Author Topic: Investing with MyConstant  (Read 1890 times)

hdsouza

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Investing with MyConstant
« on: January 06, 2020, 11:20:52 AM »
I apologize if this is an incorrect place to post  this, but I did not see a section for MyConstant or misc investment.

Not sure if anyone is investing in MyConstant or is aware of it.
It is a P2P lending platform somewhat similar to lending club, that allows you to set your own interest and terms on crypto loans.
Unlike LC though, it does not have bad Notes/Loans. This is from my personal experience from being with them since September.
So all of a sudden, I no longer need to spend hours (or write/run my php scripts) to choose loans based on  credit history, location, job, home, etc etc etc.
Remember all the nice LC filters .... which would still get bad notes.

When I initially signed up, the Advertisement mentioned that I would receive $1000 deposited in my account which I could use for just a month.
After I signed my, I never received it and believed it was a scam.
Support mentioned there was technicality on the way I signed up, but then turned around and gave me $10 free and clear.

Curiosity got the better of me and I ventured into the site.
In the site we can invest funds two ways (I do not use the crypto staking as I do not have crypto currency ):
1) Flex: I get 5% and can withdraw the money anytime
2) Pro: Its a dashboard that allows me to set:
a) Amount of money  I want to invest
b) Interest rate: The average rate is currently 9%
c) Length of loan: I can specify a term anyway from 30 days to 360 days or even custom.

Interest rates:
The interest rate is based on supply and demand. In the Dashboard under "order book" you will see the investing orders and borrowing orders.
The investing orders are orders that investors have added. Its important to note the interest rate and term.
So when I add an order under "Invest" it will show up under "Investing orders".
Also be aware that the initial capital (I believe) is returned only at the end of the term period, unlike a normal loan, which contains principal and interest.
So there is always the though of "should I invest for a longer term and loose out on the reinvestment " or "go long term".
I usually break my investment into blocks of $100 and invest in varied "terms" of 30, 60, 90, 120. I have gone as far as 360 at times.


Under "Trade history" you can see history in the last 24 hours. That will give you a gauge of the Interest rate and term you can probably get.
It was 10% a few months ago and its about 9% now.

Fees:
There are no fees to the investors, when you invest.
There are no fees when you add money to your account.
There are no fees when you withdraw money from your account.
This is from my personal experience as an investor and I have done all three transactions.

Advantages:
1) I have granular control on how long I want the money invested, which could be as short at 30 days.
2) I do not need to filter borrowers for loans anymore unlike LC where a quarter of loans were late or default. All my past investments are successfully repaid. 14 loans repaid so far ranging from $10 - $500


Disadvantages:
Its important to note that the money in the PRO account is NOT FDIC insured.

Site: https://www.myconstant.com or you can use my referral link https://www.myconstant.com?r=DBL44KVXR5

Again I apologize if this is an incorrect place to post  this.
« Last Edit: January 06, 2020, 12:03:33 PM by hdsouza »

AnilG

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Re: Investing with MyConstant
« Reply #1 on: January 06, 2020, 06:33:48 PM »
No fee, no bad loans, crypto, setting your own interest rate, borrowing and paying interest. Yeah, I am selling a bridge too, do you want to buy. I read such bullshit and shake my head on stupidity of people.  Such people deserved to be scammed.

Looks like I ruffled some feathers. Crossed out the sentences that may offend sensitive people. But gist of the post still stands, if it sounds too good to be true it most probably is. Forum is filled with posts  complaining even about legitimate services like LendingClub and Prosper. What makes anyone think these fly by night operators can do better is beyond me.
« Last Edit: January 07, 2020, 06:24:08 PM by AnilG »
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hdsouza

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Re: Investing with MyConstant
« Reply #2 on: January 07, 2020, 07:45:26 AM »
No fee, no bad loans, crypto, setting your own interest rate, borrowing and paying interest. Yeah, I am selling a bridge too, do you want to buy. I read such bullshit and shake my head on stupidity of people.  Such people deserved to be scammed.

