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Let's be Kiwi with money

compliance books
compliance books
compliance books

Let's be Kiwi with money

Who is Harmoney and what is Peer-to-Peer?

Who is Harmoney and what is Peer-to-Peer?

Harmoney is NZ's leading peer-to-peer money marketplace - where everyday people borrow money from (and lend money to) other everyday people. Hence the term 'peer' to 'peer.'

Harmoney is not the one lending the money - everyday people like you do that. Instead, our role is to administer the Marketplace, as well as acting as an intermediary between those borrowing and those lending, to protect your anonymity.

Think of us like the town hall where the local craft market is held. Our job is to give Borrowers a place to 'list' their loans, and a place for Lenders to find people to lend money to. We also make sure that the people who are in the marketplace are of good standing

Who is Harmoney and what is Peer-to-Peer?

Harmoney is NZ's leading peer-to-peer money marketplace - where everyday people borrow money from (and lend money to) other everyday people. Hence the term 'peer' to 'peer.'

Harmoney is not the one lending the money - everyday people like you do that. Instead, our role is to administer the Marketplace, as well as acting as an intermediary between those borrowing and those lending, to protect your anonymity.

Think of us like the town hall where the local craft market is held. Our job is to give Borrowers a place to 'list' their loans, and a place for Lenders to find people to lend money to. We also make sure that the people who are in the marketplace are of good standing.

How does Peer-to-Peer marketplace lending work?

Step 1:
A Borrower applies for a personal loan via Harmoney's 100% online application process. Once approved, they list it in the Marketplace.

Step 2:
Multiple Lenders all fund the personal loan in small ($25) chunks until the loan has been fully funded.

Step 3: Once fully funded, the Borrower receives the money, and begins regular repayments which Harmoney distributes back to the Lenders.

How do Borrowers use the Harmoney?

Marketplace
Marketplace
Marketplace

To list a personal loan in Harmoney's marketplace, Borrowers complete a 100% online application via Harmoney (click here to learn more). Becasue we facilitate responsible lending, we run a credit screening on all applications and assign those who get approved with a personalised interest rate based on their personal circumstances.

Once approved, the Borrower then has an opportunity to tell their story; a chance to explain what they will use the money for. This loan purpose is a big part of what others will use to decide whether to invest in that personal loan or not. Borrowers then have 60 days to list their personal loan.  Click to learn how you can apply to list your personal loan in the marketplace.

How do Lenders use the marketplace?

main computer

Lenders sign up to Harmoney and deposit money into their Harmoney account. The personal loans in our Marketplace are split into $25 chunks, which we call 'notes'. For example, a $10,000 personal loan would be split into 400 notes. This means that rather than putting $X into each loan, an Lender puts X notes into each loan.

By using this fractionalised method, we give our Lenders the ability to diversify their investments over hundreds, even thousands of individual loans. It also means that each individual loan is typically funded by dozens of Lenders, all investing a handful of notes each. Click here to learn more about lending.

Still have questions?

Further information on unsecured personal loans can be found on the Community Law website.

* The Legal Stuff

Subject to approval and funding. Harmoney's interest rates are offered based on the individual borrower's credit assessment according to Harmoney's credit scorecard. In order to be approved and list your loan you must meet Harmoney's credit criteria and responsible lending requirements. Fees, charges, terms and conditions apply.