Harmoney

[icyfire]

The only question was whether or not Harmoney's lending should fall under the Credit Contracts and Consumer Finance Act which it clearly should. I think the Commerce Commission shall have their way with Harmoney.

ANZ charges a one off loan approval fee of $250 and $150 for topping up an existing loan while Harmoney charge $500 for each fee. Are harmoney's loan application and topping-up processes that much more expensive when it's all done online? I'm all for Harmoney building a sustainable and profitable business but they are starting to get pretty greedy IMO.

[Investor]

ANZ charges a one off loan approval fee of $250 and $150 for topping up an existing loan while Harmoney charge $500 for each fee. Are harmoney's loan application and topping-up processes that much more expensive when it's all done online? I'm all for Harmoney building a sustainable and profitable business but they are starting to get pretty greedy IMO.

Harmoney certainly have lower operating costs given the process is (seemingly) largely automated. The 'platform fee' is definitely excessive and not reflective of direct costs incurred when providing lending to an individual. I hope that the Commerce Commission aren't successful with their idea of Harmoney reimbursing borrowers who have paid the platform fee thus far as that could be an expensive exercise for all.