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Thread: Harmoney

  1. #31
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    Quote Originally Posted by Harvey Specter View Post
    There is over a page of loans currently which is good for them - have very rarely seen 3 pages and have had them run out completely. I understand they drip feed them to the market so as those get taken up, they will be replaced.

    Of the 2 pages currently, only 2 meet my criteria.
    That would seem to make it hard for investors. I just tried to do a Quick Invest and it just never found anything for me to invest in. I've withdrawn my funds in the meantime. Seems pointless having them sitting in there when I can't invest in anything.

  2. #32
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    Ive never used quick invest. What rate did you ask for?

    It is pretty quick using the filters to fine loans you are interested in (for me C-E 36 month). When I was investing, I would guess I would average about 10 loans (so multiply that by the number of notes per loan you want to get $ amount) a week ( I did weekly deposits). In some cases this only took a day, in others it took the whole week to find them. In others I found them quickly but they expired without filling fully. It would probably be a bit quicker now so maybe expect 20 loans per week depending on how strict with criteria you are.

  3. #33
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    Quote Originally Posted by Harvey Specter View Post
    Ive never used quick invest. What rate did you ask for?
    I didn't get to that stage. First you enter an amount (I tried low amounts like $500 and higher amounts like $3000) and every time it comes back saying there are no notes available.

    Never mind, maybe I will look into it again when it gets more popular and there are more loans at any given time.

  4. #34
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    Quote Originally Posted by Cricketfan View Post
    I didn't get to that stage. First you enter an amount (I tried low amounts like $500 and higher amounts like $3000) and every time it comes back saying there are no notes available.

    Never mind, maybe I will look into it again when it gets more popular and there are more loans at any given time.
    just in case there is a misunderstanding, when you say you are trying low amounts eg $500. the box that you put what you want in, is in units of $25 so if you put 500 in the box it is assuming you what $12,500 worth.If you want $500 worth you put in 20 .

  5. #35
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    Quote Originally Posted by ruaboy View Post
    just in case there is a misunderstanding, when you say you are trying low amounts eg $500. the box that you put what you want in, is in units of $25 so if you put 500 in the box it is assuming you what $12,500 worth.If you want $500 worth you put in 20 .
    He is looking at the Quick Invest page which is in dollars, not number of notes.

    I cant currently test it as I am fully invested.

  6. #36
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    So I assume all other Trade Me uses got an email today promoting Harmoney like I did.

    Hopefully this publicity will increase the demand for loans and give some supply easing for investors (if that was the case above).

    Anyone else looking at investing in this?

  7. #37
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    Quote Originally Posted by unhuman View Post
    So I assume all other Trade Me uses got an email today promoting Harmoney like I did.
    NOt yet. I would expect them to do it in batchs so they can test response rates etc with varous wording. Trademe must have massive mailing list o it is good to hear Harmoney is putting their new investor to work.

  8. #38
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    Received mine this morning

  9. #39
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    Yes just signed up

  10. #40
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    Should have renamed it "Shark Me" or something similar. It will end in tears for the lenders; mark my words.

  11. #41
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    Yes will only be dipping my toes into this with an immaterial investment.

    However I do think its an interesting addition to a portfolio.

    P2P lending seems to have done well overseas, so much so that all the big banks are now buying them up.

    I note that HNZ is already a shareholder of Harmoney.
    Last edited by unhuman; 28-01-2015 at 08:19 PM.

  12. #42
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    Lets hope your toes don't get bitten off.
    Banks got caught trading in deceptively packaged toxic debt around 2008. The P2P lending seems to lend itself (ha) to a similar marketable package. Hopefully my fears are unfounded and I've just been spending too much time hanging around conspiracy theorists.

  13. #43
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    I put in $500 a couple of weeks ago spreading it out over 12 loans. One of the loans was nearly all paid back within 24hrs and the rest about week later. $75 was in that loan. I was charged 88cents and received no interest. So a loss to me straight away.
    Since it was the only transaction I could see that I made a loss on that loan. I find the balances take there time to adjust and find it a little bit confusing.

  14. #44
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    Quote Originally Posted by ScrappyO View Post
    I put in $500 a couple of weeks ago spreading it out over 12 loans. One of the loans was nearly all paid back within 24hrs and the rest about week later. $75 was in that loan. I was charged 88cents and received no interest. So a loss to me straight away.
    Since it was the only transaction I could see that I made a loss on that loan. I find the balances take there time to adjust and find it a little bit confusing.
    They should at least refund the 88c. Not much money but a principle is involved.

    Email them.

  15. #45
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    Quote Originally Posted by 777 View Post
    They should at least refund the 88c. Not much money but a principle is involved.

    Email them.
    Was the 88c showing in your service fee? This will be the 1.25% of the principle & interest payments made to you (not 1.25% of the interest) if the loan is fully paid off within 5 days we get our principle back, with no interest as the borrower does not pay interest & no service fee applies.
    I'd be interested in others thoughts though, the service fee is charged on every payment including a large payment that will fully repay the loan, e.g.I had $1000 in a loan that fully repaid after 61 days, I received $19 interest but will have been charged $13 as a service fee (I say will have been because the service fee is not shown against each loan, just as a portfolio total) I would have thought the fair way to charge a service fee would be on regular payments only. If a loan is paid off on say day 6, you would take a loss.
    As I said, interested in thoughts.

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