Borrower FAQs

What types of loan does Harmoney offer?

All Harmoney loans are unsecured fixed-rate term loans.

You borrow a fixed sum and repay it back in monthly instalments over the loan term.

An unsecured loan means there is no specific asset of yours that secures the loan (such as your house or car) if you cannot repay it.

The loan is not guaranteed by anyone. If you cannot repay the loan the only person we can claim against for repayment is you and/or the co-borrower to the loan (ie. your spouse or partner).


What fees do I pay for the loan?

Harmoney charges an establishment fee for the loan. This and other fees which may apply are outlined in the Interest Rates & Fees page.

What do I have to repay?

You have to pay back the total amount borrowed, including the establishment fee and the fee of any optional service you have selected such as  Payment Protect.

You must also pay interest on the full loan amount. Interest is calculated by multiplying the unpaid loan balance by the annual interest rate.

The annual interest rate is fixed and specified in the loan offer. It is also confirmed in the loan disclosure. Interest is charged monthly.

If you do not repay the amount due by the due date, you will also have to pay additional fees as outlined in the Interest Rates and Fees page.

Please also see the “What happens if I default?” section below.

How do I know how much to pay and when?

The amount of each monthly loan payment including interest and the day on which it is due, will be specified in your loan disclosure, under schedule of payments.

Your repayment amount is calculated monthly. You can opt to make weekly, fortnightly, or monthly repayments as long as the full monthly amount due is paid by the date scheduled in your loan disclosure.

For example, if you have to pay $400 by the 28th of each calendar  month, you can choose to make weekly payments of $100 so long as the full contractual amount of $400 is paid by the  28th of each month.


Can I pay off the loan early, or make early repayments?

Yes, you can make early repayments or repay the loan in full without penalty.

You could save money if you pay off the loan early or make early repayments.  This is because interest is calculated daily on your outstanding balance. You will incur less interest costs if you reduce the outstanding loan balance through early repayment. If you have Payment Protect, you will also receive a proportionate rebate of the Payment Protect fee if you pay the full loan off early (but not if you only make early repayments).

You should also note that if you do make an early repayment, that amount is immediately credited to your loan and you cannot ask for that amount, or part of it, to be paid back to you later.


Can I get help if I suffer hardship?

Yes. If you suffer unforeseen hardship that means you cannot reasonably keep up your payments you can apply to us to vary the terms of your loan.

This may be due to illness, injury, loss of employment, the end of a relationship or other reasonable cause.

You can find out more on the Unforeseen Hardship page.

Where can I get information about my loan?

The loan disclosure statement contains all the key information about your loan - the loan amount, term, interest rate, repayment schedule, charges payable, and, if you have selected Payment Protect, the type of cover that applies to the loan.

Your Harmoney dashboard will also contain information about your loan. To view your dashboard sign in to your Harmoney account.

On request we can also provide you with additional information in accordance with the Credit Contracts and Consumer Finance Act 2003 (CCCFA).

Who do I contact if I have a dispute?

If you have any questions or concerns about your loan, please contact us on or 0800 427 666.

We will make every effort to resolve your dispute through our internal dispute resolution process.

In the event you have been through this process and have been  unable to resolve your dispute directly with Harmoney, you could contact Financial Services Complaints Ltd.

This is an independent and free dispute resolution scheme to which Harmoney has signed up in accordance with the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Who is eligible to register as a borrower?

Harmoney’s eligibility criteria for registering as a borrower are:

  • you must be an individual; not a company, partnership, incorporated society, trust, or other legal entity;

  • you must be a New Zealand citizen or permanent resident. Harmoney will verify this through you having a New Zealand residential address and a bank account with a registered New Zealand bank;

  • you must be aged 18 or older when you register

  • you must have an acceptable credit record, as determined by Harmoney.

Can my account be terminated?

Harmoney Services may terminate or suspend your registration as a borrower at any time if we reasonably believe you are not complying with the customer service terms, are otherwise not using our services for their intended purpose, or if the information you provide is untrue, inaccurate, unsubstantiated, misleading and deceptive.

Should Harmoney make the decision to terminate or suspend your account you will be notified.

If you don’t pay your loan on time, commit an act of bankruptcy or provide us with fraudulent information when applying for your loan, Harmoney can declare all loan amounts immediately due and payable; this includes any accrued interest, fees, and charges payable under the loan.

What are “loan terms”?

Your loan terms are:

  • The amount lent to you

  • The length of time (also known as the term) for which it is lent to you

  • The interest rate applied to your loan

You accept these terms when you accept your loan offer.

Your loan disclosure will confirm these terms as well as any other charges that are payable. It will also specify the repayments you must make.

Your loan comes into effect as soon as you confirm you accept the loan terms and submit your loan to the marketplace for funding.

