I see that the Feb statements are now available. I don't know why they include all data from when you first opened the account each month - the second page of my statement is now over 82,000 lines of data! I would be happy if they just held detailed data from the latest month with totals only coming from the previous month. Perhaps then they would be quicker to produce and could be made available a bit sooner after end of month?
Of course it's a moving target, but with a sufficiently large number of investors in the system, at any given time it should be fluctuating around a certain band, right? (For example, 5%-6%). My only filters are "no Fs" and, importantly, "36 month loans only". I don't know if I'll be in NZ in 5 years and there's no secondary market on Harmoney, which is limiting. I'll give that some more thought.
Fair point. Yeah I'm in the same position as you (deciding whether or not to take the plunge into 60 month loans). It seems people who are investing in 60 month loans are also having significant trouble in investing additional funds.
Cool, yes, I finally got my first auto-lend loan since December after taking mine up to 8%. It is kind of awkward, because while the Harmoney yields are great they're inflated by the fact that you have to have 8% of your money earning zero interest (albeit liquid and available for withdrawal) at any given time to continue investing, as manually investing it is very difficult.
Cool, yes, I finally got my first auto-lend loan since December after taking mine up to 8%. It is kind of awkward, because while the Harmoney yields are great they're inflated by the fact that you have to have 8% of your money earning zero interest (albeit liquid and available for withdrawal) at any given time to continue investing, as manually investing it is very difficult.
Sounds like another potential revenue stream for Harmoney!
Wow, if everyone is at 8%, it means Harmoney has access to $18M (8% of $233M current loans at 20 Feb as per their market stats) without having to pay interest. That is a lot of dough!
Wow, if everyone is at 8%, it means Harmoney has access to $18M (8% of $233M current loans at 20 Feb as per their market stats) without having to pay interest. That is a lot of dough!
They should really calculate the investor RAR on the money investors have in the platform - including the money in the platform, sitting in investors' accounts earning 0% interest.
Wow, if everyone is at 8%, it means Harmoney has access to $18M (8% of $233M current loans at 20 Feb as per their market stats) without having to pay interest. That is a lot of dough!
If I interpret their data correctly, Harmoney lends about 500k/day, and the autolend volume is about 70k/day. So autolending is only 14% of total lending. By manipulating/setting the autolending limit they are effectively keeping everyone's (or the average) cash at about 8%. Interesting. If they increased the 14% to 15% then over time our cash would decrease.
They should really calculate the investor RAR on the money investors have in the platform - including the money in the platform, sitting in investors' accounts earning 0% interest.
So what we will arrive at in time is a market rate of interest being a blend of zero and loan portfolio rate. Pity the benefit couldn't be passed onto borrowers which after all was one of the key points of P2P.
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Originally Posted by CageyB
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