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
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Harmoney personal loans rates
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Fixed up to 25.69%
Unsecured Personal Loan (Excellent Credit) (5 Years Term) (Amount > $5000)
based on $30,000 loan amount for 5 years
Fully drawn advance
- Interest rate may be low
- Extra repayments without penalty
- No monthly fees
- Interest rate may be very high
- No branch access
- No redraw facility
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 - Between $5,000 and $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.
- 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 send their enquiries through the post.
- Social media (Twitter, Facebook, Linkedin)
Who is eligible for a Harmoney personal loan?
You can’t apply for a personal loan with Harmoney if you have had past defaults, judgements or bankruptcies. You must also meet these conditions:
- Be at least 18 years of age
- Be an Australian citizen or permanent resident or New Zealand citizen
- Hold a valid Australian driver’s licence and Australian passport
- Be a full-time or permanent part-time employee
- Have an acceptable credit record
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 in the past 3 months
- 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.
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If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.