InSoil Review 2026: The 13% Headline and the 11% Default Rate

What is InSoil?

InSoil is a crowdfunding platform for loans to European farmers, based in Vilnius and operating since June 2020. It started as HeavyFinance and took the name InSoil in April 2025, and investors still contract with the same Lithuanian company, UAB Heavy Finance. Beside the platform, InSoil sells carbon credits generated on farmland, through its subsidiary UAB Heavy Carbon.

Audited accounts back to 2021, a default rate for each risk grade and the repayment record of every year’s loans are all public on InSoil’s own pages.

How does InSoil work?

InSoil arranges loans from you to farmers, which InSoil calls project owners, and each loan agreement is between you and the farmer. Under its platform agreement, you give InSoil a power of attorney to conclude each loan and its security for you, and to enforce them if the farmer stops paying. The farmer’s repayments reach you in a payment account in your own name at ConnectPay, a Lithuanian e-money institution.

What protects you is each loan’s own security where it has one, a mortgage or pledge that InSoil holds for you, and some loans have none. The platform earns from fees the farmer pays when a loan is made and each month it runs, and from half the delay interest on a late loan.

What you can invest in

InSoil offers two kinds of loan, agricultural loans and green loans, from €100 a loan on its primary market, as of November 2026.

What you own is a claim on a farmer, not a security, so no prospectus describes it and no custodian holds it for you. Each loan comes with a key investment information sheet, the summary the EU crowdfunding rules require. A green loan charges the farmer no cash interest. Its investors receive 60% of the carbon credits sold from the farm while the loan runs, paid twice a year, and 40% for one more year after it’s repaid, per InSoil’s green-loan page, and what that pays is set out under returns.

What return can you expect on InSoil?

While InSoil’s investor homepage shows a weighted average interest rate of 12.95%, the median InSoil investor on P2P Dash has earned 8.3% a year including cashback, across 54 portfolios, as of November 2026. InSoil’s 12.95% doesn’t hold for its investors, and even the 8.3% median counts late loans at their full value.

I expect about 4–5% a year on a diversified InSoil portfolio started now, after fees, defaults, idle cash and any tax the platform withholds, before your own tax. Half the €50.2 million InSoil’s investors had outstanding in October 2026 sat in late loans, and what a late InSoil loan returns is known only when its recovery ends. InSoil’s 2021 loans, still 9% in default, had paid back €111 for every €100 lent by October 2026.

Four things come off that rate:

• the loans that default, an average of 11.19% of them each year from 2021 to 2025, per InSoil’s default-rate disclosure
• the tax InSoil withholds on some interest, which its DAS-1 treaty form can lower
• cash waiting for a loan, a median 3.7% of InSoil investors’ money on P2P Dash, kept low by the 418 new loans InSoil reported issuing from January to October 2026
• the wait before a funded loan earns, since interest starts on the earlier of its payout to the farmer or 16 business days after it’s fully funded

The rate on a loan rises with its risk grade, from a base rate of 7–10% for A+ to 14.5–17.5% for C under InSoil’s credit rules, and the default rate broadly follows, as set out under risk rating.

A green loan’s return depends on carbon credits rather than interest. The platform’s FAQ puts it at around 13% a year in a conservative case and up to nearly 48% in an optimistic one. The loan terms say that if the credits aren’t issued, or aren’t sold for reasons outside the parties’ control, such as the market for carbon credits collapsing or finding no buyers, the farmer pays a reduced interest rate, set loan by loan, for the whole term. In August 2026 the platform reported that Lithuanian farmers’ carbon credits had been sold and the farmers paid, and it had reported no carbon-credit payment to investors by the end of October. Whether the credits sell, and for how much, is your risk under those terms.

InSoil has the second-lowest Returns score of the 21 platforms I’ve reviewed, 2.2 out of 5. The score rests on about 4.5% a year, the return that outside estimates of realised results put InSoil investors at, because InSoil’s late loans haven’t yet shown what they return, and not on the risk of losing money, which Is InSoil safe? covers.

Is InSoil safe?

