Harmoney

[777]

There was a thread for this but it went missing with temporary bannings.

I am interested in how any investors are going. Have you had many defaults yet?.

I have been investing for about 7 weeks now and so far all those that are due have paid up.

[Entrep]

Sorry I know I should really look through the website, but what happens when someone defaults?

[777]

Sorry I know I should really look through the website, but what happens when someone defaults?

https://www.harmoney.com/how-it-works/borrower-faq

[Harvey Specter]

My experience matches Black Knat exactly.

Unfortunately my bank balance doesn't. Invested in over 100 loans but only 1 or 2 notes in each. Focusing on D and E 36 month loans.

From what I have read on overseas experience, the default rates are about right so you are rewarded for the extra risk. Whether Harmoney has got it right like lending club and prosper, only time will tell.

[777]

Good to know a few of us around investing. I tend to stick to the 36 month ones and B's thru D's. Usually in 10 unit lots. Reasonably time consuming and you have to be watching a lot as many loans get filled quite quickly.

Interesting only two loans showing on market at present.

Will keep you posted on any failures when they occur.

[Soolaimon]

At the moment I have 10 loans in arrears, suddenly up from one. Could be that people have over-spent for xmas etc. or maybe the banking system is out of wack with the harmony system during the holiday period???

[777]

At the moment I have 10 loans in arrears, suddenly up from one. Could be that people have over-spent for xmas etc. or maybe the banking system is out of wack with the harmony system during the holiday period???

When you say "in arrears", have you been informed of that or are you calculating that yourself. Remember that there is at least 3 business days before you see the payment credited against your loan and with the public holidays effect, this will affect both the borrowers payments being debited against their account and therefore the receipt by Harmoney. Then the 3 days to show up for you.

[Soolaimon]

Re the arrears, yes I have been informed by harmony that there are 10 loans in arrears totaling $43. I have checked through all other loans due about the same time ie. 23-24th Dec and one or two are paid up but the 10 are not. However I am pretty sure it is due to the 3 day thing at this time of the year. We will know more on the 3rd of Jan I guess.

[Harvey Specter]

Re arrears, I always have them. Sometimes it is just the first pay,ent not being set up properly from what I can tell. They always seem to get paid (with very little in penalties).

Having said that, I am starting to get concerned with the quality of some of the data. It sometimes fluctuates throughout the day in a way that can't be reconciled - outstanding reduces even though no payment received.

[777]

Two E1's there today. Each with different interest rates. One has a lower rate than the D4 showing.

LAI-00003583 E1
68.4% 5,300.00 22.94% 4.4%

LAI-00008726 E1
12.26% 5,300.00 24.66% 2.78%

LAI-00008731 D4
5.8% 10,350.00 22.96% 2.21%