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Thread: Harmoney

  1. #1031
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    Default Rewrites criteria??????

    What's the story with rewrites? Aren't borrowers supposed make at least three repayments first?

    I mean, LAI* 00063585 seems pretty suspect: a rewrite after ONE successful repayment, from someone 20-29 years old, supposedly earning $6,850 after tax, renting in Auckland...

    ...wanting to go on holiday...

    ...with 5 enquiries over the last 6 months...

    Come on. How robust is the lending process? This really seems to be taking the mickey.
    Last edited by Stevo; 13-05-2016 at 05:18 PM. Reason: Add heading, removed formatting of link.

  2. #1032
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    Now who wants to join me to set up in competition to Harmoney. P2P lending without ripping off investors and ridiculous see-sawing fee structures.
    Set it up and sign me on. Sounds like there's room for another competitor in the P2P market. I'm withdrawing the money accumulated in my Harmoney account tonight. First time I've done this but they've pushed this one too far.

    See y'all on the Lending Crowd thread...........

  3. #1033
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    Quote Originally Posted by Stevo View Post
    What's the story with rewrites? Aren't borrowers supposed make at least three repayments first?

    I mean, LAI* 00063585 seems pretty suspect: a rewrite after ONE successful repayment, from someone 20-29 years old, supposedly earning $6,850 after tax, renting in Auckland...

    ...wanting to go on holiday...

    ...with 5 enquiries over the last 6 months...

    Come on. How robust is the lending process? This really seems to be taking the mickey.
    Did this borrower make three months' worth of payments in one transaction?
    Last edited by Stevo; 13-05-2016 at 05:19 PM. Reason: Removed formatting of link.

  4. #1034
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    I've just have a look through some loans and noticed that rewrites are being given to borrowers who have made ZERO repayments. Are Harmoney lying? This is what they say on their website:

    "What qualifies a Borrower to rewrite their loan?

    A borrower must have good credit with a consistent loan payment history, at least three months of payments on time and in full and have capacity within their credit limit."
    Last edited by Stevo; 13-05-2016 at 05:33 PM.

  5. #1035
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    No, i dont work for harmony.

    Your example with the $200mill is kinda wrong as well.

    they collection 1.25 on the 200mill plus "INTEREST" which you seem to have forgotten in your calculation which could be a big number after 5 years. Especially if lent out at 39.9%

    I tried to do the numbers but too hard.

    Cheers

  6. #1036
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    20 loan defaults on 500 loans 0.04% loss.

    20 * 25 = $500
    500*25= $12500
    $500 / $12500 = 0.04%

  7. #1037
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    Quote Originally Posted by Stevo View Post
    I've just have a look through some loans and noticed that rewrites are being given to borrowers who have made ZERO repayments. Are Harmoney lying? This is what they say on their website:

    "What qualifies a Borrower to rewrite their loan?

    A borrower must have good credit with a consistent loan payment history, at least three months of payments on time and in full and have capacity within their credit limit."

    Yes Steve, You are correct. Here too have had 'Virgin loans' re-written after 1 or 2 months ( not Zero months though! )

    I'm sorry to say, Harmoney appear now to be Greedy, Lying and Money Grabbing cheats....

    I misjudged Harmoney from there initial marketing appearances... That is myself and many others these days

    Ill simply Take my Money Out as it is paid = Move all On over to Lending Crowd...

  8. #1038
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    Think your maths is a little off there, you seem to be taking the fees on interest as a %age of the loan amount, not the interest paid. If they lend out $200mil with the new fees, annual interest paid ~36 mill (average interest rate is 18.3% on their stats page, not sure if that is the old or new structure but close enough). 20% fees on that would give Harmoney ~$7 mill per year, 15% ~$5.5mill. Same with current structure, I make it ~500k income from the existing ~200mil lent, and a similar amount from principal repaid. Still a bloody big step up from the current fee structure, I'll certainly be using the other P2P sites more in future.

    Quote Originally Posted by Whippeedo View Post
    Their fees were previously unsustainable low for Harmony at 1.25% P and 1.25%
    E.g. @ $200mill lent they are only earning about $2.5mill in interest fees per year and lets say about $500K worth of P fees = about $3mill of revenue. Obviously not enough.

    Now their fees are unsustainably high for Lenders @ 20% - 15 %
    E.g. @ the same $200mill lent example they are now earning between $30mill and 40mill!!!!!!!!!!!!!!! Obviously enough to run the company but that increase is totally over the top and extortionate.

    Wholy **** Batman...on this example they've gone from $3mill in fees to an average of $35mill in fees on the same amount lent.

    So the next $200mill lent after the 16th June 2016 will increase fees for Harmoney by over 1000% compared with the first $200mill lent out

    That is such a massive change. It only causes far more serious questions to be asked of Harmoneys management.

    How could the initial fees be set so unsustainably low? What were they thinking to start with?

    How could they correct this by over shooting by such a vast amount? Please show your working on this one.

    The old bait and switch at play for sure here. Someone is taking the piss out of investors.

    And this was done under the guise to align Harmoneys interests with investors. Big fat YEAH RIGHT to that.

    A flat fee of 10% of interest earned is more than enough for Harmoney to run and make a good profit on.

    You got way too greedy here. It just looks and sounds so bad to make such a big move like that.

    Now who wants to join me to set up in competition to Harmoney. P2P lending without ripping off investors and ridiculous see-sawing fee structures.

  9. #1039
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    I need someone to check the spreadsheet i uploaded the other day from that its roughly 2% at an individual loan level.
    Attached Files Attached Files
    Last edited by IntheRearWithTheGear; 13-05-2016 at 06:15 PM.

  10. #1040
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    Red face The devil is in the percentage sign

    Quote Originally Posted by IntheRearWithTheGear View Post
    20 loan defaults on 500 loans 0.04% loss.

    20 * 25 = $500
    500*25= $12500
    $500 / $12500 = 0.04%
    500/12500 = 0.04.

    0.04 is equivalent to 4%

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