Harmoney

[Soolaimon]

How accurate do you reckon the grades are? Are the A grades really that much safer than the E?

Hard to say at this stage. Give it a few more months but so far my "arrears" have been across the board between the grades and so far all been paid eventually. Albeit without penalty fees!! And buy the way, my dashboard has just emerged from wherever and seems to be ok.

[777]

How accurate do you reckon the grades are? Are the A grades really that much safer than the E?

I think you need to grade them yourself. Some of the loans I don't invest in as they seem to have unacceptable info. e.g. Why would a 50-59 yr old rent/board when they show an income of $10,000+ a month? And if they really earned that much why would they borrow money at these rates? You would think their bank would be happy to lend to them. So something is wrong. I doubt their income so give them an "F" irrespective of what Harmoney gives them.

[Puggy]

Out of 15 loans in the C-E buckets 9 of them are for exactly $10,600. They appear to be for different purposes, but is there a reason they're all this value?

[scottwalshnz]

Out of 15 loans in the C-E buckets 9 of them are for exactly $10,600. They appear to be for different purposes, but is there a reason they're all this value?

People like round numbers, the people wanted $10,000 plus the $600 Harmoney platform fee comes to a loan of $10,600.

[777]

Are you serious or just living in a bubble? Why would a 50+ person on $120k a year be renting? Perhaps they are newly arrived in the country, or recently separated or divorced and not living in the family home, perhaps they have sold their house and dont wish to buy in Akl or Chch's stupid property market, maybe they are spenders not savers and dont have a 20% deposit to buy a million dollar Auckland house, maybe they dont plan on being in NZ for very long and dont want to commit to a mortgage, maybe they like living in a certain type of property (rural farm, inner city apartment) but have no wish to own it, perhaps they are choosing to temporarily rent in a particular school zone while their kid attends high school, ... I can think of dozens of reasons why one would choose to rent rather than buy.

As to why Harmoney not a bank, the Harmoney interest rate is 9.99% for someone with a good credit rating, the bank rate for an unsecured personal loan is 17.95%. Yeah, totally hard to see why they didnt go to their bank!

And banks are a pain in the ass, i couldnt even get a basic credit card when i arrived back in NZ, let alone a mortgage (because if you are self employed or rely on investment income, the banks dont consider that to be "real" income).

Just cleaned up all the blood.

I am sure all the banks will be pleased you had a go at me and not them..

The thing is a lot of the loans with high income are paying a lot more than 17.95% interest with Harmoney. Often C3 or lower rates. I think the bank would be a better alternative.

You can either accept Harmoney's grading or do your own with what information you have to work with, their grading, quoted income, housing/living situation,employment situation and the reason for borrowing (if they so wish to give it). At times i wonder if the information given is genuine but that is all we have. You have to form a picture of the person you are lending to. After all the intention is to get your loan repaid.

Each to his/her own.

[McGyro]

Harmoney are running ads encouraging borrowing for holidays as a way of avoiding jealousy: "Get your own holiday pics. Dont be jealous of your friends' holiday, take your own with a peer-2-peer loan." Responsible advertising?

[ratkin]

Just cleaned up all the blood.

I am sure all the banks will be pleased you had a go at me and not them..

The thing is a lot of the loans with high income are paying a lot more than 17.95% interest with Harmoney. Often C3 or lower rates. I think the bank would be a better alternative.

You can either accept Harmoney's grading or do your own with what information you have to work with, their grading, quoted income, housing/living situation,employment situation and the reason for borrowing (if they so wish to give it). At times i wonder if the information given is genuine but that is all we have. You have to form a picture of the person you are lending to. After all the intention is to get your loan repaid.

Each to his/her own.

I think they can write anything they want in the comments. The worry is that the best sounding ones are likely to be the ones that are made up, so you could end up having loans with a lot of shifty people. Saying you are helping your son through medical school sounds better than debt consolidation

[Soolaimon]

My dashboard is up and working as of this morning. As to it's accuracy I can't comment.

My dashboard has been down now for some weeks, and I am looking forward to a new up and running dashboard as promised tomorrow 21st April. Yeah right?????

[Harvey Specter]

I have had a couple of loans written off - a B3 and a F3. neither ever received a payment.

[Beagle]

I have had a couple of loans written off - a B3 and a F3. neither ever received a payment.

That's a bit of a worry as in my view one could take the view this is a sign that some degree of fraud is slipping through Harmoney's front end loan application process. Were they loans for overseas holidays by any chance...people with no intention of returning ?