Harmoney

[newtrader]

I haven't had any loans written off (yet) but expecting a few will, hopefully less than the forecast rate...

I have noticed Harmoney have let some suspicious loans slip through with false information. As an example, I spotted was a borrower who was making 46k per month... Harmoney shortly noticed these irregularities and removed them from the marketplace. There is some value in performing your own 'filtering' when picking loans to fund.

This is one that was 'pending approval' but somehow ended up on the marketplace. Note the massive reported monthly income.

dodgy_loan.jpg

[Beagle]

Maybe he put his annual income down by mistake ? A lot of people are no good at dotting the I's and crossing the T's filling out forms either paper based or online.

[newtrader]

You might be right Roger. I hope Harmoney are vigilant and ensure their systems will pick up on errors and irregularities before they end up on the marketplace.

[Harvey Specter]

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 ?

unfortunately that info isn't avaliable one the loan goes though ( that I can find anyway) and with 100s of loans, I don't track that info.

The F3 isn't surprising but the no repayment at all on a $15k B3 loan does suggest fraud involved.

[Soolaimon]

I have not had any loans written off yet but out of 130 odd loans there have been 10 re-paid with sometimes a negative result for me. It is very difficult for me to reconcile or analise any info as yet cause my dashboard is still not running as it should. Anyone else with this problem? They have emailed me once again saying that they are working hard on the problem. Still keen to invest more when and if this problem is resolved--maybe........

[777]

Dashboard up and accurate for 2 days. Now nothing has happened for 3 days. Disappointing.

No defaults yet for me. 3 repaid in full. One immediately the other 2 after about 3-4 months. Both worked just slightly better than bank interest.

How accurate do you think their 31/3/15 tax info will be?

[blackcap]

I had an application ready to go a while back but reading between the lines on this thread I'm glad I never sent it in. Seems to much trouble all round for the potential benefit.

[777]

Well all correct again now.

[bmrm]

I had an application ready to go a while back but reading between the lines on this thread I'm glad I never sent it in. Seems to much trouble all round for the potential benefit.

My thoughts exactly. I think p2p lending is very exciting, but I don't think Harmoney have really nailed it. Would be good to see some other players entering the market, if nothing else that should force them to cut their fees, which currently seem totally incommensurate with the service they currently offer.

[Soolaimon]

I have been advised that the dashboard problem has been resolved and mine seems to be ok now.