Harmoney

[Stevo]

I invested in it to move it along, but nothing happened, still stuck at seven notes. Wonder if Harmoney has frozen it because it's a dodgy borrower?

[Kelvin]

Seems like the funds have been removed from "in funding" and returned to my account. The loan has been fully funded though.

Must have been a case where I put an order in for that loan when it had already been fully funded, but the system got stuck on 7 notes left and hadn't been updated to reflect it's fully funded status.

[Stevo]

Sometimes I question how robust Harmoney is with their credit checking process e.g. loan LAI*00063321 where someone aged 20-29 is getting supposedly getting $2,639.00 per month after tax in superannuation. Doesn't sound right. Anyone know how Harmoney does their credit checking?

[kiwi_on_OE]

Sometimes I question how robust Harmoney is with their credit checking process e.g. loan LAI*00063321 where someone aged 20-29 is getting supposedly getting $2,639.00 per month after tax in superannuation. Doesn't sound right. Anyone know how Harmoney does their credit checking?

I was gong to mention exactly the same. Not credit checking just a lack of cross checking on the data. I'm assuming the Govt Super is wrong, but not going to invest in it. Makes me wonder about the 44% that have invested.

I was also going to query loan 63299, Grade A2, but they're renting. I don't think I've ever seen an A or a B that is renting. But it is a rewrite after 3 months so maybe they go up in Harmoney's ranknings if they've been a successful borrower.

[Saamee]

Always one eye watching P2P overseas - It's not NZ and maybe not regulated the same..... worth a read

ihttp://www.zerohedge.com/news/2016-0...rnal-loan-revi

[Stevo]

I was gong to mention exactly the same. Not credit checking just a lack of cross checking on the data. I'm assuming the Govt Super is wrong, but not going to invest in it. Makes me wonder about the 44% that have invested.

I was also going to query loan 63299, Grade A2, but they're renting. I don't think I've ever seen an A or a B that is renting. But it is a rewrite after 3 months so maybe they go up in Harmoney's ranknings if they've been a successful borrower.

Renting in CHCH is probably quite common. And a married, double-income couple who've stayed for a while in the same place sounds like a safe investment.

This is the thing that worries me about Harmoney's fast and easy approach to giving out loans:

"Borrowers may understate their expenses or liabilities, or overstate their income. In such cases, they may be unable to afford to repay a loan and default on their obligations. It may also mean that Harmoney assigns a risk grade which does not accurately reflect the borrower’s risk."

I get it that Harmoney is attractive to borrowers because it's easy to get a loan, but it seems too relaxed if people can just type in any numbers to "overstate" incomes.

[mjplost]

I get it that Harmoney is attractive to borrowers because it's easy to get a loan, but it seems too relaxed if people can just type in any numbers to "overstate" incomes.

I was under the impression that Harmoney looked at bank balances to verify?

[humvee]

have any of the harmoney fraud cases made the media or court notices yet? If so could some one post links. Ive only seen one article which mostly just referenced this thread.

Have any of the accused appeared before court yet? and were they convicted?

[artemis]

People might be interested in this very recent thread - a property investor in need of a quick $20k who applied to both Harmoney and Squirrel.

http://www.propertytalk.com/forum/sh...-two-platforms

[Stevo]

I was under the impression that Harmoney looked at bank balances to verify?

Can't tell much from a bank balance. Surely it's not too much to ask for a borrower to provide a one month PDF bank statement? It'd be easy to see if a borrower was "overstating" income after a quick look.