuanian business information portal and database Rekvizitai, the company’s real address is V. Putvinskio g. 50, LT-44211 Kaunas.
Why this isn’t published on their website remains a mystery.
Suspicious Terms & Conditions
One of the most prominent red flags we found when investigating this platform is the fact that investors do not have details regarding the whereabouts of their investments. Could the CEO be repeating history?
When investing money on Fast Invest you have no idea where your money is being invested. As you can see from the image above (a snapshot taken from the platform’s terms), there is no loan agreement for investors to view, as Fast Invest does not disclose such information.
Don’t understand or agree with the terms and conditions? Complaining won’t help you here. Point 9.1 in the T&Cs states that the company doesn’t allow potential investors to ask any questions about, or make any amendments to, the contract. You can find the full terms and conditions here.
How is Your Money Protected?
Honestly… we’re not sure, and neither are Fast Invest’s investors. There is no information about collateral, so, if investors want to withdraw their money, they can only hope that Fast Invest will be able to provide the necessary liquidity.
What does this really mean?
Let’s be transparent here… As there is no information about any type of collateral or liabilities, there is no guarantee that you will ever see your money again.
Fast Invest does not publish any financial reports and we couldn’t find them during our research either.
In the case of Fast Invest, the ratio between return and risk is completely wrong.
There are too many red flags which suggest that Fast Invest should not be considered as a suitable P2P lending platform.
Fast Invest’s Usability
If you have read some of our previous reviews, you might have noticed that we emphasize design and usability as important factors when reviewing P2P platforms.
In terms of usability, we would rank Fast Invest in the top three in our P2P lending comparison.
It’s one of the most visually appealing platforms in 2020. Alongside very intuitive navigation, you can also benefit from the Auto Invest tool, which helps investors automate their strategies.
But is the good usability alone a good reason to invest on Fast Invest? No, it is not!
Fast Invest’s Auto Invest Tool
Creating a new portfolio with the Auto Invest tool will only take a few moments. Fast Invest gives you the option to choose a predefined setting based on your experience with P2P lending. When scrolling down, you can create your own portfolio based on your own preferences.
You can define the portfolio size, interest amount, investment amount per project as well as the country you want to invest in, for which the current options are Denmark, Britain, Russia, Poland, Iceland or Spain.
Additionally, you can also choose between the number of days before the buyback guarantee is activated (although this depends on the loan agreement) as well as whether you wish to reinvest your earnings.
If you decide to use Fast Invest, we suggest using Fast Invest’s Auto Invest, diversifying across all countries, setting the minimum and maximum investment amount to €10 and reinvesting all of the returns for added compounding interest effect.
If you’ve had a look at this, you might have noticed that you can’t diversify your investments based on the loan originator - which really is one of the downsides with Fast Invest.
While the buyback guarantee on Fast Invest is one of a kind, the terms and conditions surrounding early money withdrawals mean this feature is no longer impressive.
Liquidity is an important factor when reviewing P2P lending sites. While some investors invest long-term and don’t mind waiting until the end of the investment period to withdraw their funds, others prefer to have access to their money instantly.
Fast Invest doesn’t have a secondary market per se, but it allows you to sell your claim back to Fast Invest for the initial investment amount.
Do note, however, that you won’t receive the accrued interest for any investments sold back to the platform. That’s, unfortunately, the price you’ll pay for withdrawing your money before the end of the agreed loan period.
To keep your portfolio more liquid, you can invest in loans with shorter loan-periods. You can also set up in your Auto Invest settings in a way whereby you only invest in loans with a remaining loan period of 2-4 months.
Loans that can be sold back to Fast Invest are marked with the MoneyBack Guarantee icon.
We have tested Fast Invest’s buyback guarantee and we can confirm that all worked well and that we have received our money back within two working days.
Fast Invest’s Customer Support
While the company is registered in the UK, Fast Invest’s main office is based in Lithuania, and this is where the team manages the operations. As discussed earlier there is no information on their website about where the actual company is based.
Furthermore, we have tried contacting the Fast Invest support team several times to gather more details about their statistics. To date, we’re yet to receive an answer.