There are also standard terms and conditions which apply to all Harmoney loans. These will appear in the loan contract you see online as part of the application process and will be emailed to you with the loan disclosure statement.

If you choose the optional Payment Protect service, the Payment Protect terms, will be included as part of your loan contract terms.

Can the loan terms be changed?

The loan amount, annual interest rate, loan term, repayment amounts, fees payable under the loan contract and repayment dates are fixed.

These terms can be changed only by mutual agreement between Harmoney and the borrower (as well as the co-borrower if applicable).

New fees can be introduced but only in accordance with applicable law principles (including lender responsibility and notice requirements).

Any such changes will be shown on the Interest Rates and Fees page of the website under Borrower Fees.

What are my rights?

You are entitled to the contractual rights given to a borrower in the Loan Contract and (if Payment Protect applies to your loan) in the Payment Protect terms within the Loan Contract.  

You may also have rights under New Zealand's consumer protection legislation, such as the CCCFA.

What am I charged if I miss a payment or do not make a payment in full?

You will be charged overdue and dishonour fees as specified on the Interest Rates and Fees page, under Borrower Fees.

While there is no default interest rate on overdue amounts, interest continues to accrue on all amounts owing at the annual fixed interest rate.

You will also be charged all collection agency costs, legal expenses, and other enforcement-related costs we incur.

What happens if I default?

If you do not make your loan payments when they are due, we can:

  • charge you the fees and costs described on the Interest Rates and Fees page, under Borrower Fees.

  • require that you immediately repay the full amount owing. This will include the amount you borrowed, all unpaid interest, default/collection charges, and enforcement costs.  

If you do not pay the amount owing, we can pursue payment from you through collection agencies and/or in the courts.

While there is no default interest rate on overdue amounts, interest continues to accrue on all amounts owing at the annual fixed interest rate.

What am I liable for if I am, or if I have, a co-borrower?

If both you and your partner or spouse are named as borrowers of the loan  you are liable for the full loan amount owing, not just a part share. This is true if you are named as the principal borrower or the co-borrower.

The full amount of the loan can be claimed from you without a part of it being claimed from your spouse or partner. You are liable for the full amount even if the relationship between you and your spouse or partner ends, or your spouse or partner dies (unless Payment Protect cover applies).

How much money will I receive?

The net loan amount is advanced to you in accordance with your instructions. This is the amount of your loan minus the establishment fee and any other amounts you have agreed to be deducted from the loan.

If you have agreed with Harmoney to use the loan for consolidating existing debts, Harmoney will follow your instructions to transfer an agreed amount of the loan (which may be all or part of the loan) to your existing creditor(s) in repayment of those debts.

What is included in the loan application process?

During the application process you will be asked to nominate:

  • the proposed loan amount; this must be expressed as a multiple of $25

  • How long you will take to repay the loan (three or five years).

  • the repayment period;

  • if you wish to use your loan to repay an existing creditor, details of any proposed debt consolidation arrangements

  • whether you require an optional service, such as Payment Protect, for the proposed loan

Please note the amount you apply for will also include:

  • an amount equal to the Establishment Fee that you must pay Harmoney if you obtain the loan

  • an amount equal to any optional service fee that is payable by you.

These amounts will be added to your final loan amount by Harmoney and will be paid as part of your repayments.

Can I cancel the loan?

You can cancel the loan within seven working days of the day we email you the loan disclosure (this is called the cooling-off period). If you decide to cancel the loan, you must do all of the following:

  • You must give us a written cancellation notice. You can email the notice to us at  or via your Harmoney dashboard.
    We must receive the notice
    within the seven-day cooling-off period.

  • You must repay all loan money we have advanced (less any repayments already made). Payment must be in full and in cleared funds.

Please note that Saturday, Sunday and national public holidays do not count as working days.

If you cancel the loan during the cooling-off period, you will not be charged the Establishment Fee or the Payment Protect fee, if you have selected that option.
You will need to repay only the net amount you wanted to borrow and that has been advanced to you.

What are the fees I have to pay?

Harmoney charges Borrowers an upfront, one off Establishment Fee. For loans under $5,000, the Establishment Fee will be $200, and for loans over $5,000, the Establishment Fee will be $450. This is added to the approved loan amount and interest is charged on the total loan amount. This Establishment Fee also applies to Top Ups.

Can I withdraw my loan?

You can withdraw your loan at any time prior to the date of your loan being disbursed. You can do this by logging into your account.

If you withdraw your loan before the funds are disbursed you will not be charged any fees.

After your loan disbursal date you have a "cooling off period" of seven working days from that date in which you can still cancel your loan without penalty. However you will need to return the funds to Harmoney within those seven days via bank transfer.

