FinBee is a crowdlending platform for consumer and business loans based in Lithuania. The platform acts as an investment platform and a loan originator. FinBee selects the loans itself and does risk analysis. You can invest as low as €5 on the platform and earn an average annual return of 18%. FinBee has investment features like auto investment tool and a secondary market. However, the platform does not offer a buyback guarantee.
FinBee Review: Quick Facts
- FinBee is a crowdlending platform for consumer and business loans.
- FinBee has auto-invest tool, a secondary market, but it does not have a buyback guarantee.
- You can invest as low as €5 on the platform and earn an average annual return of 18%.
FinBee was started in 2015 by Laimonas Noreka, a serial entrepreneur to offer consumer loans. It is based in Lithuania. It started offering business loans in 2017.
Contents
Who Can Invest in FinBee?
You can invest in FinBee if you meet the following requirements:
- You are from within Europe
- You are above 18 years old
- Have a European bank account
How Finbee Works
Finbee works in a very simple method. The company has a website where investors can see investments and where borrowers can submit their applications.
The process starts when a borrower applies for money. The company uses technology and one-on-one interviews to evaluate the borrower. They then give the borrowers a credit score as shown below.
Low-risk clients attract lower interest rates compared to high-risk clients. After the loans go online, lenders can decide to invest in them directly or indirectly using the auto-invest tool. Auto-invest enables the company to use its algorithm to allocate capital. The screenshot below shows some loans that are listed and how much they have been funded.
As you can see, most people lend to borrowers that have a medium and lower risk.
After you invest, the borrower will start to pay back the money in installments until the total amount is paid.
How to Invest in FinBee
The process of investing in FinBee loans is very easy. All you need is to check whether you qualify to be a lender. You qualify if you have a bank account, you are from an accepted country, and you have verifiable documents.
After this, you just need to create an account on the website. You only need your email address to create the account. However, you will still need some verifiable documents before you invest the funds. If you are approved, you can deposit funds and select loans to invest in. You can also let the algorithms do it for you.
FinBee Features
FinBee has the following features that are accessible to all investors free of charge.
FinBee Auto Invest
FinBee has an auto-invest tool that allows you to put your investment on autopilot. This means you can automatically select loans to invest in. You can put your investments on autopilot and you won’t have to manually look for loans to invest in.
FinBee Secondary Market
FinBee has a secondary market where investors can trade with other investors. If you have a loan you would want to sell prematurely, you can sell it on the FinBee secondary market. If you want to exit the platform, you can sell your loan portfolio to another investor. However, you will be charged a 1% fee when you sell a loan in FinBee secondary market.
Benefits of Investing in FinBee
There are many benefits that come with investing your money. Leaving your money idle in a bank account is not a good option because it contracts as inflation rises. Here are some of the key benefits you get by investing in FinBee:
- High-interest rates. The average annual interest rate you get for investing in FinBee is above 18%. This is a high rate of return than what you get on other platforms.
- Easy to invest. You only need a few minutes to set up your account and start investing.
- Diversify your earnings. Maybe you have invested in other industries. FinBee can help you diversify your earnings.
- Low investing capital. You can invest in FinBee with as little as EUR 50. This makes it affordable to many people.
- No fees to invest. The company makes money just from borrowers.
Cons
- No buyback guarantee
- Secondary market fees of 1%
Is FinBee Safe?
Before investing, investors are keen on the security of their money. As such, it is good to know if FinBee is a safe and secure investment platform. FinBee keeps a stake of at least 15% on all consumer loans to ensure they have skin in the game and to secure investors’ funds. Also, some loans are secured on FinBee, but not all. This provides security to the investor’s funds.
Finbee does not have reviews on Trustpilot.
FinBee Alternatives
You can invest in the following investment platforms as an alternative to FinBee.
FinBee Supported Countries
You can invest in FinBee if you are from within Europe. However, FinBee does not accept clients from the United States.
FinBee Fees
FinBee charges investors 1 EUR per month and a 1% fee to sell a loan on the secondary market. However, FinBee has a 6-months trial period.
FinBee Customer Support
You can reach FinBee’s customer support via email and phone. You can call them through +370 (5) 219 9529. You can also reach them on these emails:
Consumer loans: privatiems@finbee.lt
Business loans: verslui@finbee.lt
Investors: investuok@finbee.lt
Summary of FinBee Review
FinBee is a crowdlending platform where you can invest in the business and consumer loans. You can invest as low as €5 and start earning an annual interest rate of 18%. FinBee has an auto-invest tool to help investors place their investment on autopilot. As such, an investor doesn’t need to manually select loans to invest in. it also has a secondary market where investors can trade with other investors and sell their investment portfolio prematurely. However, the platform does not have a buyback guarantee feature to secure investors’ money.
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