Here you'll find answers to the most common questions our customers ask. If you can't find your answer here, please email us at firstname.lastname@example.org and we'll be happy to help you.
P2P lending is where one person lends to another in return for interest, without any third party getting in the way. Unlike bank lending, where the bank lends your deposits and keeps the lion’s share of interest, P2P lending lets you keep all the profits yourself.
On our platform, you also have full control over the term with a choice of anytime withdrawals or 1, 3, and 6-month fixed terms. We differ from other P2P lending platforms in all lending is backed by collateral. In other words, we secure loans with assets that can be sold easily (cryptocurrencies).
New to P2P lending? Here’s what to know before you invest.
MyConstant is a collateral-backed peer-to-peer lending platform. Every loan is backed by collateral of up to 200% of the loan amount, which is sold if borrowers default or if its value falls to a threshold, protecting investors (borrowers keep the loan).
Unlike other platforms, MyConstant pools investor funds into a lending pool or reserve. This means you match instantly, whether you’re a borrower or an investor. We don’t do credit checks and investors can choose instant access investing or one of three fixed terms for our best rates.
As well as providing you with a platform on which to do business, we also believe in giving you the educational resources to reach your financial goals, fast. To learn more, check out our blog.
Anyone can participate, as long as you have an internet connection (to use our website) and access to a bank account (to receive a loan or repayment). If you intend to invest fiat (USD), you will also need to pass KYC (Know Your Customer) checks.
When you invest, you’re lending your money to a borrower who has put up cryptocurrency (up to 200% of the loan amount) as collateral for the loan.
This protects your investment from borrower default and pricing volatility. If the borrower defaults, we sell their collateral to repay you.
In addition, we use qualified custodial partners (Prime Trust) to manage both fiat (USD) and digital assets. This additional layer of protection helps minimize the threat of theft, mismanagement, or loss of your assets.
If you’re in the US, you can deposit via ACH by linking a US bank account. You can also wire us, though that is the more expensive option, depending on your bank. (We don’t charge for deposits, but your bank might.)
For ACH deposits, you need to link your bank account through our ACH processing partner, Plaid. This is very quick and we explain how to do it on our blog.
ACH deposits through a linked bank account take about 3 business days to appear in your account (possibly longer – it depends on your bank). For non-diamond members, you can only have one pending ACH transaction active at a time.
Please wire your funds to us. Full instructions appear when you create your deposit order. Wires take a day or two to reach us (depending on your bank) and then a short processing period of around 1 business day before it appears in your account.
For more information, please check our service times.
You can send us any currency and we’ll convert it to USD.
No. All investing, currency conversion, and fiat (USD etc) withdrawals are free. How do we make money? We make a slim profit on the difference between the interest rate you earn and the rate charged to the borrower.