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Thread: Harmoney

  1. #3286
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    Auto lend is not the issue. I wonder if there will be a hiatus whilst they decide how to proceed. Don't want to be a scaremonger but anyone have an informed view of where to from here? Could the worst case be that they might have accrued a large liability if the fees were not supportable?

  2. #3287
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    Personally I wouldn't get too excited about this just yet. There are plenty of credit card 'lenders' charging well in excess of $60 every 6 months for the privilege. Even on a 3 year loan that works out to be $360...what is Harmoney charging? Is it unreasonable?

    Other Peer to Peer lenders are charging a similar rate +/-, so it may be seen as an industry standard/acceptable fee. Still a ways to go I think. Who would decide what a 'reasonable fee' should be?

    If the current fee was seen to be unreasonable, only the difference would likely have to be paid back and I doubt it would take much for Harmoney to re-jig it's fee structure to achieve the same result as it is now and continue on (though these constant fee/rate changes do undermine confidence in the platform to some extent).

    The Commerce Commission have a lot to answer for as they are the ones who have effectively created the problem by not getting involved in the beginning.

  3. #3288
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    Indeed there has hardly been much official will to allow P2P to prosper....

  4. #3289
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    Since the borrower loan application process is largely automated HM will now need to lower their establishment fee quite a bit. Hopefully their business model is still viable and will be able to overcome this setback.

  5. #3290
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    Up till 8th May '18 Harmoney charged a $500 "Platform Fee" this changed on the 8th to an "Establishment Fee" of $450, I would say that they knew this outcome well before it hit the press and the recent changes were done in response to it. I doubt there will be much change from our end as lenders, possibly some of the benefit from the recent interest rate increase will be eaten up with an increase in lending fees? I agree with you, nothing to get excited about, I think if anything - more PR for Harmoney is good for all of us. I am very confident in the platform and the people behind it and truely believe that peer-to-peer platforms will grow phenomenally over the next few years, once the government regulators get their head around a new concept of lending.

  6. #3291
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    Since May 8th my autolend has taken a vastly reduced number of loans. I have changed no settings, merely reenabled autolend.

    Anyone else seeing a massive drop in loans available?

  7. #3292
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    Quote Originally Posted by Stevecp View Post
    Since May 8th my autolend has taken a vastly reduced number of loans. I have changed no settings, merely reenabled autolend.

    Anyone else seeing a massive drop in loans available?
    Yes, because the borrowers are adjusting to their rate changes, while little lenders giving way to a new wholesale lender. Should come right soon...

  8. #3293
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    Quote Originally Posted by linden View Post
    I doubt there will be much change from our end as lenders, possibly some of the benefit from the recent interest rate increase will be eaten up with an increase in lending fees?
    I'll second your first observation, until the second part of your consideration eventuates. If it does, it will begin to impact Harmoney market share seriously

  9. #3294
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    Quote Originally Posted by RMJH View Post
    Indeed there has hardly been much official will to allow P2P to prosper....
    True Indeed and Surprising considering the domination of Overseas owned enterprises in the Financial sector and surprising since there has been concern about the reliance of NZ households on investment in residential real estate as opposed to financial investment.

  10. #3295
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    Quote Originally Posted by Bjauck View Post
    True Indeed and Surprising considering the domination of Overseas owned enterprises in the Financial sector and surprising since there has been concern about the reliance of NZ households on investment in residential real estate as opposed to financial investment.
    Yep, not to mention productivity gains in banking, investment and insurance.

  11. #3296
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    Is it just me, or have the number of new loans available to invest in plummeted since the t&c's were changed?

  12. #3297
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    Quote Originally Posted by Art View Post
    Is it just me, or have the number of new loans available to invest in plummeted since the t&c's were changed?
    Yep, it used to be $800k to $1m a day of loans in the marketplace. The question is whether this is due to less loan applications in total (seasonal?) Or is it because harmoney itself is now a wholesale investor and less loans are making it to the retail marketplace after the institutional investors get their share.

    Is it known whether the figure we see is just the retail market, or total loans?

  13. #3298
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    Either way my auto lend hasn't picked up any loans for nearly a month now and my balance is growing unfunded

  14. #3299
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    I have the site open most of the day and I'm struggling to find enough decent loans to stop my balance growing. I'm wondering whether or not to start putting it into something else, but my LC account is in a similar situation.

  15. #3300
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    Quote Originally Posted by Vagabond47 View Post
    Yep, it used to be $800k to $1m a day of loans in the marketplace. The question is whether this is due to less loan applications in total (seasonal?) Or is it because harmoney itself is now a wholesale investor and less loans are making it to the retail marketplace after the institutional investors get their share.

    Is it known whether the figure we see is just the retail market, or total loans?
    I've definitely noticed (and by the comments here so have others) a reduced number of loans hitting the marketplace over the past couple of weeks. Looking at their marketplace statistics page- there were only 110 loans last week, by far the lowest in a week in the last 5 months (next lowest is 161). I think this number also includes wholesale funds, but I could be wrong.....

    Date Volume (Total) Number (Total) Volume (Last Week) Number (Last Week)
    24/12/2017 664,962,900 37,441
    31/12/2017 668,759,956 37,612 3,797,056 171
    7/01/2018 676,267,250 37,908 7,507,294 296
    14/01/2018 682,249,975 38,174 5,982,725 266
    21/01/2018 688,114,575 38,424 5,864,600 250
    28/01/2018 693,840,025 38,656 5,725,450 232
    4/02/2018 698,552,500 38,850 4,712,475 194
    11/02/2018 704,278,200 39,084 5,725,700 234
    18/02/2018 711,820,825 39,350 7,542,625 266
    25/02/2018 717,855,925 39,587 6,035,100 237
    4/03/2018 724,578,575 39,849 6,722,650 262
    11/03/2018 730,690,100 40,091 6,111,525 242
    18/03/2018 736,759,575 40,316 6,069,475 225
    25/03/2018 740,946,625 40,477 4,187,050 161
    1/04/2018 745,804,325 40,658 4,857,700 181
    8/04/2018 749,866,450 40,827 4,062,125 169
    15/04/2018 754,753,900 41,014 4,887,450 187
    22/04/2018 760,185,625 41,222 5,431,725 208
    29/04/2018 765,715,450 41,432 5,529,825 210
    6/05/2018 770,994,125 41,652 5,278,675 220
    13/05/2018 775,316,125 41,841 4,322,000 189
    20/05/2018 778,427,475 41,951 3,111,350 110
    Last edited by alundracloud; 27-05-2018 at 03:30 PM. Reason: formatted table better

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