Repayment of loan
The payments will be deduced directly from your account. You can add funds to cover payments by:
Transferring USD to MyConstant bank account
Sending stablecoins (USDT/USDC/TUSD/GUSD/PAX/USDS)
Using your collateral.
Collateral
The company notifies you in case your collateral falls to 110% of the loan value plus interest rate to avoid liquidity pools. MyConstant will create a sell order to pay the investor, so you will lose the collateral. So, if you get notifications at 125%, 120%, and 115% falling, you can opt for early payment or provide more collateral.
In case your collateral rises, you will get an exceeding value. Once you pay back the total sum, you can withdraw your collateral and use it.
Fees
With MyConstant, there are no repayment fees, so you can pay anytime.
However, there is a matching fee of 3.5% for borrowers. If you repay with collateral, MyConstant will issue a 2% fee. For late payments which are 24 to 72 hours past due, there is a fee of 10% of the total interest.
