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How to borrow money against your crypto in 4 simple steps

Going long on crypto can mean being short on cash. Whether your car breaks down or your boiler packs up, life doesn’t give a damn about your investment strategy. At times like these, selling might seem your only way out.
But instead of selling up, you can borrow against your crypto for as little as 10% APR through our P2P lending platform. And once you repay, you get your crypto back. That way, you get the money you need without losing the potential uplift of your tokens.
If that sounds like a good plan, follow the steps below. As ever, if you get stuck or have any questions, please get in touch at hello@myconstant.comor give us a shout on Telegram.

Step #1 — Create your borrow order

Our borrow page
Now, choose:
  • how much to borrow. There are no maximum limits, but the minimum is $50.
  • your collateral. We accept 30 different cryptocurrency tokens, and you need to put up 150% of the loan value in your chosen token.
  • the wallet to return your collateral. Please enter the correct address so we can return your collateral when you repay.
  • the currency. Currently, you can borrow US Dollars or Vietnamese Dong.
  • the interest rate. Go as high or as low as you want, but for a guaranteed match, choose the default option (currently 10%). This is the market rate.
  • the loan term. Choose a term that’s comfortable for you — give yourself plenty of time to repay.
There is a 1% fee to match you with a lender. This helps us maintain and develop the platform, attract new customers (so you always find a match), and build partnerships with other promising blockchain projects that add value to your experience.
Once you’ve selected the details for your loan, click Borrow cash.

Step #2 — Send your collateral to escrow

Either copy the address or scan the QR code to send your collateral
Please send your collateral within 60 minutes. After that, your order will expire (you can easily recreate it). This is a security measure that protects the integrity of the platform and ensures we can service orders on time.
Once the collateral is in escrow, the platform will search for a lender. You can check the progress of your order on your Accounts page. Your loan orders are listed on the right hand side, and on the top right, you can check the status (see the pic below):
  • Pending means we’re awaiting your collateral.
  • Matching means we’re finding you a suitable lender.
  • Matched means your term has begun and your money is in your account.
  • Expired means we didn’t receive your collateral in time.
  • Closed means you cancelled the order before matching, or you’ve repaid the loan.
All your loan details are here
During the loan term, you can also:
  • recall excess collateral if its value has risen.
  • top up collateral if the value falls close to the liquidation threshold.
  • repay early — but you’ll have to pay 50% of the total interest due if you repay before 75% of the loan term is up, and all the interest if after 75%.

Step #3 — Withdraw your loan

Manage your loan from the Accounts page
To withdraw cash, click Withdraw fiat. You’ll then see the screen below.
Withdraw quickly and easily using Zelle
Enter the amount, payment method, and recipient details — this will be your Zelle email address, or if you’re wiring the money, your bank details. Click Send.
Zelle transfers usually happen in minutes, but a bank transfer can take up to two business days. All transfers incur a withdrawal fee of 0.25%, capped at $35, to cover bank fees.
To withdraw as a stablecoin, click Withdraw crypto. You’ll then see the following page.
Or withdraw the loan in stablecoins
We support ETH, EOS, and TOMO wallets.
Enter how much you want to send, which stablecoin you’d like to withdraw (we support CONST, USDT, USDC, and TUSD), the wallet (ETH, EOS, or TOMO), and the wallet address.
Withdrawing in CONST, our native stablecoin, is FREE and INSTANT. Please make sure the wallet you are withdrawing to supports CONST and please do not send CONST to an exchange wallet as it might get lost.
Withdrawing in any other stablecoin incurs a fee of $7 (to cover sourcing costs) and takes up to one business day.

Step #4 — Repay the loan

It’s important to repay your loan on time. If you’re more than 24 hours late, you’ll pay a 3% late repayment fee, and if more than 48 hours late, we’ll sell your collateral to repay the investor. Selling your collateral is always a last resort, but it’s the only way we can give our investors the confidence to lend through our platform.

And that’s it — you are now an expert in borrowing money using your crypto assets as collateral. So next time you’re in a hurry for some “greenbacks” but don’t want to liquidate your assets, give us a try!
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