Harmoney

[PennyPicker]

@Drew yes I am. I had three of four defaults in the last couple of weeks which has reduced my RAR from nearly 15% to 13.91 so I'm eager to minimise the damage.

An example of one I passed on this week or last was for 'tax bill'. Maybe a bit critical on my part, but if you can't manage your tax I'm not lending to you...

[kiwi_on_OE]

Out of curiosity, now that Harmoney has been going for a while longer now, are others influenced by the "Purpose" that people put in?

I read it, but I don't rely on it to be accurate. I avoid Business Cashflow, as I know nothing about the the underlying business.

[JohnMac]

I read it, but I don't rely on it to be accurate. I avoid Business Cashflow, as I know nothing about the the underlying business.

The other problem with loans for cash flow tend to be short term loans. Just long enough to carry the business during a cash flow crisis.

[easy money]

@kiwi_on_OE: Yes, I've observed the same behaviour over the last few days/maybe week.

YES..the same problem I have had as well..also noticed there have been no loans on offer last 2 day's.

[Kees]

YES..the same problem I have had as well..also noticed there have been no loans on offer last 2 day's.

That's not right I invested yesterday.

[emveha]

That's not right I invested yesterday.

Uh? For me same as easy money, I have not seen any loan on offer for the last 2 days.

[Kees]

Uh? For me same as easy money, I have not seen any loan on offer for the last 2 days.

You blokes must be on a different screen there were even 2 loan out today

[Darchie]

You blokes must be on a different screen there were even 2 loan out today

I've just checked & can say I've passed up a few loans over past few days but have gone into:
14th taken up 6 different loans
15th taken 1 loan
16th taken 4 different loans and
17th gone into 4 different loans
But do get the feel that there's a slowness of my interest/prn funds being paid by HM

And there seemed to be some unwinding going on ... so hopefully they catchup soon!

[whitt]

I see a couple of people here have said they are not going to continue with Harmoney and are going to pull funds as they expire.

-What is your reasoning for pulling funds?

I thought even with defaults and fees the return was fairly good ( over 10% RAR)

[Kelvin]

I see a couple of people here have said they are not going to continue with Harmoney and are going to pull funds as they expire.

-What is your reasoning for pulling funds?

I thought even with defaults and fees the return was fairly good ( over 10% RAR)

- fee increase: increasing the fees to take a 20% cut of my interest is just too excessive in my opinion, especially when I'm the one taking on all the risk
- platform bugs: have experienced a bunch of issues with the platform such as loans getting stuck in funding, loans with 0 months payments showing up as rewrites etc.
- general distrust: generally don't trust the platform anymore. Seen plenty of loans with ridiculous income vs loan repayment amounts, loads of crap around rewrites etc.

I've chosen to go over to the Lending Crowd where I expect the returns to be slightly lower than Harmoney but the loans are secured. I also like Squirrel money. Lower returns but your capital is safer with the reserve fund system.