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.
Printable View
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.
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
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.
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).