Originally Posted by
Cyclical
Hey people, as the occasional Harmoney customer, thought I'd office some feedback on the application process. I tend to use the service as a big overdraft if I want to buy a new car. It has served me well for this purpose in the past, for the following reasons...I can get single figure interest rates, the admin fee is about $150 (last time I used it anyway), you can pay it off as quickly as you like without penalty (works for me as I'm probably selling my old car and shuffling money around left right and center and typically have it cleared within a couple of months or so), and lastly, it has been really easy and convenient to arrange.
My current attempt at using it though has been painful. I'm assuming a lot of it has got to do with the recent lending regulation changes. There are a whole lot more questions, some not very clearly written, or pretty ambiguous in their phrasing, the whole logging into your bank accounts doesn't seem to want to pick up out incomes anymore, so that has to be manually entered, which is another 4 or 5 page form which includes stuff that was already covered. One of the frustrating things about trying to enter income manually is if I put a weekly figure in there, it calculates the monthly income as being 4 x that, which it isn't, as there are 4.3 weeks in a month, which equates to a big difference in dollars.
Anyway, gave up on it, and I won't be the first. Can probably expect a phone call next week to guide me through what is now a pretty crappy experience. Anyway, on the bright side, I won't be wasting money on that BMW I was eying up ;-) Does make me wonder though what this type of experience is going to do for Harmoney's business going forward.