InSoil protects your loan agreements and cash against its own failure but not against the farmers’ defaults, and its own disclosure shows 11.19% of its loans defaulting in an average year from 2021 to 2025. There’s no buyback obligation, so a late loan waits on a recovery that InSoil runs. Between you and a loss stands each loan’s own security, which ranges from a registered mortgage to the farmer’s personal liability alone. The company that holds that security and collects from late farmers made an operating loss in every year from 2020 to 2025. No document says who would enforce a loan’s security if InSoil failed. On 30 October 2026, 29.5% of the money InSoil’s investors had outstanding was in loans more than 90 days late, per its statistics. The risk in the assets you hold remains fully yours.

InSoil is tied for the 10th-highest Safety score of the 21 platforms I’ve reviewed, 2.4 out of 5. The score rests mostly on how InSoil is built, with an EU crowdfunding licence, loans that survive the operator and cash in your own name, weighed against security that varies from loan to loan and an operator that loses money on its operations. It rests partly on a record in which the loans of 2021 and 2022 have paid back little more than was lent.

Is InSoil regulated?

Yes, InSoil is regulated as a crowdfunding service provider in Lithuania. UAB Heavy Finance, the company behind InSoil, has held a crowdfunding service provider licence under the EU’s crowdfunding regulation since 14 July 2023, from the Bank of Lithuania, which supervises it. The licence also covers InSoil’s auto-invest, which the regulation treats as managing a portfolio of loans for you. No deposit guarantee or investor compensation scheme covers your money on InSoil, as InSoil’s own terms state. InSoil is one of 6 of the 21 platforms I’ve reviewed licensed under the EU’s crowdfunding regulation, ECSP, as of September 2026.

What happens if InSoil fails?

Your loans on InSoil stay yours if InSoil itself fails, because each loan agreement is between you and the farmer, and InSoil’s platform agreement says the loan agreements then remain in force as if made without it. The terms let InSoil hand the platform to another licensed operator, and if none takes over, its loan terms say the farmers pay you directly. Your uninvested cash sits in a payment account in your own name at ConnectPay, not in an account of InSoil’s.

What no document settles is who would enforce a loan’s mortgage or pledge after InSoil fails. As your representative, InSoil holds that security, and on Polish loans as the holder of a matching claim of its own under English law, and no clause passes the role to anyone else unless another operator takes over the platform. The EU crowdfunding regulation makes a plan for the platform’s failure part of the licence application but names no successor. The business continuity plan on InSoil’s documents page dates from March 2022 and names Paysera as its payment provider, which isn’t among InSoil’s payment providers today.

The company that holds the security made an operating loss in every year from 2020 to 2025, per its audited accounts. Its reported profits for 2023 and 2025 came from income on the shares of its own carbon subsidiary, plus, in 2025, a €515,557 tax asset booked on management’s forecast of future profits. Its equity was €636,326 at the end of 2025, and 73% of its €8.1 million of assets were shares in and loans to that subsidiary. Its share capital was raised three times between March and July 2026, and a small local firm, Verslo konsultacijos ir auditas, audited its 2025 accounts after Grant Thornton Baltic audited 2024.

Borrowers

InSoil had lent €113.7 million through 3,405 loans to farmers in five countries by 30 October 2026, an average of €33,404 a loan, per its statistics. Lithuania accounts for 70% of the money lent, Poland for 21%, Bulgaria for 5%, and Latvia and Portugal for 2% each. The borrowers are farmers and farm businesses, not companies of InSoil’s own. The one loan open for investment on 28 August 2026, whose page I looked through without investing, came with the farmer’s own balance sheet, income statement and official crop declaration to download.

How the loans repay depends on the country. On 30 October 2026, 6.3% of what InSoil had lent in Lithuania and 5.3% in Latvia was more than 90 days late, against 31.1% in Poland, 30.0% in Bulgaria and 20.7% in Portugal. Nearly two thirds of the money more than 90 days late was in Poland, Bulgaria and Portugal, which received 28% of the money lent. The home market has repaid far better than the markets InSoil expanded into.

Mortgage

A mortgage protects an InSoil loan only where the loan has one, and InSoil also lends with no security at all. A loan’s security can be a mortgage on land or buildings, a pledge of farm machinery or subsidies, a personal surety or, on some loans, a partial state guarantee, and each loan’s page shows which. A mortgage is signed at a notary and registered in the national register once the loan is funded.

