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Harmoney personal loans
Harmoney is a marketplace lender that facilitates personal loans to eligible customers.
Rather than letting people assess who is creditworthy, Harmoney utilises technology to assist investors in making data-driven decisions that may determine if they want to lend you money, and how much they may 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.
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Why choose Harmoney
Harmoney Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
Total interest
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
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.
- Repayment options - Weekly, fortnightly, monthly. Additional payments can be made without penalty. Pay entire personal loan off early without penalty.
- Fees - Establishment fee charged (which is added to loan amount), no monthly fee but 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)
- Phone
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
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. This 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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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
