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Harmoney Personal Loans

Harmoney is a marketplace lender that offers peer-to-peer lending.

Rather than applying to a bank and waiting for your personal loan to be approved, you apply online at Harmoney and investors can individually decide if they want to lend you money and how much they’ll contribute.

Harmoney was founded in New Zealand in 2014 and was the country’s first licensed marketplace lending website. It now also operates in Australia.

Harmoney personal loan repayment calculator

Thinking about taking out a personal loan with Harmoney? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Harmoney personal loan compare with various products.

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Harmoney Personal Loans rates

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Features of Harmoney personal loans

Unsecured loans

All Harmoney personal loans are unsecured, so a customer doesn’t need to use an asset like a property or car as collateral.

Personal loan amount

$5,000 - $70,000.

Tailored interest rates

The interest rate on Harmoney personal loans is set by a customer’s credit score. The higher your score, the lower your interest rate. Interest is charged daily and charged on each repayment.

Personal loan terms

Three to five years.

Repayment options

  • Weekly, fortnightly, monthly
  • Additional payments can be made without penalty
  • Pay entire personal loan off early without penalty


  • Establishment fee charged (which is added to loan amount).
  • No monthly fee
  • Penalty fee charged for dishonoured payments

Harmoney personal loans – customer service

Harmoney is an online marketplace lender, so most of its customer service is online, although borrowers can also call a free customer service number or post their correspondence.

  • Email
  • Social media (Twitter, Facebook, Linkedin)
  • Phone
  • Mail

Who is eligible for a Harmoney personal loan?

You can’t apply for a personal loan with Harmoney if you have had past insolvencies or bankruptcies. You must also meet these conditions:

  • Be at least 18
  • Be an Australian citizen or permanent resident or New Zealand citizen with a valid Australian driver’s licence, New Zealand passport or Australian passport, a current Australian physical address and an Australian bank account
  • Have an acceptable credit record
  • Have a bank account
  • Apply as an individual rather than a company or other legal entity

How to apply for a Harmoney personal loan

The application process is 100 per cent online. You will need the following information and documents at hand:

  • Your name
  • Your address
  • Employment details
  • Proof of identification (government-issued photo ID like driver’s license or passport)

Rather than submitting bank records and pay slips, Harmoney verifies your information by electronically accessing (with your permission) the following:

  • Your bank account records to verify income and expenses
  • Consumer credit bureaus to assess your credit history
  • Motor registry departments (for your driver’s licence) or the Department of Foreign Affairs and Trade (for your passport) to validate identification

Unlike big banks and most other Australian lenders, Harmoney practices peer-to-peer lending. So once you apply for a personal loan, investors check out your listing and decide if they want to fund your personal loan, and how much they want to invest.

Your personal loan will be settled as soon as it’s fully funded.

After 14 days, if your personal loan hasn’t been funded, Harmoney will contact you and offer other options, including withdrawing your listing or relisting the loan for the same or a lesser amount.

Harmoney personal loans review

Harmoney unsecured personal loans can be used for a wide variety of purposes, including consolidating debt, renovations or a holiday.

The peer-to-peer lender offers personalised interest rates, which reward borrowers with excellent and good credit scores with very low interest rates on their personal loans. Borrowers with average or below-average credit profiles will be charged high interest rates, because they are seen as a risk.

The online application process for a personal loan is reasonably straightforward, however the speed at which it is processed depends on how quickly individual investors decide to lend you money. This process can take just a few hours, but it could also take several days and you may not find anyone willing to lend you money.

There is only one fee - an upfront fee. There are no ongoing fees and no charges if you make extra repayments or pay off your entire loan early.


Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

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