PERSONAL LOANs

Personal loans allow you to borrow money for a specific purpose, whether it’s to buy a car, renovate your house or pay for your education. A personal loan can pave the way for you to achieve your goals while cutting down on your waiting time.

Costs associated with personal loans include interest and fees, which the loan provider uses to make money. Interest varies based on a number of factors including the borrower’s personal history, market rates and interest type – either fixed or variable. Fees, meanwhile, are charged to cover administration costs.

At Harmoney, our goal is to help borrowers take advantage of life’s opportunities by funding their endeavours in a friendly, fair and accessible way. Since 2014, we have sought to provide an excellent customer experience that helps you every step of the way.

Loan purposes

There are many different reasons to take out a personal loan, and we will have a specialised option to suit your purpose. Some of our popular loan types include debt consolidation, car loans, home renovation loans and business loans. We also offer loans for travel and holidays, weddings, medical expenses and more.

If you’re ready to make your dreams come to, talk to us about your loan needs.

Comparing a personal loan to other loan products

There are other money borrowing options beyond personal loans including credit cards, hire purchase (HP), store cards and buy-now-pay-later options like Afterpay, Zippay and LayBuy.

When deciding which loan product is right for you it’s important to consider the following factors.

Loan amount

The amount you need to borrow will help determine the type of loan product best suited to you.

For smaller purchases, store cards and buy-now-pay-later services are most suitable.

For larger purchases personal loans, credit cards and HP borrowing limits are more appropriate. Harmoney personal loans range from $2,000 to $70,000making them a flexible option and suited to various sized purchases or projects.

Interest rates and fees

Loan providers charge different interest rates and fees, but it’s important to know what you’ll have to pay back before you accept any loan offer.

To make things easier for, Harmoney displays all its interest rates and fees clearly on our website. This helps you make an informed decision about whether you want a loan and how much you can afford in repayments.

Our fees are also easy to understand. So long as you make all your repayments on time, you’ll only ever have one start-up fee. You can even pay back your loan without any extra charge.

This isn’t the same for every loan provider though, so be sure to check all the fine print before you sign on the dotted line.

Loan term

The ‘loan term’ refers to how long you’ll be making repayments on your loan. With Harmoney, you have the option for a three-year, five-year or seven-year loan. Whichever option you take, so long as you make all your repayments on time, you know exactly when you’ll be debt free.

If you want, you can off your loan early and there are no fees for doing so. You may be able to do this by paying a little bit extra with every repayment or by making a lump sum when you have spare cash.

In most cases, a shorter-term loan will have higher monthly repayments but you’ll pay less overall in interest.

Why people use personal loans

Personal loans can be used to cover just about any expense you have. The benefit of a personal loan compared to other consumer credit products such as credit cards is that there is no mystery. With a Harmoney personal loan the interest, repayments and loan term are laid out for you to approve before signing up for the loan.

Harmoney personal loans also allow for fee-free early repayments which can save you money on interest. Your loan term may be 3, 5 or 7 years, but you can pay the loan off in 1 or 2 years if you want to, allowing flexibility and control of your loan.

Downsides of traditional personal loans

Traditional loans can be difficult to arrange, with face-to-face meetings required at times that may not suit. On top of that, you may have to take time off work to attend the appointment, which not everyone can afford to do.

At Harmoney, we’ve made the process simpler. All of our loans – whether that’s for a new car, a new business or something else – can be applied for at any time of the day, on any day of the week, from wherever you are. Our online applications make loans easier.