MyConstant Full Review
What is MyConstant?
MyConstant Launched recently in January 2019 and starting as a cryptocurrency platform, MyConstant may be a peer-to-peer lending platform.
The idea behind developing MyConstant was to make a non-volatile sort of cryptocurrency, which was CONST during this case. it’s a US-based company, but anyone within the world can use it.
Now, it’s quickly become one among the foremost famous secured peer to see lending platforms for investors and borrowers.
How Does MyConstant Work?
MyConstant works by matching borrowers who need money with investors who want to form some extra cash.
As an investor, you do not need to pay any fees for creating an account or investing.
When a borrower signs up, the platform matches them with suitable investors. MyConstant will put your money during a flex account until you’re matched with a borrower. The flex account can cause you to have a forty five APY while sitting ducks.
Once a borrower applies for a loan, your investment is secured by a 150% borrower collateral program. Borrower collateral during this includes tangible assets like cars, property, et al. . As a result, you’ll start investing with as little as $50.
Who is MyConstant Best for?
MyConstant may be a peer-to-peer lending platform, which suggests it is best for people that want to borrow money and people who want to take a position . It allows you to invest together with your fiat currency also as cryptocurrency. This way, you’ll receive interests within the sort of currency you desire.
Investors just got to deposit their cash into a flex account or the other account. they will start making profits as soon as they check-in . Investors have a money-back guarantee. As an investor, you’ll withdraw money anytime you would like without browsing a bank.
Investing at MyConstant: What does MyConstant Offer?
Deposit USD
You can deposit your US dollars into your account with an automatic 4% profit directly . All you would like to try to do is access three horizontal lines within the top left corner and click on on “Deposit USD” under “Invest.”
Lend USD
By lending USD to borrowers, you’ll earn up to 9% interest. MyConstant offers 20 times more interest than a Certificate of Deposit (CD). you’ll also select the quantity and therefore the term that you simply want to lend your money for.
Deposit Crypto
As the name indicates, you’ll deposit any of the 71 cryptocurrencies supported by MyConstant. additionally , without lending it to borrowers, you’re eligible for 4% interest that you simply can withdraw at any time.
Lend Crypto
With P2P crypto-lending, you’ll structure to 7% profit on what you deposit or lend to borrowers. Select the sort of cryptocurrency, amount, and interest, and you’re ready . MyConstant guarantees rapid climb , profit on idle assets, no fees on investment, and anytime withdrawal.
How to Invest in MyConstant
Investing with MyConstant may be a straightforward process. Here’s the step-by-step guide to urge started:
Step 1: Create an Investment Order
The first step in investing in MyConstant is to make an investment order that suits you.
By clicking on “invest” within the top left corner, different investment options will. Your investment can start with as little as $50. you’ll invest USD or Stablecoins.
You can also choose your rate of interest (choose the default for a guaranteed match” and investment term.
Step 2: Deposit Funds
Now, you would like to deposit the funds that you simply mentioned in your investment order. you’ll prefer to wire the cash or make an immediate deposit.
The recommended thanks to depositing the funds is Zelle which is that the fastest, cheapest, and easiest method.
Note that after completing your investment order, you’ve got to deposit your funds within 3 days.
Step 3: Withdraw Your Funds
Once you’ve got been matched to a borrower and have completed the investment term, you’ll now withdraw your funds.
You can also prefer to reinvest your funds for a more significant profit. you’ll also transfer your StableCoins or USD to a foreign account. Withdrawing your funds is free.
Fees at MyConstant
As an investor, MyConstant doesn’t charge you any fees, regardless of whether you’re depositing, lending, matching, or withdrawing your money.
MyConstant Returns: what proportion are you able to Earn?
Investing at MyConstant comes with different plans and programs. to form more benefits, you would like to require risks and deposit extra money .
The plans offering unique benefits are as follows:
Flex Account
Whenever you deposit your funds, the funds attend a Flex Account. So until finding a borrower, you retain earning profit for each second.
With the Flex Account, you’ll earn 4% APY on the cash you deposited.
You can withdraw your funds any time you would like without paying any withdrawal charges.
You can start investing with as low as $10 and go up to $5,000. there is no minimum limit to withdraw your funds.
Crypto-backed Financing
MyConstant's Crypto-backed Financing program enables bitcoin p2p lending by matching you with borrowers who want to borrow fiat currency. you’ll earn cryptocurrency for your USD as borrowers put up their cryptocurrency as collateral.
The investment terms for this plan are 30 days, 90 days, and 180 days and therefore the profit that you simply gain within the sort of cryptocurrency is 6%, 6.5%, and 7%, respectively.
You are guaranteed your money and profit because collateral within the sort of cryptocurrency is your insurance.
Crypto-lend — if you’ve got cryptocurrency within the sort of Bitcoin (BTC), Etherum (ETH), or Binance Coins (BNB), this is often the simplest choice for you.
MyConstant uses your cryptocurrency to liquidize decentralized exchanges rather than matching you with a borrower. As soon as you check-in for this plan, you begin earning profit up to 9%. MyConstant has allotted $3M to catch up on any losses that happen to investors if MyConstant is guilty . you’ll withdraw your cryptocurrency anytime you would like .
