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[cman8888]

Hello All,

I'm new to posting here and I'm not sure if this platform belongs in this category. Please correct me if I'm wrong.

MyConstant or just Constant claims to be a P2P lending platform that allows you to set your own interest and terms on crypto loans. Here's what they claim:

Fully secured, fully backed. All loans and investments are protected by a combination of FDIC insurance, Ethereum smart contracts, and crypto collateral.

How it works.
The Constant algorithm matches investors with borrowers glad to pay their rates. It then secures investor funds and borrower collateral in an unstoppable smart contract, and facilitates the entire transaction from beginning to end.

Secured returns for investors
If borrowers default, collateral is sold to refund the investor. If collateral falls in value, it is sold at a threshold. It's all automated by an unstoppable smart contract - investors will always get their principal and profit.

Collateral protection for borrowers
Borrower collateral is stored safely in a smart contract escrow, powered by the Ethereum network. This runs exactly as programmed, independent from human intervention - no one can touch these assets. As long as borrowers repay, they will always get their collateral back.

What makes Constant different from other P2P lending platforms?
Constant is the first fully secured P2P lending platform. All investor funds are fully backed by collateral, and all portions that are not yet on loan are covered by FDIC insurance. Borrower collateral is stored safely in escrow, which means no one can touch it until it is transferred back to them after repayment.
Unlike other platforms, Constant also allows users to set their own interest rates and terms. Ethereum powered smart contracts automate the loan agreement and always run exactly as programmed – ensuring both investors and borrowers are protected.

So does any one have any experience with this platform? I recently signed up and invested $50 USD as a trial run.

For anyone interested, here is my affiliate link. Each referral gives me a slight boost in interest earnings. Thanks everyone. I'll give an update in a few months.

https://www.myconstant.com?r=OZXFGPQF50

 

[TomoLove]

I heard it was a money laundering operation for their other company = Autonomous.ai

Either way, a crypto project based in Vietnam (claiming to have offices worldwide) - sound fishy to me.

Your post does sound like an advert too. Don't know what to think of that other than perhaps questionable marketing tactics too?

Seems strange that some of the EXACT same sentences in your post is also used on their website and in a hackernoon post - just search "Borrower collateral is stored safely in a smart contract escrow, powered by the Ethereum network."

 

[cman8888]

I heard it was a money laundering operation for their other company = Autonomous.ai

Either way, a crypto project based in Vietnam (claiming to have offices worldwide) - sound fishy to me.

Your post does sound like an advert too. Don't know what to think of that other than perhaps questionable marketing tactics too?

Seems strange that some of the EXACT same sentences in your post is also used on their website and in a hackernoon post - just search "Borrower collateral is stored safely in a smart contract escrow, powered by the Ethereum network."

TomoLove, you'd be correct that my post contains the EXACT same sentences from the website because I simply copied the details over. I thought that was how these SCAM or LEGIT posts are supposed to be structured to start. I was providing the details of what the site claims. Is that not how I'm supposed to do this? I hope the money laundering claim is false but I suppose time will tell. That's why I only invested $50 as a trial run.

 

[brianvalois]

I have some money invested in this and it's term ends in a day or two, I will post my results.

 

[cman8888]

I have some money invested in this and it's term ends in a day or two, I will post my results.

I look forward to your results. My investment will mature in about 2 weeks so I hope to get my $50+ interest. Constant also released their PRO version recently so I'm excited about that new feature if this platform is legit.

 

[Em1234]

I look forward to your results. My investment will mature in about 2 weeks so I hope to get my $50+ interest. Constant also released their PRO version recently so I'm excited about that new feature if this platform is legit.

Anyone have an update on their findings? I also have some trial money in this platform and want to get confirmation on its legitimacy. So far, their customer service has been responsive and helpful.

 

[Rebecca]

What happened with your matured My Constant loan? (I too have dipped a toe in but want more reassurance.)

I have some money invested in this and it's term ends in a day or two, I will post my results.

 

[cman8888]

I apologize everyone. Honestly, I had forgotten about my post. So sorry.

