Fast Invest peer-to-peer lending marketplace overview
Fast Invest is an innovative FinTech company that offers its customers the chance to invest in consumer-based loans issued in European countries. All loans in the marketplace come with Buyback and Default Guarantees.
They firmly believe that everyone should be given access to the digital investment world. Technology has evolved so much over the past few years creating a smoother, faster and more reliable money flow. Their mission is to enable cross-border investing for every European citizen. The goal is to achieve this by building a stable, secure platform that makes it possible for users to invest in different countries, loan types and loan originators. Users can select from the pool of listed loans and invest in those that match their preferences.
Fast Invest’s business model provides access to investors and makes secure investing simple and accessible for anyone interested in investments and innovative ways of earning. Users can select from the pool of listed loans and invest in the one’s meeting their preferences, earning up to 14% in interest.
Fast Invest can offer better terms than traditional banks because they exclude unnecessary intermediaries from the process, thus allowing investors to save money that would have been otherwise spent on commissions and fees for third party services.
Overall FinTech (Financial Technology) companies are more flexible in terms of rates and operational costs than other organisations in the traditional banking sector. FinTech companies operate in diverse groups and incur fewer expenses than the traditional banking sector, thus providing the opportunity to give back more significant returns to the people.
How does the Fast Invest platform work?
- A person applies for a loan at a loan originator and prepares all the necessary documents and fills in the appropriate forms. The loan originator checks the applicant’s credit score, evaluates risk and grants the loan.
- Credit institutions provide the granted loans for investment. Fast Invest’s Compliance and Credit Risk Department then approves the conditions of the credit agreement and puts them on our Loan List for investment.
- The borrower makes monthly repayments according to the terms in the credit agreement and the payment schedule. Payment instalments are divided proportionally according to the amount invested in that particular loan for every investor.
- As soon as the borrower whose loan you have invested in repays his loan, you will start receiving payments of both the principal sum and the interest for that investment period. Funds are automatically transferred to your Fast Invest account. You can reinvest those funds in any available loan using the Auto Invest tool.
Opening a Fast Invest investor’s account
- Fill in the investor’s registration form.
- Add funds to your Fast Invest account.
- Choose a loan to invest in from the Loan List.
- According to the loan payment schedule, you will start receiving both repayments on the principal and the interest. Funds will be transferred to your Fast Invest account.
*NOTE: The investor must confirm his/her identity in order to request the immediate withdrawal of funds from the Fast Invest account to a personal bank account.
Investors must be at least 18 years old, have a valid email address and a personal bank account in their name in the European Union.
For the identification purposes, you must provide a national identification card (scanned or photographed both sides) or a passport (scanned or photographed).
There are three steps for Fast Invest client verification:
- The client must send a copy of his/her national identification document. If there are any questions or concerns relating to the identification of the client, the Compliance Office support team will request a second identification document and bill to successfully identify the client;
- The client receives an email which must be confirmed via the included link;
- The client must verify his/her phone number by entering the SMS code sent directly to his/her phone.
Companies cannot register with Fast Invest platform, or make investments.
Investing with Fast Invest platform
Right now, the platform provides consumer-based loans issued across the European Union.
All listed loans are 100% pre-funded by the Loan Originator. Moreover, the Loan Originator keeps at least a 5% stake in every single deal, proving they have “skin in the game”.
On the Loan List, you can manually filter all listed loans, and manually pick the ones aligning with your preferences by determining: term, currency, amount, interest rate, and loan origin.
By using Auto Invest, you can create a portfolio, specifying specific parameters (portfolio size, maximum investment per loan, projected interest, time to maturity, etc.). Afterwards, the A.I. system will automatically select loans that meet your specified criteria and invests in available funds continuously. You can alter the settings or stop the portfolio at any time by visiting the Auto Invest portfolio list in your account.
You can check your investment portfolio at any time from the My Investment page or check the Account Statement page for full information on account transactions.
Auto Invest loans are marked with the symbol.
What is the buyback guarantee?
If you decide to stop investing in the selected loan and sell the investment (at any time before the scheduled full payment date), Fast Invest will buy back your investment in 1 business day, guaranteed.
To sell your investment, just log in to your Fast Invest account, click the My Investment section, select the loan you would like to sell and click “sell”. After the Account Management Support Team has approved it, you will receive the funds in your Fast Invest investors account.*
*Note: always remember, when selling your investment ahead of time you will lose all interest earned through the process. However, you will get your invested funds back. An icon indicates these payments secured by the BuyBack Guarantee.
What is the default guarantee?
If a payment instalment is overdue by 3 (three) or more days, the Default Guarantee will settle the arrears. The icon will mark these payments as paid by the Default Guarantee.
On the Fast Invest platform, there are no investment limits for individual investors. You can start investing with 1 Euro.
How does the currency exchange work?
The Fast Invest platform supports 4 fiat currencies – European Euro (EUR), United States Dollar (USD), United Kingdom Pound (GBP) and Polish Zloty (PLN).
The currency exchange is a simple and easy process.
- On the exchange page, select which currency you want to convert to.
- Enter the desired amount in one of the input fields.
- Confirm the transaction.
Currency exchange rates are calculated via rates from the European Central Bank.