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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.

Harmoney RateSetter
Interest rate From 6.99% p.a. From 6.9% p.a. (variable rate)From 8.69% p.a. (fixed rate)
Interest rate type Fixed Variable rate (rates from 6.9% p.a. with terms from 0.50 months to 0.50 years)
Fixed rate (rates from 8.69% p.a.)
Secured or unsecured Unsecured Secured or unsecured
Loan amounts $5,000 to $70,000 $2,001 to $45,000
Loan terms 3 year(s) to 5 year(s) 0.50 year(s) to 5 year(s)
Early repayment without penalty? yes yes
  • 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
More Find out more Find 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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