The credit rules let a loan reach 100% of its collateral’s value and set no loan-to-value cap at all on loans of up to €25,000, and InSoil offers farmers “up to €25,000 uncollateralized loans”. In July 2025 the platform said it arranges €1.6–3.3 million of unsecured loans a year, while it lent €18.3 million in all of 2024. On 28 August 2026 the one loan open on the primary market, €15,000 at 14% for 41 months, had no pledged assets, only the farmer’s personal liability, with the whole principal due at the end. On the first page of loans that day, most showed no loan-to-value and one showed 100%.

InSoil’s fixed-income page says “Agricultural loans are backed with a first lien mortgage on liquid assets like agricultural land and heavy equipment” and calls the result “a low risk profile”. The platform’s own credit rules and loan offers allow a loan with no mortgage at all.

Enforcement is left to InSoil, which holds each loan’s security for you and decides how to sell it, at auction or to a buyer the farmer names, under its platform agreement, and its own fees and costs come out of what a sale recovers before you’re paid.

InSoil risk rating

InSoil rates each loan with its own risk rating, from A+ for the lowest risk down to C, and doesn’t list loans it rates D. The rating scores the farmer’s creditworthiness under InSoil’s credit rules, with the loan’s security as one of its inputs, and sets the rate on offer, but not how much a farmer can borrow or for how long. The unsecured loan open on 28 August 2026 was rated C+, which the rules call medium risk. An investor’s review on Trustpilot from November 2023 describes unsecured, mostly Bulgarian loans listed with low-risk grades.

The default-rate disclosure shows how the grades held up from 2021 to 2025. An average of 1.84% of A+ loans defaulted each year, against 8.23% of A loans, 6.95% of B+, 12.64% of B, 16.40% of C+ and 16.08% of C. A+ loans are few, 49 of the 1,426 loans the disclosure counts for 2025. Below A+, the grade separates A and B+ loans, at 7–8% a year, from B, C+ and C loans, at 12.6–16.4%, but not A from B+, since B+ loans have defaulted less often than A loans.

Defaults and recovery

InSoil’s own disclosure puts its average yearly default rate at 11.19% for 2021–2025, counting a loan as defaulted once it is more than 90 days late or InSoil judges the farmer unlikely to pay in full. The rate was highest in 2023, when 138 of the 853 loans counted defaulted, and was 117 of 1,426 in 2025. Agriculture “tends to have one of the lowest default rates among economic activities”, says InSoil’s FAQ. An investor’s review on Trustpilot from January 2025 dates the wave of late loans from mid-2023 and relays InSoil’s explanation, higher fertilizer prices and lower produce prices after Russia’s invasion of Ukraine.

Each year’s loans show what defaults have cost. By 30 October 2026, InSoil’s 2021 loans had paid back €111 for every €100 lent, in principal and interest with delay interest included, and 9.3% of what was lent that year was in default. The 2022 loans had paid back €105 with 15.7% in default, and the 2023 loans €87 so far with 18.3% in default, per its statistics. At about 13%, a loan repaid in full on a monthly schedule over three years pays back about €121 per €100.

On 30 October 2026, half the €50.2 million InSoil’s investors had outstanding was in late loans, and 29.5% was more than 90 days late. A loan’s whole outstanding principal counts as late once one instalment is, per InSoil’s Q1-2026 portfolio review. A struggling loan can also be stretched, since the restructuring policy lets InSoil extend it by up to 48 months for as little as half a percentage point more interest.

Late money comes back only as the farmer catches up or through recovery, which InSoil runs. Its Q1-2026 portfolio review reports €6.24 million recovered from defaulted loans by the end of March 2026, and 110.35% recovered, interest and penalties included, on loans that defaulted in the second half of 2021. A case study the platform published on a Polish farmer describes four loans whose principal came back in full after up to 440 days in default.

Investors’ reviews on Trustpilot describe slower cases, among them a loan more than 500 days late whose collateral the farmer had already sold when InSoil tried to collect it. How much of a defaulted InSoil loan comes back is known only when its recovery ends.

Conflicts of interest

InSoil has five conflicts of interest with its investors, set out in its contracts, its accounts and its announcements.

