Borrower FAQs

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.

You can find more information on the new Establishment Fee here.

Income FAQ

What is my ‘income’?
‘Income’ refers to the funds that go into your bank account on a regular basis. Your income will usually come from your salary, wage, rental income, or benefit.

Why is my regular income not showing on my bank statement?
If you can’t find your regular income here, you may have logged into the wrong account. Try adding all the bank accounts you use. Click “Add bank” in the Monthly Income Summary at the bottom of the page.

Can I add more than one bank account?
Yes, you can. If you receive income in separate accounts, you should add each one. Click “Add bank” in the Monthly Income Summary at the bottom of the page.

Should I include changes to my partner’s income?
No, just include expected changes to your own income.

Bank Connect FAQS

Why should I let you to view online bank statements?
Because the process is quick, convenient, and secure.

With a clear and current picture of your finances we can estimate your income right now, while you wait. The process takes only a few minutes and helps us assess a loan amount and an interest rate that are personalised to your circumstances, rather than one size fits all. Doing this via a secure online environment means you don't have to spend time finding and uploading up-to-date bank information for us to refer to.

How do you access my bank statements?
Our secure, bank-grade technology takes a read-only copy of your bank statements. This means we can view the account information to estimate your income, but cannot make any changes to personal details and cannot make any transactions.

How do I know this service is secure?
Our bank grade technology means your bank user ID and password are instantly encrypted making them unusable by any unauthorised person.

Expenses FAQ

What are ‘expenses’?
Your expenses are the things you need to pay to keep a normal standard of living, including the cost of food, housing, transport, clothing, school fees, medical care, etc.

What’s the difference between a debt (liability) and an expense?
An expense can be a one-off payment (e.g. buying a TV) or an ongoing expense, like paying for your groceries or utility bill.

On the other hand, a liability is an obligation; a TV purchase becomes a liability if you buy it on your credit card. Until you’ve completely paid off that debt, you have a duty to keep repaying the money you owe.

My partner and I split our expenses, but I’m doing the application alone. Do I enter my share, or the total amount we pay together?
Enter the total amount of expenses you pay together, not just your share.

Assets FAQ

What is an asset?
An asset is anything valuable you own that can be converted into cash. Common assets include:

  • Savings
  • Savings
  • Land
  • Equipment
  • Shares

I own a house with a mortgage. Is it still an asset?
Yes, your house is an asset. However, your mortgage is a debt (liability). If you’re paying a mortgage on your house, make sure you’ve included your mortgage repayments in your debts.

My partner and I have shared assets, but I’m doing this application alone. Do I enter the full value of our assets?
Yes please. Enter the total value of each asset you share with your partner, even if you’re applying individually.

Debts FAQ

What is a debt?
A debt, or liability, is an amount of money you owe. A debt can come in many forms, e.g. a mortgage, student loan, hire purchase, overdraft, or credit card debt.

Usually, you offer an asset as security for your debt. If you don’t make your repayments, your lender can seize these assets to recover what you owe. You should know that Harmoney will never ask you to secure a loan in this way.

Is rent a liability (debt)?
No, rent is an expense — like paying to rent a car. Once you return the car, there’s nothing more to pay.

What’s the difference between a liability (debt) and an expense?
An expense can be a one-off payment (e.g. buying a TV) or an ongoing expense, like paying for your groceries or utility bill.

On the other hand, a liability is an obligation; a TV purchase becomes a liability if you buy it on your credit card. Until you’ve completely paid off that debt, you have a duty to keep repaying the money you owe.

Does all my information need to be true and correct?
Yes. As a responsible lender, we need to make sure you can afford your loan repayments. To calculate this, we need accurate and up-to-date information about your debts, liabilities, and expenses.

How did you find these debts?
As a responsible lender, we look for debts in your “credit record”. Your credit record is a summary of your credit, debt, and repayment history provided by credit reporting agencies.

Sometimes, old debts show up here. That’s why we ask you to verify your debts.

You should be aware that you have a legal right to see your credit report, and ask for your information to be updated if it’s incorrect.

Can I change my answers once I’ve filled in the application form?
You can use our left hand navigation bar to go back and correct any mistakes you’ve made while you’re filling out your application.

But once your application is done, you won’t be able to go back to change your answers. If you need to correct some information after you’ve finished your application, you will need to withdraw your current application and update it.

However, our credit team may check up on any significant or material changes you make.

Where can I find my repayment amount, interest rate, and outstanding balance?
You can usually find these details on a recent statement from your lender. You can also check:

  • Your bank statements — if your payments are going out automatically, you’ll find the amount there.
  • Your loan contract — your contract paperwork will include the repayment you agreed to.
  • With your lender directly — by calling, emailing, or logging into their website.

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).


When will I receive my funds?

You receive your funds once your loan has been funded in the marketplace and we instruct our bank to send the money.

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.

Will my loan be automatically approved?

Harmoney may choose to either approve or decline a loan application.

What happens if my loan is not funded?

Because you are submitting your loan offer to a marketplace, your loan needs to find an investor who will lend to you.

If your loan is not fully funded by a lender within 14 days of you submitting our loan offer to the marketplace, your loan contract will automatically be cancelled.

Harmoney will notify you of your options should this happen. These may include re-submitting the loan for the same or a lesser amount, or withdrawing the loan.

Most loan offers with Harmoney are funded within 24 hours.

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 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 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.

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 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 Harmoney change my interest rate once the loan is funded?

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

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

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 funded. Most loans are funded within 24hrs and you will be advised by text and email once your loan is fully funded or you can view the status of the funding process on your dashboard.

You will then receive the funds within 1-3 business days after it is fully funded.

(Loans remain on the marketplace until they are fully funded, up to a maximum of 14 days.)

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 via BPay within 7 business days to avoid paying interest from the date you received funds to the date you return the funds. 

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.

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).

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.

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.