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MyConstant Review 2022: Is MyConstant Legit & Worth it?

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MyConstant Review

myconstant logo

MyConstant is a top peer to peer lending platform that enables users to invest using cash or cryptocurrency. If you have some extra cash that you aren’t using, you can invest it by lending it to other users on the platform to get a potential return of up to 7% APR. Although there is a small degree of risk, the potential interest you can earn is much higher than that offered by major US banks.

Legit & Safe

Account Fees


Return Potential


  • High rate of return – according to the company, you can stand to earn an interest rate of up to 7% APR or more, which is 20x higher than most CDs.
  • Low minimum amount to invest – you can start investing from as little as just $10, making it very low risk and easy for almost anyone to start.
  • Both fixed term and instant access – you can set a term of 30, 90 or 180 days for your investment and withdraw at any time or at the end of your term.
  • Invest in 71 types of crypto at 4% APY – choose from coins such as Tether, Bitcoin, USD Coin, AirSwap, and many other popular cryptocurrencies.


  • Complex investment options – over 5 different lending plans that can confuse users including USD lending, Crypto lending, and secondary market plans.
  • Customer support is no available 24/7 – only on Mondays to Fridays and for limited hours each day, making it hard to get help if you need it.

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What is MyConstant?

Launched recently in January 2019 and starting as a cryptocurrency platform, MyConstant is a peer-to-peer lending platform. 

The idea behind developing MyConstant was to create a non-volatile form of cryptocurrency, which was CONST in this case. It is a US-based company, but anyone in the world can use it. 

Now, it has quickly become one of the most famous secured peer to peer lending platforms for investors and borrowers. 

how to invest money

How Does MyConstant Work?

MyConstant works by matching borrowers who need money with investors who want to make some extra cash. 

As an investor, you don’t have to pay any fees for creating an account or investing. 

When a borrower signs up, the platform matches them with suitable investors. MyConstant will put your money in a flex account until you are matched with a borrower. The flex account can make you a 4% APY while sitting ducks.

Once a borrower applies for a loan, your investment is secured by a 150% borrower collateral program. Borrower collateral in this includes tangible assets such as cars, property, and others. As a result, you can start investing with as little as $50.

Who is MyConstant Best for?

MyConstant is a peer-to-peer lending platform, which means it’s best for people who want to borrow money and those who want to invest. It lets you invest with your fiat currency as well as cryptocurrency. This way, you can receive interests in the form of currency you desire. 

Investors just need to deposit their cash into a flex account or any other account. They can start making profits as soon as they sign up. Investors have a money-back guarantee. As an investor, you can withdraw money anytime you want without going through a bank.

Investing at MyConstant: What does MyConstant Offer?

Deposit USD

You can deposit your US dollars into your account with an automated 4% profit right away. All you need to do is access three horizontal lines in the top left corner and click on “Deposit USD” under “Invest.”

Lend USD

By lending USD to borrowers, you can earn up to 9% interest. MyConstant offers 20 times more interest than a Certificate of Deposit (CD). You can also select the amount and the term that you want to lend your money for.

Deposit Crypto

As the name indicates, you can deposit any of the 71 cryptocurrencies supported by MyConstant. In addition, without lending it to borrowers, you are eligible for 4% interest that you can withdraw at any time.

Lend Crypto

With P2P crypto-lending, you can earn interest on crypto up to 7% profit on what you deposit or lend to borrowers. Select the type of cryptocurrency, amount, and interest, and you are all set. MyConstant guarantees rapid growth, profit on idle assets, no fees on investment, and anytime withdrawal.

How to Invest on MyConstant

Investing with MyConstant is a straightforward process. Here’s the step-by-step guide to get started:

Step 1: Create an Investment Order

The first step in investing on MyConstant is to create an investment order that suits you. 

By clicking on “invest” in the top left corner, different investment options will. Your investment can start with as little as $50. You can invest USD or Stablecoins. 

You can also choose your interest rate (choose the default option for a guaranteed match” and investment term.

Step 2: Deposit Funds

Now, you need to deposit the funds that you mentioned in your investment order. You can choose to wire the money or make a direct deposit. 

The recommended way to deposit the funds is Zelle which is the fastest, cheapest, and easiest way. 

Note that after completing your investment order, you have to deposit your funds within 3 days.

Step 3: Withdraw Your Funds

Once you have been matched to a borrower and have completed the investment term, you can now withdraw your funds. 

You can also choose to reinvest your funds for a more significant profit. You can also transfer your StableCoins or USD to an overseas account. Withdrawing your funds is free.

Fees at MyConstant

As an investor, MyConstant doesn’t charge you any fees, no matter whether you’re depositing, lending, matching, or withdrawing your money.

MyConstant Returns: How Much Can You Earn? 

Investing at MyConstant comes with different plans and programs. To make more benefits, you need to take risks and deposit more money online. 

The plans offering unique benefits are as follows:

Flex Account

Whenever you deposit your funds, the funds go to a Flex Account. So until finding a borrower, you keep earning profit for every second.

With the Flex Account, you’ll earn 4% APY on the money you deposited. 

You can withdraw your funds any time you want without paying any withdrawal charges. 

You can start investing with as low as $10 and go up to $5,000. There’s no minimum limit to withdraw your funds.

Crypto-backed Financing 

MyConstant’s Crypto-backed Financing program enables bitcoin p2p lending by matching you with borrowers who want to borrow fiat currency. The borrowers can get a crypto-backed loan against multi-coin collateral. You can earn cryptocurrency for your USD as borrowers put up their cryptocurrency as collateral. 

The investment terms for this plan are 30 days, 90 days, and 180 days And the profit that you gain in the form of cryptocurrency is 6%, 6.5%, and 7%, respectively. 

