How do I apply for a loan?
Harmoney’s loan application process is quick and easy. It will only take minutes, and you can have a result immediately. We'll ask you to provide some personal details, to go through an identity verification process designed to protect you from identity theft, and 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.
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.
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.
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.
How much are the fees?
Harmoney charges an up front, one-off Platform fee to borrowers of $375, 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 $375. Read more about Harmoney's interest rates and fees.
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.
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.
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.
Do I need to provide my bank statements?
In order to finalise our credit assessment 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 your application result.
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
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.
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 just a few short 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.
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.