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08-09-2014, 10:33 AM
#3561
Originally Posted by Longhaul
I am very excited about this announcement (PDF). While it's unclear how much upside it will generate, I think it says a lot about management that they really looking outside the box. Peer-to-peer lending could be a massive growth area.
P2P lending is huge in the US - Lending club is about to IPO I think.
I think the operator in Australia got investment from Westpac.
Good investment. No indication of what they spent though??
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08-09-2014, 10:37 AM
#3562
Member
Just had a quick look through Harmoneys website and I must say the interest rates charges, even for low risk borrowers are higher than expected. With the max being nearly 40% for high risk individuals.
The "Platform Fee" of 2-6% of the initial loan balance seems excessive though.
https://www.harmoney.com/how-it-work...est-rates-fees
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08-09-2014, 10:46 AM
#3563
The level of default and delinquency amongst certain borrower types is astonishing and the amount of administration and costs involved in managing their difficult loans well and truly justifies those higher rates.
I hope under this new platform borrowers are forced to put down decent deposits on the asset they're acquiring. One thing that became readily apparent from the finance companies and GFC, if young people don't have much skin in the game they're more than happy to walk away if that old XYZ asset doesn't perform.
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08-09-2014, 10:53 AM
#3564
Originally Posted by Okebw
Just had a quick look through Harmoneys website and I must say the interest rates charges, even for low risk borrowers are higher than expected. With the max being nearly 40% for high risk individuals.
The "Platform Fee" of 2-6% of the initial loan balance seems excessive though.
https://www.harmoney.com/how-it-work...est-rates-fees
I thought they looked high as well. I would think the most common would be debt consolidation but for that to be worthwhile, it needs to be less than the ~20% that the credit card companies charge.
My application when in today (lender, not borrower) so will be able to get a better look on the inside soon.
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08-09-2014, 10:58 AM
#3565
Member
Originally Posted by Harvey Specter
My application when in today (lender, not borrower) so will be able to get a better look on the inside soon.
Do let us know. I did just fill out the application however it doesn't give me the option t use my webcam for a photo and I don't have a scanner on hand to copy my license. It does look rather interesting though. The main thing I'm curious about is the volume of loans available in the marketplace at present. The mention that they're intending to create a secondary market for the notes bodes well too.
All in all I'd say a good move from Heartland.
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08-09-2014, 11:21 AM
#3566
Originally Posted by Okebw
Do let us know. I did just fill out the application however it doesn't give me the option t use my webcam for a photo and I don't have a scanner on hand to copy my license. It does look rather interesting though. The main thing I'm curious about is the volume of loans available in the marketplace at present. The mention that they're intending to create a secondary market for the notes bodes well too.
All in all I'd say a good move from Heartland.
I agree and its good to see they're prepared to take a proactive approach.
I'm still happy to help anyone save brokerage by buying off market at 94 cents
Last edited by Beagle; 08-09-2014 at 11:24 AM.
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08-09-2014, 11:33 AM
#3567
Originally Posted by percy
Well Winner69,it looks as though you are getting your wicked way!!!!
Heartland are taking a 10% shareholding in HarMoney NZ's only licensed peer-to-per lending platform.
I note HarMoney have a very experienced board.
Good one eh Percy.
Better to part of the game just in case P2P catches on. The way the world works is changing.
Must have some young ones working for them who they listen too!!!!! (Diversity at work)
Maybe I know more about what's going on then I let on to?
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08-09-2014, 11:35 AM
#3568
Junior Member
I made an account for Harmoney after I saw it in on Stuff a couple of weeks ago. Since then I can see there have only been between 2-7 loans that have been available to invest in. Hopefully as word gets out about it, this will become more popular and I will consider getting involved. Problem is you cannot currently sell your investments, so once you are invested in a loan which can be up to 60 months, you can't out if you need it. I think they are developing something on this though. Website is really cool. Hoping it takes off!
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08-09-2014, 11:36 AM
#3569
Originally Posted by winner69
Good one eh Percy.
Better to part of the game just in case P2P catches on. The way the world works is changing.
Must have some young ones working for them who they listen too!!!!! (Diversity at work)
Maybe I know more about what's going on then I let on to?
Diverse Rata planters network?
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08-09-2014, 11:39 AM
#3570
Originally Posted by percy
Well Winner69,it looks as though you are getting your wicked way!!!!
Heartland are taking a 10% shareholding in HarMoney NZ's only licensed peer-to-per lending platform.
I note HarMoney have a very experienced board.
Wonder what's next?
Are they still keen on Motor Trade Finance if they can stitch a deal together?
Got to keep pushing ahead dont they
Last edited by winner69; 08-09-2014 at 11:40 AM.
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