Please check your loan disclosure document for details.

What can I get a loan for?

You can get a loan for just about anything with Harmoney, as long as it’s a legal purpose.

Can I get a business loan through Harmoney?

You can apply for a loan under your personal name for business purposes. You will need to check with your financial advisor if this can be considered for tax purposes.

What is the minimum and maximum term I can borrow for?

Harmoney loans are available for a term of either three or five years.

Can I make repayments early?

Yes, you can make early repayments, or even pay off the entirety of your loan early without charge. Interest is accrued on your loan daily, based on the outstanding balance; therefore paying your loan in advance means you will incur less interest.

How do I pay off my loan early?

If you wish to pay off your loan early, you can do so by going into your dashboard and requesting a prepayment quote. We'll send you a quote via email, and if you accept that quote you can then make a manual payment into our bank account. Please ensure that you include your loan identification number as a reference whenever making payments directly. You can find your loan identification number by logging into your borrower dashboard.

What if I have problems making my payments?

Best thing to do is call Harmoney on 0800 427 666.  Everyone’s circumstances are unique, so we may be able to help.  If you wish to read about our unforeseen financial hardship or late repayments, dishonours and collections process, please read here.

What happens if I miss a payment?

You can contact Harmoney in this first instance on 0800 427 666 or via email on for assistance, if you miss a payment.

We follow an industry defined process, to contact you if a repayment dishonours via SMS, email, and telephone to assist you to get back on track with your repayments. We send you a courtesy reminder 5 days prior to a repayment being due. If you use direct debit to pay your loan, your payment will automatically be made on the due date. But for those who don't use direct debit, these reminders help to ensure repayments are made on time. 

If I am concerned, or something in my financial situation life changes, who do I call?

You can contact Harmoney in this first instance on 0800 427 666 or via email on

Can I submit an application for hardship?

We understand that life can throw a few curve balls from time to time, so if you find yourself unable to reasonably keep up your loan repayments, we call this an Unforeseen Hardship. If you have been affected by an Unforeseen Hardship, you can request that we vary the terms of your loan contract. Read more.

What is considered a reason for hardship?

You may be able to apply to the creditor for a hardship variation if you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause.

To apply for a hardship variation, you need to:

  • a) make an application in writing; and
  • b) explain your reason(s) for the application; and
  • c) request one of the following:
      1. an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
      2. postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
      3. both of the above

If you are experiencing unforeseen hardship, make your application as soon as possible. If you leave it for too long, the creditor may consider enforcement action.

Can I make one off repayments?

Yes, you can make one off repayments at any time by manually transferring funds directly into the Harmoney bank account. Please ensure that you include your loan identification number as a reference whenever making payments directly. You can find your loan identification number by logging into your borrower dashboard.

Can I withdraw my loan if I change my mind?

Yes, you are able to withdraw/cancel your loan without penalty for up to 7 business days if you have changed your mind, or no longer require the funds. You will have to return the funds disbursed to you if you do this, including interest from the date your received the funds to the date your return the funds. Fees and reasonable expenses incurred may also be charged.

You must give notice that you intend to cancel the contract within 7 working days. Saturdays, Sundays, and national public holidays are not counted as working days. You must also, within the same time, return to Harmoney any advance received by you under the contract.

What is the total amount payable?

Your loan amount is calculated by:
Loan Amount + Total interest + Establishment Fee + Payment Protect (if you select this feature).

Can Harmoney change my interest rate once I have taken out the loan?

Your personalised interest rate is fixed for the term of the loan (unless you request a Top Up). This way you know exactly what your repayments will be for the life of the loan, from the start of your loan.

Is Harmoney a finance company or a bank?

No, Harmoney is not a bank or a finance company. We're different in a few distinct ways. Harmoney is a financial marketplace, providing an intermediary service in respect of the peer to peer lending process. It provides a platform to facilitate the lending and borrowing process, collections and administration of customer accounts.

Harmoney is also a lender on the marketplace, along with Retail and Wholesale Investors, and earns interest on the loans it writes, Establishment Fees and Payment Protect Commission.

Harmoney is also a branchless operation. Our entire platform is online, cloud-based and automated, which means we’re open for business 24/7.

Can I change my repayment amount and schedule?

Yes, you can. Repayment schedules are set to monthly by default however you can opt to make weekly, fortnightly, or monthly repayments as long as the full monthly amount due is paid by the date scheduled in your loan disclosure.

If you want to change the frequency, get in touch with us as soon as you get your money.

When will I get my money?

Once you have accepted your loan terms you will receive the funds within 1-3 business days.

If you are consolidating your debt, we pay your creditors directly. 

It can take between 3-5 business days for the funds to clear depending on when your creditors receive and apply the payment.