• InSoil earns from late payments. A late farmer owes you 0.2% of the overdue amount a day, and when it’s paid, InSoil keeps half as a debt administration fee, under its loan terms and price list. Income from administering late loans was €476,229 in 2025, 17.8% of InSoil’s revenue, per its audited accounts.
• InSoil is paid first from a late loan’s money. On a late payment, the loan terms pay InSoil’s fees first and only then penalties, interest and principal to you, and InSoil’s costs come out of a collateral sale before you’re paid. As your representative in enforcing the loan, InSoil follows a debt-collection procedure that isn’t on its public documents page.
• InSoil’s green loans pay you from carbon credits that its own subsidiary sells. The carbon credit agreement behind each green loan is with UAB Heavy Carbon, which InSoil’s operator owns outright and carries at 73% of its assets in shares and loans. The shares’ value rests on an outside valuation of 2024, built on management’s own forecast and not repeated for 2025. Heavy Carbon had no revenue in 2025. One company runs your loans, owns the seller of the credits that pay a green loan and wrote the terms that put the risk of unsold credits on you.
• InSoil can change your terms on its own by notifying you. Changes to the platform agreement take effect on the day InSoil sets, and changes to its fees after 14 days’ notice. Using the platform after a change counts as accepting it, and objecting means ending your agreement. Changes to the loan terms apply only to loans made after them. The Lithuanian text of every document prevails over the English one.
• InSoil also arranges farm loans for institutions whose loans carry a European Investment Fund guarantee that yours don’t. Multitude Bank’s €14 million in loans InSoil arranges is backed by a portfolio guarantee of up to €10.5 million from the European Investment Fund, and the loans under a €120 million facility from Pollen Street carry an EIF guarantee too. Neither the platform’s documents nor its announcements say how it decides which loans go to these institutions and which to you.

How do you use InSoil?

You use InSoil in six steps, from signing up to choosing how your money is invested.

1. Sign up with your email address, accept InSoil’s user terms and privacy policy, and confirm your email address.
2. Enter your contact details and answer InSoil’s questions about your investing knowledge and experience.
3. Open your payment account at ConnectPay, accepting ConnectPay’s agreement and InSoil’s general loan terms.
4. Verify your identity with Ondato.
5. Add money by bank transfer to the IBAN in your own name that your payment account gives you.
6. Choose how your money is invested, by hand on the primary or secondary market or with an auto-invest strategy.

InSoil is tied for the fifth-highest Usability score of the 21 platforms I’ve reviewed, 3.5 out of 5. The score rests on InSoil’s auto-invest, which can filter loans by the security they carry as well as by grade and country, and on the income statement you can download for your tax return. Against it count support limited to email, a form and an emergency phone line, with no staffed chat, and money that takes up to two working days to move.

Opening an account

InSoil verifies your identity through Ondato during sign-up. I registered on the evening of 27 August 2026, and the whole flow, from the confirmation email to a verified account with its own IBAN, took about ten minutes, with no separate approval step after it. Ondato’s check felt clunkier to me than the Veriff checks I’ve done on other platforms. The terms I accepted at sign-up, the general loan terms among them, matched the versions InSoil publishes word for word.

Deposits

Depositing on InSoil is free by bank transfer, in euros only. Each investor gets a payment account with an IBAN in their own name at ConnectPay, a Lithuanian e-money institution licensed by the Bank of Lithuania, so your money sits in an e-money account of your own, not in an account of InSoil’s. A deposit takes up to two working days to arrive, per InSoil’s e-wallet page.

Auto-invest

InSoil has one kind of auto-invest, a strategy you set up yourself, which InSoil calls auto investment. A strategy filters loans by type, interest rate, term, loan-to-value, risk grade, country and kind of security, from a state guarantee or a pledge of assets to a personal surety, and caps how much goes into each loan, in euros or as a share of the strategy. I looked at the settings on 28 August 2026 without turning a strategy on. The automatic investment agreement that governs it isn’t on InSoil’s public documents page. The filters reach the two things InSoil’s own figures tie to late loans, the risk grade and the country, as well as the security behind each loan.

Tax reports

InSoil gives you an income statement for your tax return, a PDF you download from the transaction summary on your portfolio page. I’ve seen that summary only on my empty account, on 28 August 2026, where it listed interest, delay interest, bonuses, referral payouts, secondary-market results, personal income tax withheld and fees for the period you choose.

