Harmoney

[JohnMac]

The shortage of loans is getting me concerned - the product does not really seem to be taking off with borrowers.
Harmoney will also be concerned and be considering dropping their credit criteria to let more lower ranked borrowers in.
This is the problem with this whole model - it's not Harmoneys money at stake.

Fortunately I have only had 2 loans default both of which I had only contributed $25 each thank goodness. But one of the loans was for $25675 which means a lot of investors got stung. It was a 'D2' category loan but I would have though they would not have lent such a large amount to a D2 category borrower. I have another one which is a A1 category loan where I have contributed $500. The borrower appears to have only paid 2 installments since September so waiting to take a big hit on this one.

[humvee]

" BORROWER DETAILS

BORROWER COMMENTS
Purchase a 2003 Mazda MX8 - can offer this as security onto this loan. I already have my van as security on this loan."

I thought all harmoney loans were unsecured - if so this tends to say that harmoney is not doing even the most basic of fact checking on comments. Not even checking for outright lies that impact fundementally on how good/safe the loan is

[Kees]

" BORROWER DETAILS

BORROWER COMMENTS
Purchase a 2003 Mazda MX8 - can offer this as security onto this loan. I already have my van as security on this loan."

I thought all harmoney loans were unsecured - if so this tends to say that harmoney is not doing even the most basic of fact checking on comments. Not even checking for outright lies that impact fundementally on how good/safe the loan is

Lots of punters dont seem to mind its 90% full so what's your point I would say punters beware.
I personally would not punt on this sort of loan but they tell the story so you can make up your own mind.

[Broke]

sometimes, putting more than $100 into a single loan is asking to be burned. If it defaults, thats a months earnings right there.. i've always tried to keep myself put just 25$. It may take months or years but just gotta stick to that habit.

I always try to resist the temptation.. Cant really expect Harmoney to be 100% default-free.. Even your brick-and-mortar banks get defaults.. I love the service Harmoney offers, otherwise my money will be sitting in Trust funds.. Its another good addition to a portfolio

And quite an interesting concept from a banking standpoint

[kiwi_on_OE]

I didn't lose anything in the ones that were listed in the recent fraud, but I did have 2 notes in one that never made a payment around the same time which have now been written off. I have to wonder if Harmoney has become a target for ID fraud criminals?

I get crap happens, written off loans is part of doing business with such a high return, the problem I have is that there is little (read no) communication to investors about a loan that is written off, eg Why was it written off? etc

Yeah, I would have thought the communication to investors, particularly on the fraudulent loans, but arguably on any that get written off would be nice. Even if once a month or something. Letting us know a bit about the steps that have been taken, and/or why it was written off.

Even the recent frauds, people have been arrested, so they must be in NZ. I wondered why they were written off so quickly. But nothing from Harmoney. Not a proactive company.

[Bjauck]

Lots of punters dont seem to mind its 90% full so what's your point I would say punters beware.
I personally would not punt on this sort of loan but they tell the story so you can make up your own mind.

Was that loan successful in the end? If the borrower comments claimed the loan was secured and it actually is not, it sounds like an issue of misrepresentation. Should Harmoney actually pay out the funds to the borrower in that case?

[Kees]

Was that loan successful in the end? If the borrower comments claimed the loan was secured and it actually is not, it sounds like an issue of misrepresentation. Should Harmoney actually pay out the funds to the borrower in that case?

It got filled but it could still be rejected . I have lately noticed that some loans get rejected after being filled and the money returned to my account
for further investing in new loans .
some good loans this morning A & B's they will fill quick.

[Harvey Specter]

It got filled but it could still be rejected . I have lately noticed that some loans get rejected after being filled and the money returned to my account
for further investing in new loans .

On Sunday, my balance increased for $2 to 27, to 52, to 77 to 102, I assume as loans I had invested in were being rejected or turned down.

[777]

On Sunday, my balance increased for $2 to 27, to 52, to 77 to 102, I assume as loans I had invested in were being rejected or turned down.

Or repaid.

[CR111]

some good loans this morning A & B's they will fill quick.

Interesting the different ideas people have. I am very reluctant to pick up the A and B loans. I'm much more interested in choosing the C and D loans. I have also noticed that the F loans seem to be filled up very quickly.