Information
About lender
MyConstant, or Const LLC, is a peer-to-peer (P2P) lending platform conducting online investments and lending. It was started in 2019 as a stablecoin project. The company is headquartered in Riverside, California, and operates throughout the US.
MyConstant connects collateralized borrowers and investors through the platform. Investors choose whether they want to lend USD or lend crypto, while borrowers can get a loan by providing a minimum of 150% of the loan amount in crypto.
Pros and cons
Pros
- No credit checks
- 70+ cryptocurrencies available for borrowing
- You can withdraw your collateral back.
Cons
- You need to cover 150% of the loan value in collateral
- In case your collateral falls, you need to cover the difference
- There are matching, collateral, and late payment fees.
Terms and conditions
With MyCosntant, you can opt for investing or borrowing. Investment has several options:
- Instant Access has an interest rate of 4% annual percentage yield (APY). There is no investment term, and the interest is paid every second. You can withdraw funds anytime. The minimum balance here is $10, and the assets you can opt for are both USD and cryptocurrencies.
- A fixed-term plan has a 6% to 8% annual percentage rate (APR) which is paid at the end of the term. The investment terms available are one month, three months, or six months. You can withdraw the funds only at the end of the term. The minimum balance is $50 USD, and you can choose USD or crypto as assets.
- Crypto Lend for crypto holders has 4% to 12.5% APY with interest paid every second. There is no term, and you can withdraw funds anytime. The minimum amount is 0.01 BNB, 0.005 BTC, or 0.1 ETH, while the maximum is 50 BNB, 0.5 BTC, or 5 ETH. There are 10+ cryptocurrencies available.
- Lending Lottery has a 1% APR with one month term. The minimum amount is $100. This is an option for the customers wishing to win cash prizes.
Borrowing has only one option - Crypto-backed loans. You will get a 6% APR and can get one, three, or six months loan terms. The loan will be available instantly. There is a requirement for cryptocurrency collateral which will be stored in Prime Trust, an authorized US financial institution, or a web wallet. The minimum loan amount is $50, while there is no maximum. There are no penalties for early payments, and you can choose from 70+ cryptocurrencies.
Funding a loan
You will get a loan within minutes and can withdraw in stablecoins, fiat, or trade your loan for crypto. You can get USD to your bank account through Wire or ACH. The withdrawals are free.
- For deposit fiats, there is no fee, and the transaction takes one business day. The daily ACH deposit with MyConstant is $50,000.
- Deposit crypto/stablecoins can be done in any amount. The transaction is free and takes a few minutes.
- Collateral deposits are free. For BTC, ETH, VET, TOMO, FTM, FIRO, ADA, DOGE, SOL, MATIC, TRX, ERC20, and BEP2, it takes a few minutes. For other currencies conducted during business hours from 9 am to 6 pm GMT Monday through Friday, the transaction takes six hours, while the transaction conducted outside business hours will take one business day.
- Fiats withdrawals are free and not limited and take three to five business days.
- Stablecoins withdrawals of amounts fewer than $2,000 take a few minutes, while mount exceeding $2,000 will be conducted the next business day. The fees depend on the currency and are issued a flat fee per token.
- Collateral withdrawals of fewer than $10,000 take one hour, and more than $10,000 take one to two business days. The fee is a flat fee per token.
