How it works

Borrower FAQs

What are the fees I have to pay?

Harmoney charges an up front, one-off Platform fee to borrowers of $500, added to the loan amount requested and paid to Harmoney on settlement of the loan. If your loan is not successfully funded, you will not be required to pay an Platform Fee.
Top Ups are also subject to a Platform Fee of $500. Read more about Harmoney's interest rates and fees.

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.

What happens once my application has been approved?

Once your application has been approved and your details are verified, your loan will go live on the Harmoney marketplace for funding. Your loan will be settled as soon as it is fully funded, but may be on the marketplace for a maximum of 14 days.

What happens if my loan listing does not get fully funded?

If your loan is not fully funded within 14 days, your loan listing will be removed from the marketplace. We will then contact you with your options, which may include withdrawing your listing completely, or relisting the loan for the same or a lesser amount.

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.

How do you access my bank statement transactions?

We use Credit Sense (a trusted and highly secure financial data company) to analyse your finances automatically, and allow you to get your application result as quickly as possible (often in just a few minutes). In the application, you will be asked to enter your internet banking credentials through Credit Sense and grant us read-only access your recent transaction history from your internet banking. We never see or store your banking credentials; they are encrypted by Credit Sense when you enter them, passed to your bank to access your bank statements, and then deleted permanently. If you wish to use Credit Sense again, you will need to re-enter your credentials.

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.

Can I withdraw my loan once it has been funded 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.

More information about the 7 days time limit for cancellation

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 happens if I miss a payment?

You can contact Harmoney in this first instance on 0800 427 666 or via email on customerservice@harmoney.co.nz 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 customerservice@harmoney.co.nz

What is the total amount payable?

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

Can Harmoney change my interest rate once the loan is funded?

No. The Rate is fixed for the term of the loan.  

Is Harmoney the lender?

No. Harmoney is the operator of a peer to peer marketplace that connects lenders with borrowers.   Harmoney therefore enables the application process, through its responsible lending process and delivers the collections process on behalf of the lenders on the marketplace.

Can Harmoney change the re-payments frequency on my loan after it is funded?

If you wish to change the make re-payment frequency, such as moving your repayment schedule from monthly to weekly repayments, you can contact Harmoney in this first instance on 0800 427 666 or via email on customerservice@harmoney.co.nz

Do I need to provide my bank statements?

In order to finalise our credit assessment and verify your income and expenses, we need to review your recent transaction history. To process your application quickly we obtain your transaction history from your bank electronically through our trusted partner Credit Sense. If you do not wish to use credit sense, you can manually upload a PDF of your most recent three months of bank statements, however, these require manual review by our team and may delay the result of your application

Why do we use Credit Sense?

  • Fast application process
  • 100% Australian owned and operated company
  • Used by leading Australian lenders
  • Subject to and complies with all Australian laws including Privacy.

How do I know that my internet banking will remain secure?

We choose to use Credit Sense (a trusted and highly secure financial data company based in Australia) to make the application process as quick and painless as possible for you. Instead of our team manually reviewing the details of your transaction history (which can delay your application by over a day), Credit Sense's advanced system allows us to conduct an automated review and usually make a decision on your finances within minutes. While you do have to enter your banking credentials in order to grant us read-only access to your recent transaction history, we never see or store your banking credentials. They are encrypted by Credit Sense when you enter them, passed to your bank to access your bank statements, and then deleted permanently. If you wish to use Credit Sense again, you will need to re-enter your credentials.

If you'd like to find out more about Credit Sense, visit their website.

How do I apply for a loan?

Harmoney’s online loan application process is quick and easy. We'll ask you to provide a valid NZ Drivers Licence or NZ Passport, then go through an identity verification process designed to protect you from identity theft, and ask you to provide some bank statements so we can accurately assess the affordability of your loan. As soon as your details are verified, your loan will go live on the Harmoney Marketplace for funding. Apply now.

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 withdraw my loan listing?

Yes. You can withdraw your loan from the marketplace at any time prior to it being fully funded by logging into your account. If you withdraw your loan before it is fully funded, you will not be charged any fees.  But if you decide to cancel the loan once fully funded by Lenders, you will have to return the funds received funds by you from us to the account below within 7 business days to avoid paying interest from the date you received funds to the date you return the funds. Fees and reasonable expenses incurred may also be charged:

Collections Account Number: 12-3109-0056095-03
Customer Reference Number: LAI-XXXXXXX

Do the people investing in my loan know who I am?

No. Lenders will only have access to demographic information about you and a summary of your credit history. Only Harmoney and its associated service providers will have access to personally identifiable details about you.

Can I have both a borrower and lender account?

Yes you can, but we advise against it. If you do wish to be a Borrower and Lender, please note that you may only have one Harmoney account per email address and will not be able to use the same address for both accounts.

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.