Harmoney seems to have adjusted the platform RARs upwards.
For many months, I remember the platform RAR as below 10. From my records (I take a snapshot of my dashboard every month) the platform RAR was 9.98% at 31 May 2018 and had been dropping since then to as low as 9.72 at the end of 2018. Suddenly it is now above 10. Looking at the graph in Market Stats, the platform RAR (in the present graph) had stayed above 10% throughout. So the line had been moved up the last few days!! Occasionally, I also record down the Retail RAR and it seems the graph had been changed as well for the Retail RAR. Wonder what is the rationale for them tweaking it.
Which peers are being serviced by Harmoney?
Quote:
Originally Posted by
BJ1
No argument there. I'm sitting on 13.5% cash and taken only one loan this month.
If retail lenders are being sidetracked for the benefit of wholesalers, perhaps it is time someone checked whether they are still functioning under an appropriate license.
Who are the core clients of a P2P business?
Quote:
Originally Posted by
BJ1
Trouble is, Beacon, that none of us are likely to get returns as good as these on the sums we have in Harmoney. There are many things I don't like about Harmoney's systems, behaviours, practices, but every time I feel disgruntled enough to ring the FMA, I rethink as I don't want to kill the golden goose.
Fair point BJ1, but returns have been good in a goldilocks economy. Harmoney hasn't been tested by a recession yet, and losses are already 4-5% of issued capital - chewing through roughly a quarter of gross income in golden times.
That works for the wholesalers, as they have this income hasslefree and without associated variable and fixed costs of bricks and mortar lending shops.
Meanwhile, the retail peer waits all day to get a measly fill of orders, if they have indeed been diverted to wholesale. Seems the golden goose has gotten too comfortable laying skinnier eggs for its core clientele.