One of my favorite asset type is Peer-to-Peer lending, which consists in lending money to individuals via online platforms, in exchange for payment of interests over time. Peer-to-Peer lending has a high-yield, can be completely automated, and also has a low level of risk if you do it right.
In order to diversify my portfolio and reduce the level of risks of my investments, I am always looking to invest on new Peer-to-Peer lending platforms. In this article, I will review Fast Invest, a Peer-to-Peer lending platform based in London. As for many platforms I invest in, this one was also recommended to me by many friends so I really wanted to try it out by myself.
The Fast Invest Platform
Fast Invest is a platform that launched in 2005, and is based in London in the UK. At the time this review was written, they offer investors to invest in loans in four countries: the UK, Spain, Poland, and Denmark. They clearly have some ambitious goals to expand internationally, opening offices in several Europeans countries, and also more recently in Hong Kong and Singapore.
The really nice thing about Fast Invest is that they offer a buyback guarantee on all loans, as well as quite high interests rates (up to 16%), which makes it great for the investor as you both get your money secured as well as a high return on your investment.
I can also say that they have a great & easy to use user interface, allowing you to quickly navigate through the different menus of the website.
Creating an Account & Depositing Money
The first step, as for all similar platforms, is to open an account (which is completely free) and to deposit some money on it.
Creating an account on Fast Invest is really easy: you just need to go to their main page, enter some information, and your account will be immediately created.
Then, depositing funds is also very simple: you simply need to go to the Add Funds page on the side menu, and then follow the instructions to deposit money via a bank transfer:
I transferred money via TransferWise (which is also great to use especially if your currency is not listed on Fast Invest), and it actually appears on my Fast Invest account in a matter of hours! Once that's done, you can actually start investing in loans on the platform.
Investing in Loans
We are going to dive into Fast Invest's auto-invest function in a moment, but as for all platforms, I think it's a good idea to first explore manually the loans available. On Fast Invest, it's quite easy to navigate through the available loans:
What you can immediately see here is as I mentioned before, most of the loans have high interest rates, and they all come with a buyback guarantee. Most of them are also short-term, which is great for as an investor because it means you'll get your money back quicker, and it also indicates better loans in general.
It's also very easy to see details for each loan, for example, this one in Denmark:
As for many loans on the platform, this one is a consumer loan, with a solid interest rate (13.50%), and also a good borrower as this person liabilities are much lower than his monthly income.
Once you invest in some loans, they will immediately be visible from the page that summarises your investments, which is also quite well done:
Activating the Auto-Invest Function
Let's now dive into the auto-invest feature of Fast Invest, that will allow you to completely automate your investments on the platform, and just let your money work hard for you. This is really easy to do inside Fast Invest: you have a very clear interface that you can use to create an auto invest portfolio:
Here is a screenshot of the settings that I used for my own auto invest portfolio on the platform:
It's basically what I always recommend for Peer-to-Peer lending platforms: at least 12% interest rate, short-term loans (less than a year), and the minimum amount per single loan (here 10 Euros). With this, you are sure to have a solid portfolio, especially with the buyback guarantee on all loans on Fast Invest.
I started invested about a month before I first wrote this review, and I then could already see the first returns coming back into my account as people are paying back their loans:
It was of course too soon so calculate a global return on interest for the platform, but so far I can see that all the payments are exactly as expected, which is a very good sign.
Update June 2019: More than 8 months after my first initial investment, I am still seeing excellent results with FastInvest. Here is an overview of my account when I updated this review in early June 2019:
As you can see, interests came in as expected, with an estimated interest rate of 13.36%, which is completely in line with the loans I invested in. I also didn't have any losses, thanks to the buyback guarantee present on each loan. So at this point, I am still very satisfied with Fast Invest and I will keep on investing on the platform in the future. I'll of course update this article regularly to show you the progress of my portfolio.
Verdict: Should You Invest in Fast Invest?
I have a very good feeling about the platform - it has a great interface, high-yielding loans, and also a buyback guarantee on all loans to protect your funds. Plus, the auto-invest function is really easy to use and allows you to completely automate your investments on the platform.
After more than half a year of investing on the platform, I can now state that it delivered exactly what was promised, with great interest rates, an auto-invest function that does its job perfectly, and no losses thanks to the buyback guarantee on every loan.
Therefore, I really recommend to add Fast Invest in any investment portfolio - especially combined with other Peer-to-Peer lending platforms, to add diversification to your portfolio. I will of course update this article as I have more results coming from my investment on Fast Invest, but so far I had a great experience and I will definitely be adding more money on the platform.
Of course, if you have any questions about the platform & my experience with Fast Invest don't hesitate to share them below!