Harmoney

[Puggy]

Out of 15 loans in the C-E buckets 9 of them are for exactly $10,600. They appear to be for different purposes, but is there a reason they're all this value?

[scottwalshnz]

Out of 15 loans in the C-E buckets 9 of them are for exactly $10,600. They appear to be for different purposes, but is there a reason they're all this value?

People like round numbers, the people wanted $10,000 plus the $600 Harmoney platform fee comes to a loan of $10,600.

[McGyro]

Harmoney are running ads encouraging borrowing for holidays as a way of avoiding jealousy: "Get your own holiday pics. Dont be jealous of your friends' holiday, take your own with a peer-2-peer loan." Responsible advertising?

[Harvey Specter]

I have had a couple of loans written off - a B3 and a F3. neither ever received a payment.

[Beagle]

I have had a couple of loans written off - a B3 and a F3. neither ever received a payment.

That's a bit of a worry as in my view one could take the view this is a sign that some degree of fraud is slipping through Harmoney's front end loan application process. Were they loans for overseas holidays by any chance...people with no intention of returning ?

[black knat]

Interesting Harvey those two loan are my only write offs also. I made contact with them about the b3 and was told it was an exceptional circumstance where the guy had lost his job. They reckon they wold have made the same assessment on the loan is B3. I guess that sort of thing will happen sometimes - I have over 300 loans and don't expect or want to be involved in each one.

[newtrader]

I haven't had any loans written off (yet) but expecting a few will, hopefully less than the forecast rate...

I have noticed Harmoney have let some suspicious loans slip through with false information. As an example, I spotted was a borrower who was making 46k per month... Harmoney shortly noticed these irregularities and removed them from the marketplace. There is some value in performing your own 'filtering' when picking loans to fund.

This is one that was 'pending approval' but somehow ended up on the marketplace. Note the massive reported monthly income.

dodgy_loan.jpg

[Beagle]

Maybe he put his annual income down by mistake ? A lot of people are no good at dotting the I's and crossing the T's filling out forms either paper based or online.

[newtrader]

You might be right Roger. I hope Harmoney are vigilant and ensure their systems will pick up on errors and irregularities before they end up on the marketplace.

[Harvey Specter]

That's a bit of a worry as in my view one could take the view this is a sign that some degree of fraud is slipping through Harmoney's front end loan application process. Were they loans for overseas holidays by any chance...people with no intention of returning ?

unfortunately that info isn't avaliable one the loan goes though ( that I can find anyway) and with 100s of loans, I don't track that info.

The F3 isn't surprising but the no repayment at all on a $15k B3 loan does suggest fraud involved.