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What are the Eligibility Criteria for a Personal Loan with Harmoney?

  • Writer: Harmoney
    Harmoney
  • 17h
  • 2 min read

Applying for a personal loan can be a big step, and the first question many people have is whether they are eligible. At Harmoney, we've made our eligibility criteria clear and straightforward, so you can quickly find out if a personal loan is a viable option for you. Our criteria are in place to ensure we are lending responsibly and that any loan we offer is a good fit for your financial situation.


Harmoney’s Key Eligibility Requirements

To be eligible to apply for a personal loan with Harmoney, you must meet the following criteria:

  • Age: You must be 18 years of age or older.

  • Citizenship or Residency: You must be a New Zealand citizen, a New Zealand Permanent Resident, or an Australian citizen.

  • Employment: You must be in paid employment. This includes full-time, part-time, or self-employed individuals with a consistent income.

  • Credit History: Your credit file must not contain any bankruptcies, judgments, or defaults. We perform a credit check as part of our application process to ensure this is the case.

  • Minimum Loan Amount: The minimum amount you can apply for is $2,000.


Why Do These Criteria Matter?

Our eligibility criteria are part of our commitment to being a responsible lender. We are a signatory to the Responsible Lending Code, which means we are legally required to make sure any loan we offer is suitable and affordable for you.


  • Financial Health: By checking your income, expenses, and credit history, we can ensure that the repayments for a new loan won't place undue financial strain on you.

  • Fair Access to Credit: Our criteria, particularly our focus on paid employment and a solid credit history, allow us to offer personalised, competitive rates to a wide range of borrowers.


How to Check Your Eligibility (Without Damaging Your Credit Score)

The best way to see if you meet our criteria and what your loan options are is to get a free, no-obligation quote.


Our online quote process is fast and completely secure. We perform a "soft" credit check at this stage, which allows us to provide you with a personalised quote and a guaranteed interest rate without impacting your credit score. Only when you decide to proceed with the full application do we perform a "hard" credit check.


What to Do If You Don’t Meet the Criteria

If you do not meet one or more of our eligibility requirements, it doesn't mean you can't improve your financial standing. We recommend:

  • Checking your credit report to identify any errors or areas for improvement. You can get a free copy of your credit report from agencies like Equifax.

  • Seeking free financial advice from a reputable organisation like Sorted.org.nz.


References:

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