Take advantage of Harmoney’s peer-to-peer lending platform, where you can get a competitive rate based on your credit score.
Harmoney’s peer-to-peer (P2P) platform is a meeting place for investors and borrowers to enter into a mutually beneficial loan arrangement.
If you’re looking to apply for a personal loan, your interest rate will be personalised based on your profile. Once an investor selects your application, your loan can be funded within 24 hours.
3 things you should know about this loan
- Tailored interest rate. You will receive an interest rate of between 6.99% p.a. to 28.69% p.a. based on your credit profile.
- Restrictive loan terms. You can only select loan terms of 3 or 5 years, However, while the loan terms are restrictive, you can repay the loan ahead of schedule if you're able.
- High upfront fee. You are required to pay a one-off $500 platform fee which is added to your loan amount.
|Product Name||Harmoney Unsecured Personal Loan|
|Interest Rate (p.a.)||From 6.99% (fixed)|
|Comparison Rate (p.a.)||7.69%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$70,000|
- Tailored, competitive rates
- Apply for up to $70,000
- No security required
- Restrictive loan repayments terms
- $500 upfront fee
Main points to consider with Harmoney's P2P loans
A personal loan from Harmoney is an unsecured loan that can be used for any worthwhile purpose. Borrowers can apply for loans of between $5,000 and $70,000.
Once your loan application has been reviewed by Harmoney, your credit profile is verified to determine your creditworthiness. Following this check, your profile will be listed on the live lending marketplace where most loans are funded within 24 hours of being posted. From the application to having your loan funded, the whole process takes place online.
Interest rates vary according to your profile. Borrowers can choose loan periods of 3 or 5 years
What features come with Harmoney's P2P loan?
Here are some of the features of Harmoney’s P2P loans:
- Unsecured loans. These loans are unsecured, which means you don’t have to declare valuable assets as collateral and risk losing them.
- Tailored interest rates. Interest rates are tailored according to your profile. Rates vary between 6.99% p.a. to 28.69% p.a.
- Flexibility. Loans can be used for any legal purpose.
- Repayments. You repay your loan every month by direct debit and have your choice of loan terms – terms of 3 or 5 years are available.
- Minimum amounts. Borrowers can apply for up to $70,000, while investors can open a Harmoney account with a minimum of $2 million.
- No early repayment fees. You can repay the whole loan amount before the end of the loan period without risking a penalty fee.
How much will the loan cost?
Borrowers pay a one-off $500 platform fee that’s added to the requested loan amount. As long as you make the required payments, there are no additional fees charged. If a payment is dishonoured you’ll be charged a fee of $15.
How you can apply for a Harmoney personal loan
The application process is completed online. To be eligible for a loan on the Harmoney P2P marketplace, you must:
- Be applying as an individual (not a company, partnership, incorporated society, trust or other legal entity)
- Be an Australian citizen or permanent resident or a New Zealand citizen with a valid Australian driver's licence or passport
- Be at least 18 years old
- Have a reasonably good credit record
You’ll need to provide your personal details, information regarding the loan you’re after as well as your financial information.
If you’d like to become a Harmoney investor, you must be a Sophisticated Investor with net assets of at least $2.5 million, or a gross income of at least $250,000 for the last two years. The minimum investment for Sophisticated Investors is $2 million.