Harmoney

[beacon]

I would have thought once a defaulter that they would no longer be able to borrow..

That is what I was given to understand too, by Harmoney call-centre staff initially. But these defaulters are being considered, probably because the risk is carried solely by the investor, while Harmoney walks away with a risk-free fee (like @Investor said earlier). Eg., LAI-00120718 and LAI-00117289 = both C3, that I got invested in...

If only HM had a default filter...

[777]

That is what I was given to understand too, by Harmoney call-centre staff initially. But these defaulters are being considered, probably because the risk is carried solely by the investor, while Harmoney walks away with a risk-free fee (like @Investor said earlier). Eg., LAI-00120718 and LAI-00117289 = both C3, that I got invested in...

If only HM had a default filter...

Unacceptable in my opinion. Doesn't show much care for the lenders.

[beacon]

I'll second that. The least they can do, is provide scalable filters: default filter with 0,1, and more numbers if they choose to entertain multiple defaulters. Similarly, instead of a toggle switch payment protect filter, a PP filter with tickboxes for their options - part, full, combo - these shouldn't be too difficult to make ... That'll help them seem more responsible, and easily avoid some avoidable criticism

[RMJH]

I'll second that. The least they can do, is provide scalable filters: default filter with 0,1, and more numbers if they choose to entertain multiple defaulters. Similarly, instead of a toggle switch payment protect filter, a PP filter with tickboxes for their options - part, full, combo - these shouldn't be too difficult to make ... That'll help them seem more responsible, and easily avoid some avoidable criticism

Totally agree, sloppy work, especially at autolent.

[Investor]

It is likely that anyone who has been approved for a loan with Harmoney that has a past default has already repaid the default in full. Regardless, I can't see myself or anyone else here wanting to go anywhere near such loans.

[icyfire]

I've been asking Harmony to add a default filter for over a year now. Perhaps HM will never implement such filter as they know that every investor using AutoLend would turn that filter on.

[Vagabond47]

I've been asking Harmony to add a default filter for over a year now. Perhaps HM will never implement such filter as they know that every investor using AutoLend would turn that filter on.

I'd be interested to know from the readers here who use autolend.. how many of you filter out re-writes? I do on autolend, but will occasionally manually lend to a rewrite, but only if they managed > 12 or so payments before wanting to pay us more interest for longer..

[joker]

hit the $20k gross interest mark

initially (harmoney 1.0) I thought E's where the best ROI.... turns out they default a lot.

Attachment 9542

Hi Alistar and thanks for posting. I'm amazed that your charge-offs vs interest = 22% ($4.5K vs $20K) and yet your RAR is still so good. I assume many of your original loans were at 30%+ interest rates and that current charge-offs have dropped significantly now.

Mine are 4.79% ($149 vs $3,110) RAR 12.69% but I've only been invested for 7 months so more no doubt to come.

I would be interested to read other investors' charge-off vs interest vs RAR stats for comparison.

TIA all.

[BJ1]

Attachment 9544

Just for additional info Joker, my average loan is $600 and I've had two write-offs over 3 years

[alistar_mid]

Hi Alistar and thanks for posting. I'm amazed that your charge-offs vs interest = 22% ($4.5K vs $20K) and yet your RAR is still so good. I assume many of your original loans were at 30%+ interest rates and that current charge-offs have dropped significantly now.

Mine are 4.79% ($149 vs $3,110) RAR 12.69% but I've only been invested for 7 months so more no doubt to come.

I would be interested to read other investors' charge-off vs interest vs RAR stats for comparison.

TIA all.

Yeah in harmoney 1.0, off their stats, I worked out (along with some others on this forum) that E's where apparently the sweet spot in ROI.

But come 1+ year in when you can see how defaults actually pan out its been a bit different.

E's are 46% of my write offs, but have only been 11% of my loans...