Harmoney vs RateSetter: Fees, rates and features compared | finder.com.au

Harmoney vs RateSetter

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


Fact checked

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

  • Please note that RateSetter has been rebranded to Plenti. The information on RateSetter has been kept for the benefit of those who are interested and historical records only.

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 6.49% p.a. (variable rate)
From 6.49% p.a. (fixed rate)
Interest rate typeFixedVariable rate (rates from 6.49% p.a. with terms from 12 months to 1 year)
Fixed rate (rates from 6.49% p.a.)
Secured or unsecuredUnsecuredSecured or unsecured
Loan amounts$2,000 to $50,000$2,001 to $45,000
Loan terms3 years to 5 years1 year to 2 years
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 personal loans with fixed rates while RateSetter offers fixed or variable rate personal 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.

More guides on Finder

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off for applications submitted by 31 March 2021.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site