Blog News The MyConstant July newsletter

The MyConstant July newsletter

date August 17, 2020 time 3 min read

Happy August everyone,

It’s been an eventful month here at MyConstant.

Right at the beginning of quarter 3, COVID saw a resurgence in Vietnam, causing our Ho Chi Minh City office to work from home for a couple of weeks.

Fortunately, we’ve had practice from earlier this year. And our main office in California is still plugging along as usual (with proper health precautions of course).

The need for steady capital growth and timely loans has only increased worldwide. That’s why this month, we launched a bunch of new features and have some impressive figures we want to share with you.

Q2 Highlights

We had a big second quarter this year. Here are a couple of highlights as we move into Quarter 3. 

  • We matched over $15.8M in loans.
  • Our platform now has an 80% investor retention rate.
  • Q2 loan volume has grown 30% from Q1.
  • 4,483 of you joined our platform during the past month.

The full report is attached here. 

Make more streamlined transactions on MyConstant with Plaid ACH

We’ve heard your concerns about complicated transfer processes on MyConstant, and we’ve listened. That’s why we’re pleased to bring Plaid ACH integration for your US bank accounts.

Launched at the beginning of August, Plaid ACH offers you significantly lower fees than a wire transfer and a smooth integration with our custodial partner, Prime Trust.

When transferring to MyConstant through Plaid, we also give instant credit to your Flex account (up to the amount you currently have on MyConstant plus $1,000). While you won’t be able to immediately move this money into other investments until your ACH arrives, it will start earning at 4% APY as soon as you click “send.”

Plaid ACH is currently only available to US bank accounts. Wire transfers are still required for all other banks.

Earn cash prizes and bragging rights for trying new things on MyConstant with Badges

We know we have a lot of features on our platform. You may be unaware of just all the ways we offer to help you earn and save. We wanted to give you a little bit of encouragement to try something new with our Badges program.

Constant badges let you earn bragging rights and small cash prizes for everything from trying a new feature to writing articles about us online. Go check them out if you haven’t yet. 

We’ve also launched a special promo for you aspiring content creators. You can now earn up to $250 in cash prizes plus affiliate referral rewards by writing about MyConstant online. The more you publish, the more you earn!

And there’s a special badge for it too.

Summer promos

This summer, we upped our $1,500 trial bonus to new signups in the US to $2,000. The promotion was so popular that we’ve extended the end date.

That means now through the end of August, if you refer your friends, they’ll earn interest on $2,000 in their account during the first 30 days and keep the interest. The best part? You still get your cut as your referral reward.

Call MyConstant around-the-clock

While we’ve always prided ourselves on our 24/7 customer service until now, we’ve only been able to offer assistance by phone during working hours from our California office. No longer. This July, we launched our new 24-hour phone service. 

Now you can reach our representatives in person around the clock to talk you through anything that might be troubling you. You can contact us through the number in the footer.

Housekeeping:

Rates changing on August 21st at 9 am PST

After the above date, when you make a crypto-backed investment, rates will be:

  • 6% for 30 days
  • 6.5% for 90 days
  • 7% for 180 days

All investments made before this time will continue at their original rate.

We understand these decreases may be disappointing. We definitely don’t like reducing interest rates, either. The majority of our revenue comes from a 1% matching fee paid by borrowers. So there is no direct financial benefit for us.

When borrower demand drops, we must take action to ensure you can always match with someone, even if it’s at a lower rate. Borrowers regularly check the market for the best lending rates, and we want to continue bringing you fully-collateralized loans.

You can still earn up to 7% APR on our platform if you invest for six months. If you need access to your money sooner, you’ll earn 6% APR on a 1-month term. That’s still 3x more interest than a CD, and you don’t have to lock your money away for a year to get it.

We’re also one of the few crypto-backed lending platforms to let you swap between USD and stablecoins free of charge, with no conversion or withdrawal fees. Most other platforms pay interest on stablecoins only and expect you to sell them on exchange to get USD – all of which takes time, effort, and charges additional trading or conversion fees. We don’t.

In parting

I would like to personally say thanks to all of you who’ve been with us from the beginning and all you new customers. Remember, we love to hear your feedback. We want to continue making our platform something you want to use. Feel free to talk to us either here, Facebook, phone call, or Telegram.

-Peter


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Peter Upton

Peter Upton

Community Manager

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