Thanks Zaphod. I did try using both Firefox and IE but still have the same issue. I think I will just buy a few more HNZ, a lot easier :)
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Yes, I had a couple of those back in Sept/Oct. No notification then also. I called about it and was told that the loans were unfilled. Since then all I have invested in have been filled. Also, I have had two loans fully re-paid, one almost at issue time, the other within one month. Got a $2 return from that one!!
How many loans are up all the platform at once? Could you spread for example $50K across a decent number of loans to minimise the default risk/exposure?
no
Currently 22 loans (only 2 meet my criteria). Over the course of a few weeks you could (depend on what your criteria are). Say 100 loans at $500 max is descent spread. I would do it slower though as $500 per loan is a lot.
There are others here that have invested that much so they may let you know how long it took, and the max they put into each.
Not many at any moment in time but there is fairly regular movement in terms of completing financing of individual loans and new offers arriving. If you believe the numbers they stated in various media blurbs it implies they have completed 1,400+ loans since start up ($20m in loans, $14,000 average).
If you wanted to invest $50,000 it might take a while depending upon your risk tolerance. I note Harmoney recommend you purchase no more than 10% of a loan but would suggest unless you are investing millions this would represent an unwise degree of concentration risk for sums like $50,000. Think wiser to take your time and buy into hundreds to allow more room for the pricing vs default statistics to work as designed.
I've been buying into many loans at small values on behalf of my partner to achieve wide diversification since there is no control or visibility of the underwriting/risk assessment process. Based upon desired criteria have over 6 weeks bought into 70 or so loans so far. We intend to continue purchases at the same sort of pace for 3 years assuming the numbers and Harmoney (and their assessment process!) performs as expected.
What's the tax situation for lenders? Do Harmoney deal with the RWT? Is it tax free?
I just signed up today and tried to invest a small amount, but apparently there aren't enough loans on the marketplace. Is that a sign of not many borrowers, or has the recent media attention created a flood of investors? I hope it's not normally this hard to find loans to invest in!
There is over a page of loans currently which is good for them - have very rarely seen 3 pages and have had them run out completely. I understand they drip feed them to the market so as those get taken up, they will be replaced.
Of the 2 pages currently, only 2 meet my criteria.
Ive never used quick invest. What rate did you ask for?
It is pretty quick using the filters to fine loans you are interested in (for me C-E 36 month). When I was investing, I would guess I would average about 10 loans (so multiply that by the number of notes per loan you want to get $ amount) a week ( I did weekly deposits). In some cases this only took a day, in others it took the whole week to find them. In others I found them quickly but they expired without filling fully. It would probably be a bit quicker now so maybe expect 20 loans per week depending on how strict with criteria you are.
I didn't get to that stage. First you enter an amount (I tried low amounts like $500 and higher amounts like $3000) and every time it comes back saying there are no notes available.
Never mind, maybe I will look into it again when it gets more popular and there are more loans at any given time.
So I assume all other Trade Me uses got an email today promoting Harmoney like I did.
Hopefully this publicity will increase the demand for loans and give some supply easing for investors (if that was the case above).
Anyone else looking at investing in this?
Received mine this morning
Yes just signed up
Should have renamed it "Shark Me" or something similar. It will end in tears for the lenders; mark my words.