What will my loan repayments be?

The size of your repayments depends on how much money you want to borrow and the length of time you choose to pay your loan back. Harmoney’s default payment schedule is monthly, but you can make payments as often as you want, and pay as much as you want, as long as the monthly minimum is met.

Once you submit your loan application, our team will assess your request. If we approve your loan application, we’ll give you a credit grade that tells you the maximum loan amount you’re approved for and the interest rate that will apply. You’ll also see what your repayments will be for a 36 or 60 month loan term.

How is my interest rate calculated?

Different lenders set different interest rates. If Harmoney approves your loan application, we’ll assign you a credit grade that tells you what your interest rate will be, as well as the maximum loan amount you can borrow.

If you’re a low-risk borrower, we may assign you the lowest risk grade (A1), which has an interest rate of 6.99% p.a. The highest risk grade (F5) has an interest rate of 29.99% p.a.

Find out more about our interest rates

How is the cost of my loan calculated?

The cost of your loan is calculated by the loaned sum + interest + any fees that are incurred through loan administration. Our loan repayment calculator gives you quick estimate on what you’ll have to pay.

Find out more about our fees

Try our debt consolidation calculator.

Debt consolidation can make managing loans easier by bringing them together under a single monthly payment with a single interest rate. Use Harmoney’s debt consolidation calculator to get an estimate of how quickly you could pay off your debts.

Try our debt consolidation calculator now

Calculating loan repayments

Once you submit your loan application, your request will be assessed by our team. If Harmoney approves your loan application, it will be assigned a credit grade that shows the maximum loan amount you’re approved for, and the interest rate that will apply. You’ll also be shown what the repayment amounts will be for a 36 or 60 month loan term.

Early loan repayment period

You can repay your loan ahead of the repayment schedule without any penalties or fees. If you have questions about how to calculate paying the remainder of your loan then get in touch with the Harmoney team via customerservice@harmoney.co.nz.