You may need to read to whole post instead of a few words and draw a conclusion.
I was just creating a post.. there is no need to be rude or put people down.
If this is not the right place to post, let me know and I will remove it.
« Last Edit: January 07, 2020, 08:08:40 AM by hdsouza »

Peter

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Re: Investing with MyConstant
« Reply #3 on: January 07, 2020, 09:01:51 AM »
No fee, no bad loans, crypto, setting your own interest rate, borrowing and paying interest. Yeah, I am selling a bridge too, do you want to buy. I read such bullshit and shake my head on stupidity of people.  Such people deserved to be scammed.

Anil, Please don't attack people in this way. This was posted in good faith and while it is fine to have an opinion please keep the discourse civil. Thanks.
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hdsouza

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Re: Investing with MyConstant
« Reply #4 on: January 08, 2020, 08:32:33 AM »
No fee, no bad loans, crypto, setting your own interest rate, borrowing and paying interest. Yeah, I am selling a bridge too, do you want to buy. I read such bullshit and shake my head on stupidity of people.  Such people deserved to be scammed.

Looks like I ruffled some feathers. Crossed out the sentences that may offend sensitive people. But gist of the post still stands, if it sounds too good to be true it most probably is. Forum is filled with posts  complaining even about legitimate services like LendingClub and Prosper. What makes anyone think these fly by night operators can do better is beyond me.

Anil.
So are you saying that I am sensitive? Also does this mean that if I were insensitive you would let your initial statement stand ?
I am not sure what gives you the right to call people stupid and now sensitive?

Are these the same kind of Derogatory and inflammatory remarks that you have been posting all along.
Derogatory comments like yours will certainly make people think twice or desist before posting to the site again.

.Ryan.

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Re: Investing with MyConstant
« Reply #5 on: January 08, 2020, 10:49:51 AM »
I don't have investing experience with MyConstant, however it just takes a bit of research to make me uncomfortable with the concept.

It sounds like to me as a lender you are just loaning to crypto speculators.

Unlike LC though, it does not have bad Notes/Loans. This is from my personal experience from being with them since September.
Really.......? Really?

What Anil wrote may sound harsh to some. Doesn't make him wrong. ;)

hdsouza

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Re: Investing with MyConstant
« Reply #6 on: January 08, 2020, 11:23:34 AM »
I don't have investing experience with MyConstant, however it just takes a bit of research to make me uncomfortable with the concept.

It sounds like to me as a lender you are just loaning to crypto speculators.


What Anil wrote may sound harsh to some. Doesn't make him wrong. ;)

What makes Anil wrong is the language used. He cannot be calling people Stupid on a forum and that they should be scammed. That means he supporting scamming.

Unlike LC though, it does not have bad Notes/Loans. This is from my personal experience from being with them since September.
Really.......? Really?

You could be right. Thats only from my personal experience.
Also from what I understand, each loan is backed by collateral, so if the borrower defaults, the loan amount is paid back from the collateral acquired. I must mention that I do not have the technical details or work for myconstant. They do have a Facebook profile so that maybe a good place to ask questions too.
The only reason why I did this post if I found vast differences between LC and MyConstant and I though people would benefit from what I already encountered.
« Last Edit: January 08, 2020, 11:47:33 AM by hdsouza »

JDII

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Re: Investing with MyConstant
« Reply #7 on: January 08, 2020, 04:03:49 PM »
Quote
You could be right. Thats only from my personal experience.
Also from what I understand, each loan is backed by collateral, so if the borrower defaults, the loan amount is paid back from the collateral acquired. I must mention that I do not have the technical details or work for myconstant. They do have a Facebook profile so that maybe a good place to ask questions too.
The only reason why I did this post if I found vast differences between LC and MyConstant and I though people would benefit from what I already encountered.

It is an interesting concept. Maybe you could drop us a note monthly or so let us know how your experience is going. 

jong21

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Re: Investing with MyConstant
« Reply #8 on: January 18, 2020, 07:13:34 PM »
Quote
You could be right. Thats only from my personal experience.
Also from what I understand, each loan is backed by collateral, so if the borrower defaults, the loan amount is paid back from the collateral acquired. I must mention that I do not have the technical details of ac market or work for myconstant. They do have a Facebook profile so that maybe a good place to ask questions too.
The only reason why I did this post if I found vast differences between LC and MyConstant and I though people would benefit from what I already encountered.

It is an interesting concept. Maybe you could drop us a note monthly or so let us know how your experience is going.
Indeed an interesting concept
« Last Edit: January 21, 2020, 05:20:05 AM by jong21 »