Harmoney

[permutation]

Have just calculated what I consider the true service fee on my account (fee as a percentage of gross interest received) and find it at 5.86%. Those re-writes certainly make the stated fee of 1.25% unrealistic.

The fee was always stated as being on interest and capital. Have been investing for almost 1 year. Have had over $5000 repaid in interest and principal through rewrites and normal repayments. Have paid just under 1.25% fees a total of about $60. I think it's quite fair for the 15% return I've had so far on my money.

The fees I have paid to Harmoney are a scintilla compared to some greedy stock brokers charging a total of $60 for 1 buy/sell trade; plus the big risk there is of losing capital value of shares very quickly sometimes.

I am very happy about fees v returns I get from P2P lending.

I find that the rewrites give me a second chance to reconsider my investment criteria, I think it's all good.

[Finite]

The fee was always stated as being on interest and capital. Have been investing for almost 1 year. Have had over $5000 repaid in interest and principal through rewrites and normal repayments. Have paid just under 1.25% fees a total of about $60. I think it's quite fair for the 15% return I've had so far on my money.

You will have paid exactly 1.25% in fees or a bit bit more depending on how many rewrites - there is no way it can be anything else.

[permutation]

You will have paid exactly 1.25% in fees or a bit bit more depending on how many rewrites - there is no way it can be anything else.

I have had a number loans that were infunding then were not taken up by the borrower so the cash was paid back within a day or two, those were included in my calculation.
No fee was charged by Harmoney in this instance.

[permutation]

Has anyone done the calculation =Fees/(P+I)% from their latest dashboard figures and found it to be less than 1.25% ?

[Knot]

Has anyone done the calculation =Fees/(P+I)% from their latest dashboard figures and found it to be less than 1.25% ?

Dashboard is rounded figures, so it could be purely that.

[Harvey Specter]

Dashboard is rounded figures, so it could be purely that.

I thought they said at one point that if the fee would put you into negative return (due to early repayment), they wont charge it (eg. If the fee exceeds the interest received, they waive the fee). Ive seen repayments within 4 months which would probably result in this.

[Knot]

I thought they said at one point that if the fee would put you into negative return (due to early repayment), they wont charge it (eg. If the fee exceeds the interest received, they waive the fee). Ive seen repayments within 4 months which would probably result in this.

I had a loan repaid in full 3 days ago, it was 10 days after it was taken out. They took their 1.25%, so I lost some of my principal. This and losing principal on rewrites are two of the things that hold me back from putting large amounts into the platform. (Yes I am a gambler in this regard) The other major thing for me is poor transaction reporting, so much is only available as a summary, no real transaction log.

[Harvey Specter]

I had a loan repaid in full 3 days ago, it was 10 days after it was taken out. They took their 1.25%, so I lost some of my principal. This and losing principal on rewrites are two of the things that hold me back from putting large amounts into the platform. (Yes I am a gambler in this regard) The other major thing for me is poor transaction reporting, so much is only available as a summary, no real transaction log.

That is something they need to address then. No way you should lose money when a loan is repaid in full!

[777]

There should be a penalty on the borrower for repaying early. The penalty could reduce during the loan period. My guess is if they pay within 3 months of taking out the loan the lender loses out. Not enough interest earned to pay the 1.25% and tax.

[Darchie]

Have just calculated what I consider the true service fee on my account (fee as a percentage of gross interest received) and find it at 5.86%. Those re-writes certainly make the stated fee of 1.25% unrealistic.

This way of working out Harmoneys fee is very useful & interesting especially when comparing to the likes of Lending Crowd ... but also what needs to be remembered is Harmoney is unsecured consumer lending .. so their fee needs to reflect that Fact.