How it works

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 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.

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

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 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.

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.