MyConstant is a multi-market, U.S. based P2P investment platform. P2P (peer-to-peer) lending is the process of loaning money on a short-term basis directly from individuals, P2P platforms, financial institutions, and more. P2P Lending has been around since 2006. It’s officially recognized by the US government and works like any other type of loan. P2P loans are made between you (the one loaning the money) and another person or business entity for you to earn interest. The borrower will have interest payments in return. Stepping into uncharted territory, MyConstant’s P2P lending platform makes lending cryptocurrency and investing in cryptocurrency-backed loans easy. MyConstant offers two different investment products with interest ranging from 4% APY to 7% APR. You can lock your money away for 1-6 months for the best rates or choose anytime-withdrawals for flexibility. There are no fees and it is easy to contact the MyConstant team with their 24-7 customer support across email, telephone, and social media. MyConstant also provides a free library of resources to start earning interest and achieve your financial goals, fast.
Connecting you with borrowers around the world, MyConstant will give you the power to invest in loans and earn interest on their benefit from an excellent incentive-based P2P lending platform. MyConstant follows due diligence procedures for each borrower to evaluate credit risk before offering any loan. Offering loans only in the U.S., but its P2P lending platform partners offer loans worldwide They are regulated by Financial Conduct Authority under P2PFA regulation license number 290290. Let’s jump into the MyConstant review.
Instant access is MyConstant’s anytime-withdrawal investment account. With MyConstant’s instant access account, Withdrawals are processed within minutes and distributed to your P2P investment account. You can withdraw funds from your instant access account anytime you want your money, there is no minimum withdrawal limit. Investing in P2Ps with MyConstant is simple! This is just one way to earn interest.
The P2P lending platform could give you extra cash flows every month to earn interest and increase your investment returns. Instant Access pays 4% APY on deposits and you can withdraw funds anytime for free. If you want to earn a bank-beating rate on your money, consider instant access as your flexible investing alternative as opposed to normal savings accounts. You get 50x better interest than savings account without locking in your money. The average savings account yields around 0.1% APY.
Instant access works by investing your money in collateralized lending pools from which borrowers can get loans in return for interest. As such, it’s not a savings account and does not come with FDIC insurance (Federal Deposit Insurance Corporation). However, it offers the same convenience with anytime withdrawals and a much better rate, so it could be an ideal way to diversify your investments.
Keep in mind, that when you wire money from your bank account to your MyConstant account, they’ll reimburse you $15 for each wire that’s over $1,000 from your bank account.
With MyConstant’s lending lottery you can invest and win up to $10M. As an investor, you can lend your money and earn a 1% APR and a chance to win up to $10M. For every $100 you invest, you will receive one lottery ticket. Plus, you can pick your own numbers. One number is drawn every night at 9 pm PT. Winners are announced on Sunday nights after 9 pm PT. Fortunately, there are no fees for the MyConstant lending lottery.
First, you make your deposit. Remember, every $100 deposit earns you one lottery ticket. As soon as MyConstant’s custodian, Prime Trust, receives your funds then you will receive your tickets. Prime Trust is MyConstant's trusted and regulated financial institution used for money management. Next, you choose your numbers and receive your tickets. If you are selected as a winner, prizes will be automatically deposited into your account is a great addition. Having your winnings directly deposited in your account is a great addition.
Crypto-backed is a P2P lending product that pays up to 7% APR on fixed-term loans of 1, 3, or 6 months. You guessed it, another way to earn interest. MyConstant offers investors the security of an experienced team behind them, as well as immediate liquidity for their Crypto assets. When you invest in Crypto-backed loans, your money funds a lending pool from which borrowers can get secure loans in return for interest. Borrowers must put up 150-200% of the loan amount in cryptocurrency as crypto collateral to secure the loan, which is sold to repay you if they default, or their crypto collateral value falls to a threshold. Crypto-backed loans are a safe, convenient way to gain access to high returns and earn interest in the realm of P2P lending.
With flexible terms and up to 3x the interest of a CD, investing in Crypto-backed offers a reliable alternative investment in challenging times. Given all lending is backed by cryptocurrencies, the risk of loss due to borrower default is lower than unsecured P2P lending platforms. MyConstant carefully selects which cryptocurrencies it accepts as collateral to ensure they can be sold at a moment’s notice. Their lending model has not failed them yet, with no investor losses since its launch in early 2019.
Crypto Lend is MyConstant’s crypto lending platform that features an anytime-withdrawal investment account for cryptocurrencies. With Crypto Lend, you earn 4% APY on Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) by supplying liquidity to lending pools and exchanges. Your interest is paid and compounded every second in the same cryptocurrency you use to invest, and you can withdraw anytime for free. MyConstant has also capped investments at $3M to ensure it can cover investor losses in cases where it or its partners are at fault. As an investor in Crypto Lend, you also have the opportunity to make an annual interest rate of up to 9% APR.
Crypto lending is an attractive alternative to actually participating in Crypto markets, which are unstable and sometimes political. This is why MyConstant has provided an amazing crypto lending platform. Crypto-backed loans are 100% protected by smart contracts that ensure instant repayment of the equal amount of the loan made in a USD or Cryptocurrency, should the borrower default. All Crypto assets held as collateral remain under the control of Crypto investors until they are sold to repay loans.
In crypto lending, your cryptocurrency will fund liquidity in multiple different decentralized exchanges or DEXs as well as swapping platforms. When people decide to trade or swap cryptocurrency on a crypto lending platform, you will earn a cut of the fees they are charged. Additionally, MyConstant’s primary exchange partner, Incognito, has agreed to pay 7% APR in its token (PRV) to users who participate in Crypto Lend.