Value Nomad

May 22, 2019

FinBee Review (Peer to Peer Lending)

FinBee Review: this article will help you analyze the key functionalities of one of the most dynamic European peer to peer lending platforms.

Are you thinking of diversifying your investment portfolio? Or looking for a peer to peer lending platform offering a higher rate of return? If yes, then you should definitely read this FinBee review. In this review, we will guide you through the process of investing in this platform and explain why this is the perfect platform for you to invest.

finbee review

FinBee Overview

FinBee is a Lithuania based peer to peer lending platform. It was created in 2015 with a goal of achieving rapid development in foreign markets. Using innovative solutions, they have created an environment that is profitable for both borrowers and lenders. Borrowers are getting access to credits easily and paying a relatively low-interest rate. Whereas, lenders are enjoying high-interest rates investing money.

This platform has become one of the best European peer to peer lending platforms because of its historical interest rate and NPL rate. It has acquired 11725 registered lenders and listed 8860 loans in auction worth of more than EUR 21 million already. So far lenders have earned about EUR 3 million investing in it. These numbers clearly define the potentiality of this platform.

FinBee is also a fully regulated company, which adds a great layer of safety for prospective investors. The company behind FinBee is JSC “Finansu Bite”, which is part Bank of Lithuania’s loan lenders and peer-to-peer lending operators. FinBee uses Citadele for its transactions, one of the main banks operating in Lithuania and the Baltic States.

Let’s learn about this platform in detail, starting with how to open an account.

Opening an Account on FinBee

Opening an account on FinBee is pretty simple and takes only a few minutes to complete. To open an account, go to the ‘Registration’ page. Then, provide your first and last name, active email address, country of residence, a working phone number and a password for your account. After that, you need to provide your residential address. Within a minute you will receive an email confirming that registration is successfully completed.

Click here to open an account on Finbee

How to invest in FinBee

After completing the registration process, you need to fill in the KYC questionnaire and add funds to your FinBee account. To transfer money from your bank account, you must include the unique reference as shown on its website. It will take the money a couple of hours to one working day to become available on your FinBee account. Once funds are available, you can either manually select projects to invest or use the AutoLend tool. The AutoLend feature is described in the latter part of this article.

Types of Investments available at FinBee

As an investor, you can invest in personal loans or business loans for financing SMEs. FinBee recommends an investor to split his investment into several loans to decrease the risk of damage to his loan portfolio if a borrower defaults. This way investors can earn more interest as well.

The least amount can be invested in any loan is EUR 5 and the term ranges from 12 months to 60 months.

finbee review loans

FinBee AutoLend Tool

One of the interesting aspects analyzed in this FinBee review is its AutoLend tool.Using the AutoLend feature of this platform, investors can save time and ensure that their money works 24/7.

FinBee offers three standard AutoLend portfolios with different lending settings. Each one is associated with different levels of risks. The Conservative portfolio offers the investors the least interest rate, whereas, the Progressive portfolio offers the highest interest rate.

To use this tool, select one of these three portfolios and set the amount you want to invest. This feature will automatically split your investment into several loans that match your preferences. You can change portfolio settings manually or cancel use of standard portfolio anytime by changing AutoLend settings on your account page.

finbee review

How much can you earn on FinBee

How much you can earn on this platform depends on the annual interest rate offered by the projects you have invested in. This platform offers an average return rate of 18%. But investors can earn up to 25% annual interest rate investing in high-risk loans or using the Progressive AutoLend portfolio.

FinBee signs every loan contract with its borrowers in person. This adds an extra layer of protection to your investment and minimizes the risk of defaults.

Who can invest in FinBee?

To become an investor in this platform, an individual must be at least 18 years old and hold a bank account in the European Union. In addition, he must have valid personal documents.

Lenders can lend a minimum amount of 5 Euro. Therefore, investors with a small amount of capital can invest in this platform as well.

FinBee Pros

  • Provides debt collection service without charging any additional fee.
  • Offers high returns.
  • Multiple AutoLend portfolios.
  • Signs every contract in person.

FinBee Cons

  • Doesn’t offer a buyback guarantee.

FinBee Verdict

The investment options available here are diversified and offer high returns. This is why FinBee is one of the best p2p lending platforms for experienced investors. Since this platform doesn’t offer a buyback guarantee, it is not the best option for new investors to start with. However, if you are experienced enough to analyze the risk associated with each investment option, you should definitely consider investing in it.

Other Crowd Investing Resources

For those looking for other similar peer to peer platforms to invest, you may want to read some of our other reviews. There are many peer to peer lending and investing platforms currently available, and you can diversify your interest income by using several of them simultaneously.

You can consider some other peer to peer companies checking our IUVO review and our Grupeer Review. Check our post on the best peer 2 peer lending platforms in Europe, and the best real estate crowdfunding platforms in Europe.

Are you already investing in FinBee or in any other peer to peer lending platform? Leave your thoughts and questions about this FinBee review below.

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