How to earn more interest on your money: Try P2P lending platform, MyConstant!

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If you have some money stashed as an emergency or sinking fund, you’d still like to have it work for you, right? But traditional banks are offering dismal interest rates, even on their CD’s. Enter: MyConstant, a startup US fintech firm that facilitates peer-to-peer (P2P) lending!

Before I give you some of the details, I will summarize my disclosure and disclaimer policy for you: Any investment carries inherent risk and you should do your own due diligence before making any investment. I am merely sharing the information I’ve gathered and my own personal experience using this platform.

How Is MyConstant Different Than A Bank?

If you’re like me, even though you have your emergency fund all in cash (so there’s no risk of losing it in the stock market- It is an emergency fund, after all), you still want it working for you!

You may have heard the phrase “high yield savings account” (HYSA), but that almost seems like a joke. The highest yield account I personally have is 1.50% so I’m constantly looking for ways to get a higher return with little or no risk to my principal balance.

For this reason, I have looked into private lending or P2P lending to earn more interest, but there are little options out there for small dollar private money lending.

This is why I was happy to learn about MyConstant! It is a good bridge for those of us who aren’t trying to lend out hundreds of thousands of dollars. You can start with as little as $10!

MyConstant even provides $4,000 for you to trial how the process works for 15 days. You don’t get to keep the $4,000, but they’ll let you keep the interest you earn from it! I love how low risk that is, even just to test it out.

How Much Can You Earn?

MyConstant gives you flexibility to lend money or your cryptocurrencies.

There are several different programs to choose from, depending on your priorities. If you want to earn more interest, they have a program for that. If you want to be able to withdraw your money at any time and are okay earning less interest (but still more than from a bank), they have a program for that, too!

You can lend money that earns 4% APY (instant access) every second and withdraw it at any time you want. Or, have it committed for as long as 6 months and earn up to 7% APR. It all depends on your goals and risk tolerance!

Security

All loans have some sort of collateralization to provide some level of assurance that you will be paid back even if a borrower defaults on their loan. Some programs have cryptocurrencies as collateral that could be sold if a borrower defaults, or the value drops below a certain amount. There’s even some security provided if you’re just lending fiat money. Be sure to read the fine details in each program before committing to any.

All fiat money or stablecoins are transferred through PrimeTrust, a US backed financial institution.

MyConstant Account Set Up

Since your money is being transferred through the US backed financial institution, PrimeTrust, you will need to provide similar documentation as you would if you set up an account at any bank. Be prepared with your ID and some other document, such as a utility bill.

Make sure your identifying details match your driver’s license (or passport). I would recommend using their “take a photo” feature for your ID and your supporting documentation since I had issues with it accepting my .pdf files. When I took a photo of the documents, my account was approved and set up very quickly.

Ready To Try MyConstant?

If you’re interested at all, why not give it a try? Remember, you have 15 days to test MyConstant with $4,000 that they provide you!

You immediately start earning 4% APY on that $4,000 in instant access, compounding every second. This is a risk-free way to try out this platform before committing your own money. It’s actually kind of fun to watch your interest ticking up and up!

If you decide after your trial that MyConstant is not for you, you still get to keep the interest you earned!

Also, if you sign up with my link (code COMMONCENTS), you will get $10 when you verify your ID details!

Closing Thoughts

I’m already exploring the other products from MyConstant. It provides so many options to earn more interest on your hard-earned money. I hope you’ll give it a try, too!

Be sure to sign up with my link (code COMMONCENTS) to get your $10 sign up bonus!