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Thread: Harmoney

  1. #3556
    yeah, nah
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    Quote Originally Posted by RMJH View Post
    Wholesale support for P2P is killing it?
    A different take: Wholesale support for P2P lending is what is allowing it to grow...in Harmoney's case anyway. Without it, I suspect, Harmoney would not be viable.

    The 'P2P lenders' who don't *yet* include wholesale investment are unable to meet investment demand - they need to 'grow' significantly to meet the demand, wholesale investment appears to be the way forward for growth at this time.

  2. #3557
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    Quote Originally Posted by myles View Post
    A different take: Wholesale support for P2P lending is what is allowing it to grow...in Harmoney's case anyway. Without it, I suspect, Harmoney would not be viable.

    The 'P2P lenders' who don't *yet* include wholesale investment are unable to meet investment demand - they need to 'grow' significantly to meet the demand, wholesale investment appears to be the way forward for growth at this time.
    I agree wholesale funding was vital to get critical mass but wonder if it is now blocking mass participation such that it will never become a game changer in financial services here. Lack of support from the powers that be doesn't help either. I hope the tax working group at least take a look at P2P. I see Zopa in the UK has achieved significant scale is now raising capital to become a bank.

  3. #3558
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    Chinese P2P lenders are in a lot of trouble https://money.cnn.com/2018/08/08/new...ing/index.html

  4. #3559
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    Quote Originally Posted by RMJH View Post
    I agree wholesale funding was vital to get critical mass but wonder if it is now blocking mass participation such that it will never become a game changer in financial services here. Lack of support from the powers that be doesn't help either. I hope the tax working group at least take a look at P2P. I see Zopa in the UK has achieved significant scale is now raising capital to become a bank.
    They should have looked at retail taxation implications, and a tax ruling provided, of p2p at the time p2p was given the go ahead by FMA. This should especially have been the case in NZ given our poor financial investment rate and over reliance on residential housing investment when compared with developed nations.
    Last edited by Bjauck; 11-08-2018 at 01:48 PM.

  5. #3560
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    Quote Originally Posted by RMJH View Post
    I agree wholesale funding was vital to get critical mass but wonder if it is now blocking mass participation such that it will never become a game changer in financial services here. Lack of support from the powers that be doesn't help either. I hope the tax working group at least take a look at P2P. I see Zopa in the UK has achieved significant scale is now raising capital to become a bank.
    Well it seems that most borrowers aren't aware that most of the lending is coming from institutional funding.

    Harmoney just haven't yet been able to attract enough customers for there to be the scale that you desire. It's hardly surprising that a new lending business isn't able to take over the market.

  6. #3561
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    A B2 loan on Harmoney today. Income type = Home (8424 per month). I've not noticed "Home" as an income type before and a quick search through site I couldn't find a description. Has anyone seen a fuller description of this income type?

  7. #3562
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    Quote Originally Posted by kiwi783 View Post
    A B2 loan on Harmoney today. Income type = Home (8424 per month). I've not noticed "Home" as an income type before and a quick search through site I couldn't find a description. Has anyone seen a fuller description of this income type?
    Possibly renting out a property they own?

  8. #3563
    yeah, nah
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    Working from home would be my best guess. The graph below shows the available Employment Status options:

    EmploymentStatus.jpg

  9. #3564
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    Thanks Both. Yes, as always, I'm left wondering about the quality of even the small amount of information provided by Harmoney. oh well, I guess I should be grateful that they even provided a loan for me to consider, after the whales have had their feed of course.

  10. #3565
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    One of my loans with income "home" is renting. Myles guess would be mine.

    Think I need my eyes checked, a B2 with 2 defaults wanting a holiday care of the good folk at HM

    Capture.JPG

  11. #3566
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    Quote Originally Posted by leesal View Post
    One of my loans with income "home" is renting. Myles guess would be mine.

    Think I need my eyes checked, a B2 with 2 defaults wanting a holiday care of the good folk at HM

    Capture.JPG
    Residential state: Other.. So, two defaults, a 6 month rewrite and living out of the back of a van?

  12. #3567
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    Quote Originally Posted by Vagabond47 View Post
    Residential state: Other.. So, two defaults, a 6 month rewrite and living out of the back of a van?
    Judging by the length of time it's been sitting there the institutions must be leaving it for the mugs to fill...

  13. #3568
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    Quote Originally Posted by joker View Post
    Judging by the length of time it's been sitting there the institutions must be leaving it for the mugs to fill...
    Eh? If it makes it to the retail side the institutions never saw it. Loans get allocated to either the institutional pool or the retail pool, they don't get put into both.

  14. #3569
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    Quote Originally Posted by Vagabond47 View Post
    Eh? If it makes it to the retail side the institutions never saw it. Loans get allocated to either the institutional pool or the retail pool, they don't get put into both.
    Ahhh...that explains why I'm seeing so few decent loans on the site! Now I understand!!!

  15. #3570
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    Withdrawing all my funds from Harmoney as it becomes available and investing it in Simplicity Funds. Harmoney has now become a waste of time IMHO.

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