Subject: No new loans available to Harmoney retail lenders from 1 April 2020
From: The Harmoney Team
After careful analysis of Harmoney’s business model and the company’s strategic direction we have made the decision to no longer offer new loans for investment by retail lenders from 1 April 2020.
This does not affect existing loans, so current retail investments will continue to run out in accordance with their current terms following our closure of the platform to new retail lending.
This is not a decision we have taken lightly but we believe it is the right move to enable Harmoney to continue to lead the way in creating better personal loan products in a highly competitive market.
What this means for you as a Harmoney lender is laid out in detail below, however we would like to thank you for your support of Harmoney as a growing New Zealand business over the past five years.
What’s changing from 1 April 2020:
- Retail lenders will be unable to invest in new loans with Harmoney.
- If loans in your portfolio are rewritten or are paid off early, principal and interest repayments back into your account will not be able to be reinvested in further loans with Harmoney.
Auto-lend will be deactivated on 31 March 2020.