comparing products

Harmoney vs RateSetter

Trying to find the right peer-to-peer loan for you? Compare Harmoney and RateSetter before you apply.

If you're trying to find a personal loan, you might be considering a loan from a peer-to-peer (P2P) lender. On this page, we compare the main fees, rates and features of loans from two prominent P2P lenders, Harmoney and RateSetter.

Interest rateFrom 6.99% p.a.From 4.2% p.a. (variable rate)From 8.46% p.a. (fixed rate)
Interest rate typeFixedVariable rate (rates from 4.2% p.a. with terms from 0.50 months to )
Fixed rate (rates from 8.46% p.a.)
Secured or unsecuredUnsecuredSecured or unsecured
Loan amounts$5,000 to $70,000$2,001 to $45,000
Loan terms3 year(s) to 5 year(s)0.50 year(s) to 5 year(s)
Early repayment without penalty?yesyes
  • Aged over 18
  • Australian citizen or permanent resident OR
  • New Zealand citizen with an Australian driver's licence, Australian passport or New Zealand passport, a current Australian address and an Australian bank account
  • Acceptable credit record
  • Aged over 21
  • Australian permanent resident or citizen or New Zealand citizen
  • Have a regular source of income
  • Have a good credit history
MoreFind out moreFind out more
  • Verdict

Harmoney and RateSetter both offer competitive loans but differ slightly on their product offerings. Harmoney offers unsecured loans with fixed rates while RateSetter offers fixed or variable rate loans that can be secured or unsecured. The loan amounts differ slightly, as do the loan terms (RateSetter's loan terms are tied to the rate type). Also, Harmoney has slightly more flexible lending criteria.

As there are quite a few differences between these lenders, make sure you compare the benefits and drawbacks of each thoroughly before making your decision.

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Important Information*
Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a. based on your credit history.

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.

Pepper Money Unsecured Fixed Rate Personal Loan

Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.49% p.a. The rate you are approved for depends on individual circumstances.

NAB Personal Loan Unsecured Fixed

An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.

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