Loan originator — with 11% APY, the loan originator is that the most rewarding option for you. But, with higher profit comes higher risk. You lend your money to remote borrowers that aren’t on MyConstant through loan originators. If everything goes well, you’ll get the profit promised to you. The plan spans over 6 to fifteen months.
MyConstant Requirements
To start investing with MyConstant, you’ve got to satisfy the subsequent requirements:
You must be 18 years or older
You need to pass the KYC procedure, which incorporates ID verification, biometric verification, address verification, etc.
Your residency doesn’t matter as long as you’ll deposit funds within the sort of USD or cryptocurrency.
MyConstant Reviews: Is MyConstant Legit & Safe?
MyConstant has a superb rating of 4.5 out of 5-star rating on Trustpilot supported 960 reviews.
The users report that they had a reasonably good experience on the platform due to the safety and protection that MyConstant provides to its customers.
In addition, the platform is compliant with the Anti-Money Laundering Agreement (AML). It also uses KYC guidelines to verify the users. KYC guidelines protect you from fraud and other criminality .
The privacy policy of MyConstant also dictates the transparent use of your personal information.
MyConstant Risks
While investing with MyConstant, you’ll expose yourself to the subsequent risks:
Due to any unavailability of any borrower data, you can’t assess the borrower’s credibility.
In its terms and conditions, MyConstant clearly states that it can terminate your account at any time.
If your money gets stolen, there is no way MyConstant can assist you thereupon .
The cryptocurrency-backed investing accounts might face loss when the market rate goes down.
FDIC doesn’t make sure the flex account offering 4% APY.
MyConstant Mobile App
As a MyConstant user, you’ll access your account employing a mobile app that’s available on iPhone and Android smartphones.
The MyConstant mobile app provides an equivalent experience to a desktop website, and you’ll access all the features.
MyConstant Pros & Cons
Pros
Flexible investment terms
Borrower collateralized investing
A transparent platform with a live statistics page
No fees for investing, depositing, and additional membership benefits
Cons
Complexity in investment procedure due to many lending plans
Other currency holders got to send USD or cryptocurrency
MyConstant Alternatives
MyConstant vs. LendingClub
Both MyConstant and LendingClub act as an intermediary between investors and borrowers. In both cases, investors earn profits whenever borrowers lend the cash deposited by investors. On LendingClub, you’ve got to deposit a minimum of $1,000, but with MyConstant, you’ll start investing with as little as $50.
MyConstant vs. PeerForm
Just like MyConstant, PeerForm also doesn’t require a better credit score. However, to become an investor on PeerForm, you would like to be older than 18 years and supply ID and other verifications — same as for MyConstant.
PeerForm doesn’t allow you to invest if you’re not accredited and do not have an income of $30,000. it’s not the case with MyConstant.
So if you’ve got a lower amount of funds to take a position , it’s better to become an investor on MyConstant.
MyConstant vs. Prosper Marketplace
Prosper Market may be a well-known P2P lending platform. it’s different accounts that provide different investment options, a bit like MyConstant.
To invest with MyConstant and Prosper Marketplace, you do not get to be accredited.
However, unlike MyConstant, Prosper only offers investment opportunities to residents in certain districts like Columbia, Georgia, Florida, and Washington. While with MyConstant, you’ll invest from anywhere within the world.
MyConstant Lending Review Verdict: Is MyConstant Worth it?
MyConstant provides a far better return on investment than other platforms or banks. The return potential MyConstant offers start from 4% and go all the high to 11%. In the meanwhile, US banks like Wells Fargo and JPMorgan Chase provide you with a 0.1% profit.
You can choose between different investment options — with a flex plan, you earn profit albeit you do not do anything together with your money.
Although some risks are attached to the loan
plan et al. , the platform is straightforward to use and transparent.
Taking these points under consideration , we will say MyConstant is completely worth investing in.
MyConstant Customer Support
MyConstant features a reliable and helpful team of customer support that works 24/7. So whenever you’ve got a problem regarding your MyConstant account or encounter an issue, you’ll contact them.
Here’s how you’ll reach bent MyConstant customer support:
Phone support is out there Monday to Friday from 9 AM to five PM during the day and Monday to Thursday from 6 PM to three AM (PST) during the night.
MyConstant FAQ
What Deposit Methods Does MyConstant Accept?
MyConstant currently uses an Automated financial institution (ACH) to deposit up to $5,000. It also uses wire transfers that haven’t any deposit limitations. they’re going to end Zelle within the next few months and utilize Prime Trust for all their transactions.
Do You Have Access to Individual Assignment Agreements?
Yes, you’ve got access to individual Assignment Agreements that make sure the safe transfer of your funds or properties.
How Fast are you able to Withdraw Your Money?
You can withdraw your money any time you would like . Bank Transfer via ACH or Wire transfers take 2–5 business days to point out into your checking account .
How Do I Ensure My Deposits?
You can hunt your deposits from your profile. you’ll start earning 4% APY as soon as you deposit. If you do not want to try to do that, you’ll disable Instant Access from your account page. therein case, through Prime Trust, MyConstant will store your funds in multiple bank accounts that are insured.
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