You are guaranteed your money and profit because collateral in the form of cryptocurrency is your insurance.

  • Crypto-lend – if you have cryptocurrency in the form of Bitcoin (BTC), Etherum (ETH), or Binance Coins (BNB), this is the best choice for you. MyConstant uses your cryptocurrency to liquidize decentralized exchanges instead of matching you with a borrower. As soon as you sign up for this plan, you start earning profit up to 9%. MyConstant has allotted $3M to compensate for any losses that happen to investors if MyConstant is at fault. You can withdraw your cryptocurrency anytime you want.
  • Loan originator – with 11% APY, the loan originator is the most rewarding option for you. But, with higher profit comes higher risk. You lend your money online to remote borrowers that are not on MyConstant through loan originators. If everything goes well, you will get the profit promised to you. The plan spans over 6 to 15 months.

MyConstant Requirements

To start investing with MyConstant, you have to meet the following requirements:

  • You must be 18 years or older
  • You need to pass the KYC procedure, which includes ID verification, biometric verification, address verification, etc.

Your residency doesn’t matter as long as you can deposit funds in the form of USD or cryptocurrency.

MyConstant Reviews: Is MyConstant Legit & Safe?

MyConstant has an excellent rating of 4.5 out of 5-star rating on Trustpilot based on 960 reviews. 

The users report that they had a pretty good experience on the platform because of the security and protection that MyConstant provides to its customers. 

In addition, the platform is compliant with the Anti-Money Laundering Agreement (AML). It also uses KYC guidelines to verify the users. KYC guidelines protect you from fraud and other illegal activity. 

The privacy policy of MyConstant also dictates the transparent use of your personal information.

MyConstant Risks

While investing with MyConstant, you may expose yourself to the following risks:

  • Due to any unavailability of any borrower data, you cannot assess the borrower’s credibility.
  • In its terms and conditions, MyConstant clearly states that it can terminate your account at any time.
  • If your money gets stolen, there’s no way MyConstant can help you with that.
  • The cryptocurrency-backed investing accounts might face loss when the market rate goes down.
  • FDIC doesn’t ensure the flex account offering 4% APY.

MyConstant Mobile App

As a MyConstant user, you can access your account using a mobile app that’s available on iPhone and Android smartphones.

The MyConstant mobile app provides the same experience as a desktop website, and you can access all the features.

MyConstant Pros & Cons


  • Flexible investment terms
  • Borrower collateralized investing
  • A transparent platform with a live statistics page
  • No fees for investing, depositing, and extra membership benefits


  • Complexity in investment procedure because of many lending plans
  • Other currency holders need to send USD or cryptocurrency

MyConstant Alternatives

P2P Investment PlatformEligibility Criteria 
MyConstantA minimum initial deposit of $50
LendingClubA minimum initial deposit of $1,000
PeerFormBe an accredited investor
Prosper MarketA minimum initial deposit of $25

MyConstant vs. LendingClub

Both MyConstant and LendingClub act as an intermediary between investors and borrowers. In both cases, investors earn profits whenever borrowers lend the money deposited by investors. On LendingClub, you have to deposit at least $1,000, but with MyConstant, you can start investing with as little as $50.

MyConstant vs. PeerForm

Just like MyConstant, PeerForm also doesn’t require a higher credit score. However, to become an investor on PeerForm, you need to be older than 18 years and provide ID and other verifications – same as for MyConstant. 

PeerForm doesn’t let you invest if you are not accredited and don’t have an income of $30,000. It is not the case with MyConstant. 

So if you have a lower amount of funds to invest, it’s better to become an investor on MyConstant.

MyConstant vs. Prosper Marketplace

Prosper Market is a well-known P2P lending platform. It has different accounts that offer different investment options, just like MyConstant.

To invest with MyConstant and Prosper Marketplace, you don’t need to be accredited.

However, unlike MyConstant, Prosper only offers investment opportunities to residents in certain districts such as Columbia, Georgia, Florida, and Washington. While with MyConstant, you can invest from anywhere in the world.

MyConstant Lending Review Verdict: Is MyConstant Worth it?

MyConstant provides a better return on investment than other platforms or banks. The return potential MyConstant offers start from 4% and go all the way up to 11%. In the meanwhile, US banks such as Wells Fargo and JPMorgan Chase provide you with a 0.1% profit. 

You can choose from different investment options – with a flex plan, you earn profit even if you don’t do anything with your money. 

Although some risks are attached to the loan originator plan and others, the platform is easy to use and transparent.

Taking these points into account, we can say MyConstant is totally worth investing with.

MyConstant Customer Support

MyConstant has a reliable and helpful team of customer support that works 24/7. So whenever you have a question regarding your MyConstant account or encounter an issue, you can contact them. 

Here’s how you can reach out to MyConstant customer support:

Phone support is available Monday to Friday from 9 AM to 5 PM during the day and Monday to Thursday from 6 PM to 3 AM (PST) during the night.

MyConstant FAQ

What deposit methods does MyConstant accept?

MyConstant currently uses Automated Clearing House (ACH) to deposit up to $5,000. It also uses wire transfers that have no deposit limitations. They will phase out Zelle in the next few months and utilize Prime Trust for all their transactions.

Do you have access to individual assignment agreements?

Yes, you have access to individual Assignment Agreements that ensure the safe transfer of your funds or properties.

How fast can you withdraw your money?

You can withdraw your money any time you want. Bank Transfer via ACH or Wire transfers take 2-5 business days to show into your bank account. 

How do I insure my deposits?

You can track down your deposits from your profile. You will start earning 4% APY as soon as you deposit. If you don’t want to do that, you can disable Instant Access from your account page. In that case, through Prime Trust, MyConstant will store your funds in multiple bank accounts that are insured.

MyConstant Review

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