In our experience of this platform, the money depositing and investing features work as expected, however, there is no customer support team to handle requests.
We believe that this is a major downside, as the platform deals with your money and so it’s important that you have access to support that goes beyond their FAQs.
Fast Invest Vs. Mintos
Investors looking for suitable alternatives to Fast Invest will often compare it to Mintos.
Here is a quick comparison of the two platforms:
|Number of investors:||+ 30,000||+ 220,400|
|Minimum investment amount:||€1||€10|
|Protection scheme:||Buyback Guarantee (3,7, 15 days + interest)||Buyback Guarantee (60 days + interest for some of the loans)|
|Useful tools:||Auto Invest||Invest and Access, Mintos Investment Strategies, Auto Invest|
|Countries you can invest in:||5||32|
|Number of loan originators||not published||62|
While Mintos is certainly much bigger, more innovative and more transparent than Fast Invest, many investors experience cash drag which leads to lower returns. Additionally, Fast Invest’s buyback guarantee seems to be a better deal as investors also receive the accrued interest.
While it might be appealing to invest on Fast Invest, the lack of transparency, as well as the bad reputation surrounding senior people within the company, are reasons to stay away from the platform.
Fast Invest Review Summary
While there are some positives to this platform, there are also some great concerns that every investor considering this platform should be aware of. Let’s start with the positives:
Fast Invest is one of the most user-friendly platforms to date.
Great Diversification Options
You can invest as little as €1 into consumer loans from five different countries.
Your investment is backed by the Fast Invest buyback guarantee. The guarantee gets activated after three, seven or 15 days of delayed payments. Investors also have the option to sell back their investments and withdraw all of their money within one day.
We tested the platform at the beginning of 2020 and all the features worked as they were supposed too. This means that in theory we could invest, sell our investments back and withdraw our money without any issues.
But, this is only theory, because the platform’s negatives by far outweigh the positives:
Lack of Transparency
There is a real and serious lack of transparency with this platform. Investors can’t get access to basic information that is integral in order for them to trust the body that is effectively looking after their money.
The first missing piece of information is the address of the office. The second is the company’s inability to disclose any information about their loan originators
While we have tested the platform and we found that we were able to withdraw our money without issue, there is no guarantee that this will be the case with future investments. There is no information about the collateral as well as loans listed on the platform, which makes any investment on Fast Invest extremely risky.
With an abundance of legitimate P2P lending platforms that offer better investments that are secured by real liabilities, there’s no need for investors to partake in the kind of risk involved with Fast Invest.
Ready to research other investment opportunities? We’re ready to show you!
How is my investment protected on Fast Invest?
The only protection scheme that Fast Invest offers is the buyback guarantee. When delayed payments occur, Fast Invest will buy back your investment with the accrued interest within three, seven or 15 days.
Does Fast Invest offer a secondary market?
Unlike other P2P platforms like Mintos or Bondora, Fast Invest doesn’t offer a secondary market. There is an option, however, to sell your investments back to Fast Invest. Should you do this, you’ll only receive your initial investment amount back as Fast Invest keeps the interest earned.
Can I automate my investments on Fast Invest?
Yes, you can use the Auto Invest feature to automate your investment on Fast Invest. Simply setup the parameters and the Auto Invest will take care of the rest. In our test, our funds were invested within just a few hours.
What’s the minimum investment amount on Fast Invest?
The minimum investment amount on Fast Invest is only €1. We suggest, however, that you invest at least €100 or €200 to get familiar with the platform.
Is Fast Invest legitimate?
Fast Invest is surrounded by many negative information, which we could confirm during our due diligence. We suggest you to read the relevant sections in our Fast Invest review to learn more about it.
|Company:||Fast Invest Limited|
|Address:||Tartu mnt 10/Pääsukese 2 Tallinn, 10145, Estonia|
|Phone:||(+44) 203 807 4411|
|Opening Hours:||Weekdays 7AM - 4PM|
|Social Media:||Facebook, Twitter, LinkedIn, YouTube|