The application process is 100 per cent online. You will need the following information and documents at hand:
- Your name
- Your address
- Employment details
- Proof of identification (government-issued photo ID like driver’s license or passport)
Rather than submitting bank records and pay slips, Harmoney verifies your information by electronically accessing (with your permission) the following:
- Your bank account records to verify income and expenses in the past 3 months
- Consumer credit bureaus to assess your credit history
- Motor registry departments (for your driver’s licence) or the Department of Foreign Affairs and Trade (for your passport) to validate identification
Unlike big banks and most other Australian lenders, Harmoney practices peer-to-peer lending. So once you apply for a personal loan, investors check out your listing and decide if they want to fund your personal loan, and how much they want to invest.
Your personal loan will be settled as soon as it’s fully funded.
After 14 days, if your personal loan hasn’t been funded, Harmoney will contact you and offer other options, including withdrawing your listing or relisting the loan for the same or a lesser amount.