Why choose Harmoney

Benefits

  • Interest rate may be low
  • Extra repayments without penalty
  • No monthly fees

Drawbacks

  • Interest rate may be very high
  • No branch access
  • No redraw facility

Harmoney Personal Loans

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Australian Credit Licence 474726Fees & charges apply

5.76%

up to 24.03%

6.55%

up to 24.99%

$577

$34,599

    2024 Award Winner

  • 3 to 5 years
  • Unsecured
  • Fixed Rate
  • No ongoing fees
More detailsmore-details

Australian Credit Licence 474726Fees & charges apply

Personal Loans calculator

Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.

$

Your estimated repayments

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based on a $30,000 loan for 5 years at 5.76%

Total loan repayments

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Total interest charged

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Features of Harmoney personal loans

  • Unsecured loans - All Harmoney personal loans are unsecured, so a customer doesn’t need to use an asset like a property or car as collateral.

  • Personal loan amount - Between $5,000 and $70,000.

  • Tailored interest rates - The interest rate on Harmoney personal loans is set by a customer’s credit score. The higher your score, the lower your interest rate. Interest is charged daily and charged on each repayment.

  • Personal loan terms - Three to five years.

  • Repayment options

    • Weekly, fortnightly, monthly
    • Additional payments can be made without penalty
    • Pay entire personal loan off early without penalty
  • Fees

    • Establishment fee charged (which is added to loan amount).
    • No monthly fee
    • Penalty fee charged for dishonoured payments

Harmoney personal loans – customer service

Harmoney is an online marketplace lender, so most of its customer service is online, although borrowers can also call a free customer service number or send their enquiries through the post.

  • Email
  • Social media (Twitter, Facebook, Linkedin)
  • Phone
  • Mail

Who is eligible for a Harmoney personal loan?

You can’t apply for a personal loan with Harmoney if you have had past defaults, judgements or bankruptcies. You must also meet these conditions:

  • Be at least 18 years of age
  • Be an Australian citizen or permanent resident or New Zealand citizen
  • Hold a valid Australian driver’s licence and Australian passport
  • Be a full-time or permanent part-time employee
  • Have an acceptable credit record

How to apply for a Harmoney personal loan

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.

Harmoney personal loans review

Harmoney unsecured personal loans can be used for a wide variety of purposes, including consolidating debt, renovations or a holiday.

The peer-to-peer lender offers personalised interest rates, which reward borrowers with excellent and good credit scores with very low interest rates on their personal loans. Borrowers with average or below-average credit profiles will be charged high interest rates, because they are seen as a risk.

The online application process for a personal loan is reasonably straightforward. However, the speed at which it is processed depends on how quickly individual investors decide to lend you money. This process can take just a few hours, but it could also take several days and you may not find anyone willing to lend you money.

There is only one fee - an upfront fee. There are no ongoing fees and no charges if you make extra repayments or pay off your entire loan early.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.