Harmoney

[Harvey Specter]

So correct me if I'm wrong, but if you wanted to borrow a small amount, say $1000 - I agree to a three year loan but I can pay it off at any time without penalty? So basically its payday lending disguised as a long term loan in order to avoid the payday regulatory problems?

Yes but there is also a upfront fee to Harmoney (which is being investigated for being too high) which would disincentivise using it as a payday loan, though it may work out cheaper than some of the dodgy places.

[humvee]

Is the Amount in Arrears total actually correct/updating currently. Mine has been exactly the same to the cent for over 2 weeks. It use to change daily.

[Puggy]

Is the Amount in Arrears total actually correct/updating currently. Mine has been exactly the same to the cent for over 2 weeks. It use to change daily.

I think it only goes up every time there is a missed payment, so depends on how many loans you have and what their payment dates are.

[whitt]

Ok my one month update.
System seems to work fine.
Quick invest system would be good if I could choose a few more options.
Loan rewrites/ early repayments seem unfair. Harmoney fees encourage users to repay early. However that also means they double dip on the fee. These will quickly add up and erode returns.
Add in tax rate of 33% and high returns soon drop to below 10%

Squirrel money p2p on the other hand has potential to be a suitable alternative. Slightly lower returns but less of the issues Harmoney has.

Maybe I might try both p2p

[humvee]

I think it only goes up every time there is a missed payment, so depends on how many loans you have and what their payment dates are.

I have around 200 loans so for quite a while it wàs updating almost daily. Until it just stopped changing

[Soolaimon]

I have around 200 loans so for quite a while it wàs updating almost daily. Until it just stopped changing

My arrears have not changed in the last 25 days or so. Some are more than 2 months behind. If they all (9) default, I will be down by about $500 and that will bring the net returns back to 4/5%. More communication from Harmoney would help.

[777]

Just click on the "details" on the arrears on the dashboard page to see which loans are in arrears.

Or go to the new pages and select records. Those in arrears are highlighted in yellow.

[WingingIt]

My arrears have not changed in the last 25 days or so. Some are more than 2 months behind. If they all (9) default, I will be down by about $500 and that will bring the net returns back to 4/5%. More communication from Harmoney would help.

Check out the dashboard preview. The old dashboard for me is one or two payments behind for the ones in arrears

[Harvey Specter]

I have pretty much lost all faith in the accuracy of their reports. I have loans from November which still show 36 monthly payments due even though payments have been received (and thats just one issue I have spotted, there are others aswell).

[scottwalshnz]

I have pretty much lost all faith in the accuracy of their reports. I have loans from November which still show 36 monthly payments due even though payments have been received (and thats just one issue I have spotted, there are others aswell).

In the new portal I have orders that say they are running at 78% pa return...