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Thread: Harmoney

  1. #4486
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    Whelp, Harmoney's dead. In my email:

    Good morning,
    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.

  2. #4487
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    CageyB, I just got the same email from Harmoney

    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.
    So that's it - the end. As a newish investor (started August last year), thanks for nothing, HM. Anyone got any alternative apart from the Lending Crowd?

  3. #4488
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    Quote Originally Posted by CageyB View Post
    Whelp, Harmoney's dead. In my email:
    It was always going to happen. There always seemed to be a favouritism towards the corporates. Was it really p2p?

  4. #4489
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    Quote Originally Posted by Toukshare View Post
    CageyB, I just got the same email from Harmoney



    So that's it - the end. As a newish investor (started August last year), thanks for nothing, HM. Anyone got any alternative apart from the Lending Crowd?
    Squirrel has a platform.

  5. #4490
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    ...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.
    Well that's a lot of words telling us nothing - and there I was thinking their business model was P2P. Well, the signal-to-noise ratio was low on this one in any case, despite being first out of the blocks. Hope it doesn't start a trend though.
    "The market can stay irrational longer than you can stay solvent." John Maynard Keynes

  6. #4491
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    It could be a case of the retail IT platform being too expensive to manage, maintain and improve for very little benefit to them (assuming the percentage of money coming from retail investor was at most 20% and going downhill)

  7. #4492
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    Quote Originally Posted by Toukshare View Post
    It could be a case of the retail IT platform being too expensive to manage, maintain and improve for very little benefit to them (assuming the percentage of money coming from retail investor was at most 20% and going downhill)
    Although you'd imagine they'd be locked into the IT system for the next 5+ years.

    AML would be costly to enforce. Imagine they'll save that. Plus less queries; and new accounts to set up.

    But suprised about HM lack of spine. Sell a line to push their own status, and when the going gets tough, they find their "new friends" - the very ones they intended to disrupt in the first place
    Last edited by leesal; 13-02-2020 at 03:07 PM. Reason: typo

  8. #4493
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    the very ones they intended to disrupt in the first place
    So you think maybe those "new friends" just gradually bought up the place. Invested a bit more each year, and a bit more, and then turned round and said "get rid of those pesky retail investors, and we'll go back to being the members-only club that we've always been"?

  9. #4494
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    Quote Originally Posted by Toukshare View Post
    So you think maybe those "new friends" just gradually bought up the place. Invested a bit more each year, and a bit more, and then turned round and said "get rid of those pesky retail investors, and we'll go back to being the members-only club that we've always been"?
    More like, HM intention right from the outset was to "become big".

    How that was achieved didn't matter. Rationalise the motive post-hoc.

  10. #4495
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    Default Zagga

    Quote Originally Posted by Toukshare View Post
    CageyB, I just got the same email from Harmoney



    So that's it - the end. As a newish investor (started August last year), thanks for nothing, HM. Anyone got any alternative apart from the Lending Crowd?
    Look at zagga.co.nz. Not that many loans and the one at the moment is not that attractive. But very good communication and good security.

  11. #4496
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    Quote Originally Posted by leesal View Post
    Although you'd imagine they'd be locked into the IT system for the next 5+ years.

    AML would be costly to enforce. Imagine they'll save that. Plus less queries; and new accounts to set up.

    But suprised about HM lack of spine. Sell a lie to push their own status, and when the going gets tough, they find their "new friends" - the very ones they intended to disrupt in the first place
    Just phoned them up and asked about getting reclassified as a wholesale investor... need $10m for that lol

    But had a good talk to them. Reason I got is low value retail investors are simply not economical to serve. Too much admin required answering queries, phone calls, IT etc

  12. #4497
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    Quote Originally Posted by alistar_mid View Post

    But had a good talk to them. Reason I got is low value retail investors are simply not economical to serve. Too much admin required answering queries, phone calls, IT etc
    That really does make sense. If you can get on the platform with $50 loans or whatever the amount is that would be generating bugger all revenue for Harmony but the costs would still be as large if not larger than dealing with more experienced investors. Sad but it is the reality.

  13. #4498
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    Quote Originally Posted by alistar_mid View Post
    Just phoned them up and asked about getting reclassified as a wholesale investor... need $10m for that lol

    But had a good talk to them. Reason I got is low value retail investors are simply not economical to serve. Too much admin required answering queries, phone calls, IT etc
    Cheers for the infor alistar.

    Would it not be more reasonable if HM had looked for a solution to accommodate the investors. Arrange for a 3rd party to setup a managed fund; or a scheme through an institution?

    Were the investors not part of the journey, over the past 7 years?

  14. #4499
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    Quote Originally Posted by leesal View Post
    Cheers for the infor alistar.

    Would it not be more reasonable if HM had looked for a solution to accommodate the investors. Arrange for a 3rd party to setup a managed fund; or a scheme through an institution?

    Were the investors not part of the journey, over the past 7 years?
    I guess as has happened often with shares and financial (non-real estate) investment in NZ - individual investors are cannon fodder or just the means to an end.

  15. #4500
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    Quote Originally Posted by Cool Bear View Post
    Look at zagga.co.nz. Not that many loans and the one at the moment is not that attractive. But very good communication and good security.
    Hi Cool Bear. Been with Zagga for a year but never invested. How frequent do the loans come up?




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