Date Updated: August 1, 2022
PennyWorks Notes
PennyWorks offers investors the opportunity to increase yields through the use of Notes.
Overview
The PennyWorks Notes (promissory notes issued by HybridFi Lending LLC) pay interest daily and have no lock-up periods. You can redeem the Notes for USD at any time. The funds are used to generate yield in digital asset lending platforms.
Features
Fees
Management fee
0.00%1
Target APY
4 - 6%2
Schedule
Payment schedule
Daily Interest
Terms
None. Fully liquid3
Structure
Tax document
1099-INT
Offering structure
One-day Note
How To Invest
- Create a PennyWorks account
- Verify accreditation
- Send funds
- Watch your investments grow
Frequently asked questions
How often do I get paid?
The interest paid is added to your existing balance daily, and you begin earning interest immediately. Effectively you get daily compounded interest.
How does my investment generate income?
The funds are used to make collateralized loans backed by digital assets. The yields on such lending protocols vary daily, and we may change the yields offered on the Notes as market conditions change. For more details on the mechanics of digital-asset lending, please see the PennyWorks Spec Sheet.
We aim to be transparent about where the funds are placed. See our Investment Methodology to get an overview of the vetted protocols we use.
The Notes carry risk since they are not FDIC insured and are placed on decentralized lending protocols to generate income. For a detailed description of the risks, please log into your PennyWorks account to access the Private Placement Memorandum regarding the Notes.
When can I redeem the Notes for cash?
You can redeem the Notes at any time and have options to receive the funds via ACH or WIRE. You can find more information about funding options and redemption options in our FAQs.
1 We charge no management fees and there are no redemption fees via ACH. We offer wire transfers for an added charge. Please note that our fees do not include any potential charge applied by the receiving banks.
2 To view a full APY breakdown, please view our Rates.
3 Request your funds back anytime with no lock-up periods.
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Neither the Securities and Exchange Commission ("SEC") nor any federal or state securities commission or other regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by, or through, this Site. HybridFi is not registered, licensed, or supervised as a broker dealer or investment adviser by the SEC, the Financial Industry Regulatory Authority, or any other financial regulatory authority or licensed to provide any financial advice or services. HybridFi is not registered as an investment company under the Investment Company Act of 1940, as amended. HybridFi Lending LLC dba PennyWorks NMLS #2184982.
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