In the months following my initial deposit, the company has made several improvements to their business that I really enjoy.
The Pro section of their site went live and it makes viewing the current loan market MUCH easier.
They also recent announced that all funds will earn 5% APY compound interest when not invested in a loan. So basically your money earns a minimum of 5% at all times.
I got more daring after the PRO section went live and invested another $100 USD into the platform, and everything appears to be running smoothly.
I've yet to do a withdrawal because 1 ) I completely forgot! 2 ) The fees are a bit discouraging. Fiat charges 0.25% ($35 max) fee for withdrawals and StableCoins charge an absurd (for low balances) $7 USD fee!
However, I really do need to test the withdrawals so looking over my current loans, I have one maturing in 2 weeks (if not paid out early). As far as I see, there is no minimum withdrawal limits so I plan to submit a $10 USD test withdrawal ASAP.

 

[cindi6]

Perhaps they have changed the info since you post a few weeks ago, cman888. Here is what their withdrawal page states:

Unlimited free withdrawals

Withdraw as often as you like for free. Please note that Constant cannot be liable for charges from your own bank.

 

[cman8888]

Perhaps they have changed the info since you post a few weeks ago, cman888. Here is what their withdrawal page states:

Unlimited free withdrawals

Withdraw as often as you like for free. Please note that Constant cannot be liable for charges from your own bank.

Yes you are correct! The fees are gone now, and I have withdrawn my original $50 + bonus interest in USD back to my bank account with no issues!
I'm attaching screenshots of the withdrawal request and confirmation emails for everyone to see. I think that I should make a Youtube review of the site as well.

For anyone interested, my referral link is https://www.myconstant.com?r=OZXFGPQF50

I just want to remind everyone to invest at your own risk. Research the business and make your own decision.

MyConstant

 

[SolveforXMan]

For those that have been investing here... I noticed that in order to start investing you have to provide the site with all of your personal identifying info like SSN, home address, Driver's license, etc.

If this is a scam, my greater concern is not with losing the money I invest or not being able to withdraw it. They may very well allow you to withdraw any of the money you put in with interest... but the real scam could be getting all of your info, no? How do you all feel about this? Is there something I'm missing that would address my concerns?

 

[Pete from Constant]

Hey everyone, I'm a community manager at Constant. Just to clarify about the data we collect, we only collect data like SSN for fiat customers. It is a legal requirement we have to follow to store funds in our insured third-party custodian. It's pretty common now, you'll have to do one for platforms like Google Pay, etc.

As for location, we have a main office in California and in Vietnam. Vietnam has actually become a real hotbed for fintech startups as there is a large population of people who are underserved by banks. Many global corporations are using Ho Chi Minh as a launching point for ASEAN.

I'm happy to hear some of you have given us a try. We are a relatively new form of investing so I understand some of you might be skeptical. Our goal is to be as transparent as possible about the process. We have a blog with a lot of info on the platform at myconstant.com/blog and you can always shoot us an email with questions at [email protected]

 

[greg220]

Beware of fraud with MyConstant because if it happens to your account you're totally fucked. Someone accessed my account fraudulently, turned on 2 factor authentication with another device, canceled my investments in loans, and transferred every cent out of my account. Customer service sent a generic response saying "Sorry but we can't offer any compensation because there was no breach on our end. Thank you for your understanding". First off, I don't understand. In order to gain access back into my account I had to send a picture of my ID and a selfie. Why wouldn't they require that kind of verification to change my 2 factor authentication? This company lacks security for their users and I caution anyone using this platform to steer clear.

 

[cman8888]

Dropping back in to give another update video on Constant. I even noticed Pete from Constant dropped by. Odd for him to find a forum like this but I guess it's still nice that he reached out. So several changes happened since my last check in.

The lending structure has changed, staking changed, and really great news is the 10% interest on bitcoin and ETH. I'm trying it out with the minimum amount but I'm very hopefully. I'm still having no issues with the company so I'm feeling better about it actually being a legit loan company like Celsius or Nexo.

Here's the latest video update:

 

[cman8888]

Dropping back in to give another update video on Constant. I even noticed Pete from Constant dropped by. Odd for him to find a forum like this but I guess it's still nice that he reached out. So several changes happened since my last check in.

The lending structure has changed, staking changed, and really great news is the 10% interest on bitcoin and ETH. I'm trying it out with the minimum amount but I'm very hopefully. I'm still having no issues with the company so I'm feeling better about it actually being a legit loan company like Celsius or Nexo.

Here's the latest video update:

I forgot my links

Video title on youtube
Crypto: My Constant P2P Lending - Earn Bitcoin Interest - June 2020

Sign up for Constant with my referral link here: https://www.myconstant.com/sign-up?r=OZXFGPQF50