The answer to the question, “How does MyConstant make money?” depends on the purpose of your loan and its nature. In general, MyConstant provides institutional loans, personal loans, and crypto-backed loans. But it also charges an origination fee for each loan. To get more information, keep reading. Here are some of the ways that MyConstant makes money. Using your loan as collateral: Upon receiving an application, you’ll receive an email that will include a link to your profile. In return, MyConstant will send you a confirmation email with your loan request. The email address you use is the one that you provided when you filled out your application.
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MyConstant is a peer-to-peer lending platform
MyConstant is a peer to-peer lending platform that matches investors with borrowers to make loans. Lenders can lend fiat or cryptocurrencies. They receive a certain percentage of interest each month. Unlike traditional loans, MyConstant requires no credit check or a collateral. They also require no minimum capital or maximum loan amount. Investors can deposit as much as they like, but they cannot withdraw more than they have deposited.
Users of Myconstant report a positive experience and positive reviews about the platform. The company is also fully compliant with the Anti-Money Laundering Agreement. KYC guidelines ensure the safety of users from fraud and illegal activity. The platform also has a fair privacy policy, limiting access to borrower data. As a result, MyConstant cannot assess the credibility of borrowers. Additionally, investors can terminate their account at any time.
It offers institutional loans and personal loans
MyConstant offers institutional loans and personal loan products in a range of crypto-currencies. It also allows investors to invest in cryptocurrency futures and short-sell it. The interest rate advertised on MyConstant’s website is net after exchange rate effect, which may be significant if the borrower defaults on the loan. The borrower may not be able to repay the loan if the foreign currency depreciates significantly.
Investors can start with as little as $50 and build a portfolio of more than one hundred different investments. Investors can fund loans on the MyConstant platform or deposit the money in the company’s Instant Access product, which earns compound interest. They can begin investing in a variety of sectors, including cryptos, equities, and real estate. To get started, investors can deposit money into their flex account until matched with a borrower.
It offers crypto-backed loans
MyConstant is a US-based company that offers a variety of crypto-backed loans. The Crypto-Backed investment plan earns 8% APY and enables users to choose a 30 day, 90-day, or 180-day loan term. The APY for each term varies depending on the amount of collateral deposited. The MyConstant account allows borrowers to invest with either fiat or cryptocurrency.
MyConstant, which was first launched as a stablecoin project in January 2019, is a peer-to-peer lending platform that connects investors with borrowers. The company offers a variety of investment products with interest rates up to 15% APY, which makes it possible for investors to earn higher returns. The company launched as a stablecoin in January 2019 and quickly pivoted into a P2P lending platform, offering crypto-backed loans.
It charges an origination fee
MyConstant is a crypto loan lending platform. Customers can deposit fiat or crypto to the account and earn interest on the funds. MyConstant offers rates as low as 6%, with no credit check required. Borrowers must put up crypto as collateral to avoid defaulting on the loan. Additionally, MyConstant allows users to trade cryptocurrency futures. However, MyConstant charges an origination fee that can reduce the overall returns.
Users of MyConstant invest in an average of 15 loans, earning 7.12% interest. Although the service is not regulated, its claims of high-quality overcollateralized assets are not true. Also, the company does not provide any data on the borrower, and the only way to know if they have the ability to pay off the loan is to invest in crypto-assets. Moreover, MyConstant does not provide any credit scoring for borrowers. Borrowing through Constant is backed by 200% collateral, and is sold to give the investor his investment back.
It charges a small spread on the interest rate charged
MyConstant is a peer-to-peer lending site. The platform offers loans collateralized by a variety of cryptocurrencies, including bitcoin, Ethereum, Litecoin, and ethereum. Borrowers can invest in these cryptos or borrow fiat and stablecoins. Borrowers repay the loans with the underlying cryptocurrency, and MyConstant returns the collateral to them at the end of the loan term. However, there is no credit check required for borrowers, and no exchange fees are charged for the transaction.
Conclusion
The service charges a 2.5% origination fee and another fee for early repayment. Borrowers and investors will pay a small spread of 50 basis points, which translates to about seven percent. Interest rates vary by cryptocurrency and range from four percent to eleven percent, depending on which privacy token is accepted. The minimum interest rate is 4%, and if you accept the PRV privacy token, the interest rate can go as high as 11 percent.