Support

InSoil offers support by email at info@insoil.com and through a contact form, with a phone line for emergencies, which no support contact of mine has tested. The chat window on InSoil’s pages is an automated bot, not staffed chat, and InSoil publishes no support hours. Under its complaints procedure, a complaint is acknowledged within 5 business days and answered within 15, and a consumer can take an unresolved one to the Bank of Lithuania within a year.

How fast can you get your money out of InSoil?

You can withdraw cash from InSoil for free within 2 working days. Invested money comes back as the farmers repay, over terms of up to four years for a new agricultural loan, or earlier if another investor buys your loan on the secondary market. Money in a late loan comes back only as the farmer catches up or through recovery.

InSoil is tied for the fourth-highest Liquidity score of the 21 platforms I’ve reviewed, 3.0 out of 5. The score rests on InSoil’s published terms, since my account has held no money, with free withdrawals and a working secondary market weighed against loans that run for up to four years and half the money outstanding sitting in late loans.

Withdrawals

InSoil withdrawals are free and take up to 2 working days. I haven’t made a withdrawal, since my account holds no money. A withdrawal goes only to the bank account you first deposited from, which InSoil locks in as your withdrawal account, and only in euros.

Secondary market

The InSoil secondary market is where you sell your loans to other InSoil investors before they mature, for a fee of 1% of the loan’s face value, paid by the seller. You set the price, at face value or above or below it, and a listing stays up for 14 days before you have to list it again. InSoil can cancel a listing if the loan changes, set limits on the price, restrict trades at its own discretion and suspend the market without liability, under its platform agreement. The FAQ and the table in the price list say the fee is charged on the sale price, while the platform agreement and the price list’s own footnote say face value.

On 28 August 2026 the market held about 500 listings. The first page, sorted by the buyer’s yield, held only loans with no days late, offered at premiums of 1% to 7.9% over face value for buyer yields of 10.2% to 13.1%. Secondary-market sales earned InSoil €4,835 in 2025, per its audited accounts, so at the 1% fee roughly €480,000 of loans changed hands that year, about 1% of the €47.2 million outstanding at its end.

Closing your account

You can end your InSoil agreement at any time once you hold no loans and owe InSoil nothing, by notice or by deregistering, under its platform agreement. If you object to a change in its terms, you can end the agreement by email while you still hold loans, and those loans run on to their end. InSoil can end the agreement without notice if you break its rules.

What fees does InSoil charge?

InSoil charges no fee to deposit by bank transfer, invest or withdraw. Selling a loan on the secondary market is the one charge you choose.

InSoil also keeps half the delay interest a late farmer pays you, and takes its fees and costs from what a recovery brings in before you’re paid, as set out under Conflicts of interest. A €10 monthly fee comes off repayments InSoil can’t pay out to you because you have no account with its payment provider and have named no other account, and those repayments earn nothing while they wait. The fee also applies if InSoil moves to a new payment provider and you don’t open an account with it, and opening that account when InSoil asks keeps the fee from starting.

Pros and cons

Who should use InSoil?

InSoil suits investors who choose each loan by its risk grade, country and security, and can leave money in a late loan for years.

InSoil suits:

• Investors who pick loans by grade, country and security, which InSoil’s auto-invest filters let them do
• Investors who want to lend to independent farmers rather than to a platform’s own lending group
• A small position you can leave in place for years if a loan goes late
• Investors who want a licensed platform whose loans stay in force if it fails

Avoid InSoil if you are:

• Buying the average loan on offer, because InSoil’s own disclosure shows 11.19% of its loans defaulting in an average year
• Needing your money back on schedule, because a late loan has no buyback and waits on a recovery InSoil runs
• Counting on a mortgage behind every loan, because some InSoil loans carry no security at all
• Lending in Poland or Bulgaria without checking each loan, because about 30% of what InSoil lent there was more than 90 days late in October 2026
• Relying on the company that enforces your loans to stay strong, because InSoil’s operator made an operating loss in every year from 2020 to 2025
• Wanting a set interest rate on a green loan, because its return depends on carbon credits that InSoil’s own subsidiary sells